Gen Re is pleased to share this summary of key highlights from our latest U.S. Critical Illness Insurance Market Survey. The full report provides insight into the state of the market, tracking sales and in‑force results for Traditional Individual, Group/Worksite Attained Age and Group/Worksite Issue Age products, as well as Accident Insurance.
Thirty-five companies that are actively marketing a Critical Illness (CI) product or have in‑force business responded to the survey. The scope of this year’s survey does not include non-marketers.
Twenty-nine companies completed the section on Accident Insurance.
Throughout the following report, some comparisons have been made to prior years’ results. Caution should be used in interpreting these comparisons, as the companies participating vary from year to year. Also as awareness and interest in this product increases in the U.S., new companies are constantly entering the market. While each report is intended to be a snapshot for that year, we understand the importance of identifying trends and to that end have provided some commentary.
Critical Illness Results
Marketing Critical Illness Products
Of the 35 participating companies, 15 offer one CI product, 17 offer two products and the remaining offer three products. The majority (28 or 80%) offer a Group/Worksite (G/W) product, with 15 companies offering both Attained Age and Issue Age CI.
In total, the results represent 68 products currently being marketed. While 10 companies plan to make changes to their current G/W offering, only one plans to modify their Traditional Individual product.
Close to two-thirds (66%) of companies expect to increase their focus on CI over the next few years. None said their focus would decrease.