LIMRA Reports Drop In Individual LTC Sales
Roughly 362,000 people bought individual long term care insurance coverage in the United States during the first 9 months of 2003, down 4% from the number who bought coverage during the comparable period in 2002, according a survey conducted by LIMRA International, Windsor, Conn.
Premium revenue from new LTC sales also posted a slight decline, falling 2% from the total for 2002s first 9 months.
Based on new premium, the top 10 writers in the 3rd quarter of 2003 accounted for a combined market share of 86%, up 5 percentage points from the same period last year, according to LIMRA.
The top 5 writers accounted for 68% of new premium, an increase of 4 percentage points over 3rd quarter 2002 sales, LIMRA says.
LIMRA found that 15 of the 23 carriers surveyed reported lower LTC sales revenue for the latest quarter than they reported for the 3rd quarter of 2002.
But strong results for the 1st quarter are helping the 9-month results, and 9-month LTC sales premium totals are up 10% or more at 10 of the carriers surveyed, LIMRA says.