Individual long term care insurance sales were 13% higher in the first half than they were during the comparable period in 2009.
LIMRA, Windsor, Conn., says the growth this year reflects the poor performance of individual LTC insurance in the recent past: Sales were 30% lower in the first half of 2009 than in the first half of 2008. The only annual increase LIMRA has recorded for the product since 2002 has been a 3% increase in 2007.
But the number of lives covered by U.S. individual LTC insurance policies increased 11% during the first half this year, and new premium at the top 5 carriers grew 26%. One carrier doubled new premium. At the top 10 carriers, 7 reported growth, and 4 reported increases over 30%.
Although the bigger carriers in the market prospered, most of the others struggled, and sales at 9 dropped 20% or more.
LIMRA collected first-half LTC insurance market data from 20 carriers that account for about 95% of the U.S. individual LTC insurance market.
Other survey findings: