Gen Re, LIMRA and the National Association for Critical Illness Insurance (NACII) have persuaded a total of 41 insurers to report 2011 U.S. critical illness insurance sale results.
The organizations are not sure how much of the U.S. critical illness insurance market the totals reflect, according to Janet Buzil, president of NACII, and Barry Eagle, a Gen Re vice president.
But the results available suggest that the participating carriers generated at least $227 million from providing critical illness protection for 734,230 people, according to a summary of the results that Gen Re, Stamford, Conn., posted on the Gen Re website.
The researchers found that 13% of the premiums from new critical illness coverage sales came from sales to individuals, 14% from sales of true group plans, and 72% from sales to individual workers through individual worksite sales programs or through voluntary, employee-paid group coverage programs.
The policies provided a total of $8.7 billion in protection.
Enrollees in worksite programs paid about $320 per year for $11,500 in benefits, and enrollees in true group programs paid about $218 per year for $18,000 in benefits. Buyers of individual policies paid about $545 per year for $21,000 in benefits.
“We continue to be optimistic and hope that more companies become willing participants, gaining access to the full survey information,” Buzil and Eagle write in a comment on the results.
In the 2010 summary, Gen Re included NACII survey data from 38 direct writers of critical illness insurance. The carriers participating that year reported generating $156 million in revenue from the sale of about 511,000 critical illness insurance policies.