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Individual disability rates rise in Colorado

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Insurers seem to have been competing a lot harder for small-group disability insurance business in 2011 than for individual or large-group business.

The Colorado Division of Insurance has given statistical snapshots of the state’s disability insurance market in a new health cost report, which focuses mainly on data from 2011, and a similar report published a year earlier.

Total enrollment in all disability insurance plans in force in the state fell to 1.2 million in 2011, down about 6 percent from the total reported the previous year.

Ownership of individual policies increased 2.3 percent, to about 103,000, and enrollment in large-group plans fell 7.2 percent, to about 1 million. 

Enrollment in small-group plans climbed 8.1 percent, to about 43,500.

The average amount of premiums carriers collected per disability insured per month increased 5.2 percent in the individual market, to $90.65, and 20 percent in the large-group market, to $17.61.

In the small-group market, competition and changes in business mix drove rates down 1.1 percent, to $34.66.

When carriers filed rate changes with regulators, rates fell an average of 1.6 percent for large-group plans, 3.6 percent for individual policies, and 8.5 percent for small-group plans.

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