Sales of private long-term care insurance (LTCI) fell sharply in 2013, but the number of U.S. residents with LTCI coverage held steady.
Karen Fisherkeller, an analyst at LIMRA, gave data supporting those conclusions in a summary of results from a recent survey of 24 private LTCI carriers.
The number of people covered by new LTCI policies fell 26 percent between 2012 and 2013, to 172,178, according to the LIMRA data.
Premium revenue from new sales fell 30 percent, to $406 million.
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The average level of premiums generated by each of the new covered LTCI lives fell 5.4 percent, to about $2,360.