U.S. long-term care insurance (LTCI) carriers reported big drops in the number of new individual LTCI policies sold in the first quarter and revenue from those policies.
The number of lives covered by new individual LTCI policies fell 33 percent between the first quarter of 2013 and the first quarter of 2014, to 31,308, and revenue from new individual policies fell 32 percent, to $74 million.
LIMRA is basing those figures on results from a survey of 15 active LTCI sellers.
The nonprofit research organization did not include figures on in-force business.
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The average annualized premium revenue for a new policy increased to about $2,360, from an average of about $2,325 in early 2013.