U.S. individual long-term care insurance (LTCI) sales fell sharply in 2014, but the total number of covered lives and total amount of LTCI premium revenue stayed about the same.
Analysts at LIMRA have reported data supporting those conclusions in a summary of results from a survey of 23 LTCI issuers, including 16 that are actively selling new LTCI coverage.
See also: LTCI sales fall sharply
Insurers generated $316 million in annualized premiums from selling new individual LTCI policies covering 131,140 people in 2014.
New business premium revenue was 22 percent lower than in 2013, and the number of lives covered was down 24 percent.
The average amount of revenue per new covered life increased 2.6 percent, to about $2,400.
Insurers were protecting 4.8 million Americans against the cost of long-term care, just 1 percent fewer than they were protecting in 2013. Total premium revenue increased 1 percent, to about $10 billion, or about $2,080 per covered life.