The Society of Actuaries (SOA) and LIMRA have completed a project that could help insurers and policymakers fill in the gaps about how private long-term care insurance (LTCI) really works.
The SOA and LIMRA have published a set of databases full of information about U.S. LTCI policy terminations completed from 2000 through 2011, and a report describing the contents of the databases.
Marianne Purushotham, an actuary at LIMRA, is the official author of the policy terminations databases report.
The team that managed the LTCI experience project received LTCI experience data for the period from 2000 through 2011 from 22 LTCI carriers. The participating carriers account for about 75 percent of the people covered by U.S. LTCI policies.
See also: Actuaries chart the LTC universe
Analysts at Towers Watson converted the insurers’ data submissions into three industry experience databases. One deals with claim incidence, another with claim termination, and the third with policy terminations.