To insurers facing low interest rates and tough new major medical insurance rules, the critical illness insurance market is looking beautiful.
The insurers that participated in Gen Re’s latest critical illness issuer survey reported a total of $380 million in 2014 critical illness premium revenue, up 15 percent from the 2013 total.
The number of insurers that agreed to participate in the survey increased 38 percent, to 69. Meanwhile, the number of insurers actively selling products in the critical illness insurance market jumped 34 percent, to 41.
Fifty-percent of the insurers already in the market said they intend to increase their focus on critical illness product sales, according to Steve Rowley, a Gen Re individual products specialist.
“No carriers indicated a decreasing emphasis on the CI line,” Rowley wrote in a commentary on the survey results.