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October 19, 2018 at 08:40 PM
U.S. sales of critical illness insurance climbed 37% in 2017, to $652 million, according to new insurer survey results from Gen Re.
The Stamford, Connecticut-based reinsurer found that in-force premium revenue increased 45%, to $1.6 billion.
(Related: Critical Illness Insurance Sales Rise: LIMRA)
Sales of coverage through group plans, and through individual policies purchased at the worksite rose 21%, to $554 million.
Sales of individual critical illness insurance policies grew much more rapidly: to about $98 million in 2017, from $19 million in 2016.
Gen Re analysts have based those figures on a survey of 75 carriers with an interest in the critical illness insurance market, including 51 current active issuers and 24 insurers that are either developing critical illness insurance products or thinking about developing a critical illness insurance product.
What is critical illness insurance?
A critical illness insurance policy is an arrangement that pays cash to the coverage holder when the individual insured develops a specific condition, such as a heart attack or a stroke.
The drafters of the Affordable Care Act included a provision that exempts supplemental health insurance products from the ACA underwriting and benefits rules that apply to major medical insurance policies.
