The number of insurers that participated in General Re Life Corp.’s latest U.S. critical illness insurance market survey, for 2018, is down sharply from the number that participated in the survey that covered 2017 results.
The total number of issuers fell to 53, from 75, according to Gen Re.
The number of active issuers fell to 43, from 51.
(Related: Critical Illness Insurance Sales Rise: LIMRA)
The number of participating, inactive issuers that said they were thinking about returning to the market fell to three, from 16.
Gen Re is a Stamford, Connecticut-based arm of Berkshire Hathaway Inc.
Berkshire Hathaway is best known for having Warren Buffett as its chairman.
Gen Re analysts emphasize in the new report that they do not believe results from the new report should be compared with results from past Gen Re critical illness insurance market surveys.
A Gen Re representative said, in a note after the original version of this article appeared, that the company made a special effort to expand participation in the survey behind the report released a year ago, and that participation in the survey that covered 2018 results was comparable to the survey participation level for years before 2017.
How the Participants Did
The active critical illness insurance issuers that did fill out their survey forms said that their new sales increased 7.1%, to $460 million, and that their total in-force premium revenue increased 6.2%, to $1.1 billion.
About $87 million of the new sales came from sales to individuals.