Are insurers getting bored with critical illness (CI)?
Based on Gen Re’s 18th annual Critical Illness Market Survey, that’s not what we’re seeing. In fact, our report indicates that 51% of active CI carriers plan to increase their focus on the product over the next few years while none reported that their focus would decrease.
There have been some comments made by reporters regarding survey participation levels. As in past surveys, Gen Re welcomed both active CI carriers as well as prospective CI carriers (some of whom may be looking into developing the product) to participate in this year’s survey.
Looking back to one of the early years of the survey, in 2004, the list of 26 participants included 15 active CI carriers. Fast-forward to 2019 and those numbers have more than doubled to 53 and 43, respectively. Despite the natural and intentional ebb and flow of participation levels (including a purposeful increase in prospective CI carriers in our 2017 survey), our participation levels have remained similar over the years averaging 50 total participants per year.