CSG Actuarial has analyzed information from the NAIC and other sources and is reporting that the total earned premiums in the Cancer and Critical Illness market in 2013 is over $4.5 billion, a 5% increase over 2012.
The most significant growth is coming from the group markets with a growth rate of 14.7%.
We believe this growth can be attributed to two factors:
1) Traditional employee benefit brokers, who prefer group platforms, have become more interested in supplemental health products due to healthcare reform driving down commissions on traditional health insurance.
2) Insurance carriers are beginning to recognize the value of using a group chassis for both administrative and risk management perspectives.
The table below shows data from the 2013 NAIC Accident and Health experience exhibits combined with other sources for Specified Disease type products:
|Continental Life Insurance Company||$88.46|
|State Mutual Insurane Company||$91.63|
|Greek Catholic Union||$95.16|
|Standard Life and Casualty Insurance Company||$95.71|
|Philadelphia American Life Insurance Company||$96.62|
|Heartland National Life Insurance Company||$97.62|
|Central States Indemnity||$98.58|
|American Retirement Life Insurance Company||$98.61|
|Combined Insurance Company||$100.72|
New business premium exceeded $1.3 Billion in 2013 and CSG estimates that new business premium will be over $1.4 Billion in 2014.
There were 13 companies reporting earned premium in 2013 who had not reported any in the prior 4 years. We expect this trend to continue as more and more carriers enter these markets looking for strong growth and attractive profits.
As CSG continues to monitor changes and growth in the future we will continue to provide more information on the Cancer and Critical Illness markets.
About CSG Actuarial
CSG monitors senior markets to provide the most up-to-date competitive intelligence in the industry. CSG DataMart™ includes premium rate and underwriting information for more than 200 companies. Call 855-861-8776 or email email@example.com to learn more.