Windsor, CT, June 15, 2007 � Individual long-term care insurance sales edged into positive numbers for the first time in four years in the first quarter of 2007, with a 2 percent gain in premium over the same period last year. Policies continued to slip with a 2 percent decline for the period.
Total premium for the quarter was $149.3 million, with 70,164 policies sold.
While it is too soon to call it a trend, the first quarter performance “reflects a new reality for LTCI,” said Jennifer Douglas, LIMRA associate scientist and author of the report. “Growth expectations based solely on an illusionary reading of demographics have been replaced with a realistic assessment of the market’s potential and its challenges.”
Douglas said LTCI companies are creating new products to attract a broader market and for the most part are embracing the potential of the new partnerships and training requirements that many states are adopting.
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LIMRA International is a worldwide research, consulting and performance improvement organization that helps more than 800 insurance and financial services companies in 60 countries increase their marketing and distribution effectiveness. Visit LIMRA International at www.limra.com.Tags: Capgemini, Efma, InsurTech, World Insurance Report