{"id":3148,"date":"2023-06-15T16:04:29","date_gmt":"2023-06-15T16:04:29","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/?p=3148"},"modified":"2024-04-12T10:26:07","modified_gmt":"2024-04-12T14:26:07","slug":"limra-releases-u-s-supplemental-health-insurance-2022-fourth-quarter-review","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/limra-releases-u-s-supplemental-health-insurance-2022-fourth-quarter-review\/","title":{"rendered":"LIMRA Releases U.S. Supplemental Health Insurance 2022 Fourth Quarter Review"},"content":{"rendered":"<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2023\/06\/LIMRA_SupplementaHealthInsurance-1024x768.jpg\" alt=\"\" class=\"wp-image-3149\" srcset=\"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2023\/06\/LIMRA_SupplementaHealthInsurance-1024x768.jpg 1024w, https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2023\/06\/LIMRA_SupplementaHealthInsurance-300x225.jpg 300w, https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2023\/06\/LIMRA_SupplementaHealthInsurance-768x576.jpg 768w, https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-content\/uploads\/sites\/3\/2023\/06\/LIMRA_SupplementaHealthInsurance.jpg 1440w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<h2 class=\"wp-block-heading\">LIMRA Releases U.S. Supplemental Health Insurance 2022 Fourth Quarter Review<\/h2>\n<p>In its latest report, LIMRA provides an update on data relating to workplace and retail supplemental health insurance sales in force for 42 companies that participated in the <em>U.S. Supplemental Health Insurance Sales and In Force Survey.\u00a0 <\/em>These companies represent over 90% of the supplemental health insurance market. The sales data reflects new employer groups, policies\/employees, and annualized premium written in 2022. The in force data was based on the total number of employer groups, policies\/employees, and annualized premium in force as of December 31, 2022.<\/p>\n<h3 class=\"wp-block-heading\">Highlights from the LIMRA Report<\/h3>\n<p>The LIMRA report revealed increases in new annualized premium for workplace and retail supplemental health insurance, as well as in workplace supplemental health new premium, combined workplace and retail in force premium, and workplace supplemental health in force business. Here are the specific highlights from the LIMRA report:<\/p>\n<ul>\n<li>In 2022, participating companies reported a combined total of just over $3.0 billion in new annualized premium for workplace and retail accident, critical illness, cancer, hospital indemnity, and other supplemental health insurance products. This represented an increase of 12 percent when compared to 2022.<\/li>\n<li>Workplace supplemental health sales of nearly $2.9 billion accounted for 94 percent of total new supplemental health premium. Workplace new premium increased 12 percent when compared to 2021.<\/li>\n<li>At year-end, combined workplace and retail in force premium reached $12.2 billion for accident, critical illness, cancer, hospital indemnity, and other supplemental health insurance products, an increase of 6 percent when compared to 2021.<\/li>\n<li>Workplace supplemental health business of nearly $11.5 billion made up 94 percent of all in force supplemental health premium. Workplace in force business increased 6 percent over 2021.<\/li>\n<\/ul>\n<p>Another significant finding was that the five-year compound annual growth rate was 2 percent for sales and 5 percent for in force workplace supplemental health business based on annualized premiums. As for which products saw the greatest increases, workplace Accident sales increased by 14%, workplace Hospital Indemnity increased by 13% , and workplace Critical Illness increased by 10%. Cancer insurance sales saw a 5% decrease. In 2022, group products represented 75% of all new workplace premium and 55% of in-force workplace premium.&nbsp;<\/p>\n<p>As for costs, the 2022 average annual group plan cost of coverage for various products were:<\/p>\n<ul>\n<li>$166 for Accident for both sales and in force<\/li>\n<li>$248 for Critical Illness for both sales and in force<\/li>\n<li>$302 for Cancer for sales and $338 for in force<\/li>\n<li>$270 for Hospital Indemnity for sales and $264 for in force<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>LIMRA Releases U.S. Supplemental Health Insurance 2022 Fourth Quarter Review In its latest report, LIMRA provides an update on data relating to workplace and retail supplemental health insurance sales in force for 42 companies that participated in the U.S. Supplemental Health Insurance Sales and In Force Survey.\u00a0 These companies represent over 90% of the supplemental&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/limra-releases-u-s-supplemental-health-insurance-2022-fourth-quarter-review\/\" title=\"Read LIMRA Releases U.S. Supplemental Health Insurance 2022 Fourth Quarter Review\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts\/3148"}],"collection":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/comments?post=3148"}],"version-history":[{"count":3,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts\/3148\/revisions"}],"predecessor-version":[{"id":3862,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/posts\/3148\/revisions\/3862"}],"wp:attachment":[{"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/media?parent=3148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/categories?post=3148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/wp-json\/wp\/v2\/tags?post=3148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}