New Long Term Care Insurance Products from Genworth
Genworth Financial has released information about their updated approach to the Long Term Care Insurance market and how they plan to design new products in the future.
Approaching New Products
President and CEO Tom McInerney addressed a question about how the company will handle new Long Term Care Insurance products and whether anything will change from previous releases. He explained that the company will always use their best estimate assumptions for the top four risks associated with long term care. Those risks include morbidity, mortality, interest rates, and lapse rates. When a product is launched, Genworth usually feels confident in their assumptions[…]
Genworth Addresses Long Term Care Insurance Distribution Partners
Genworth recently released a series of short videos addressing various topics related to the Long Term Care Insurance industry, including an address to their distribution partners.
Genworth and Distribution Partners
Tom McInerney, President and CEO of Genworth Financial, reaffirmed the company’s commitment to the Long Term Care Insurance industry and their distribution partners involved in the process. He expressed hope that those partners are excited about the future of the industry as a core business of Genworth and recognizes the company’s long standing commitment to helping consumers get covered for long term care.
He highlighted Genworth’s viability, innovativeness, and expertise[…]
Industry Trade Groups Come Out Against NAIC’s Recent Long Term Care Insurance Proposal
A new proposal would require Long Term Care Insurance companies to have a loss ratio of 100% before they are permitted to raise rates.
NAIC Proposal
The Senior Issues Task Force, which is part of the National Association of Insurance Commissioners (NAIC), released the original proposal of regulatory changes in November. According to their website, their mission is to develop regulatory standards and revise NAIC models on insurance issues that affect older Americans.
After the original proposal was released, however, the change in question was made. Some members of the Health Actuarial Task Force, another part of the NAIC whose mission is to[…]
Genworth CEO Discusses Future of Long Term Care Insurance Industry
Thomas J. McInerney, the President and CEO of Genworth Financial, spoke recently about the current status and future of the Long Term Care Insurance industry.
Long Term Care Insurance Conference
McInerney presented at the annual Intercompany Long Term Care Insurance conference (ILTCI) in Orlando, Florida on March 18th. He discussed the challenges carriers are facing at the moment and his thoughts on the best way to move the market in a positive direction at such a crucial turning point in the industry. Though his presentation isn’t available to view, Genworth posted a copy of his notes for the event,[…]
Connecticut Rejects Unum’s Request for Long Term Care Insurance Rate Increases
The Connecticut Insurance Department has rejected a unit of Unum’s application for rate increases on certain Long Term Care Insurance policies throughout the state.
Application for Increase
UNUM Life Insurance Company of America, a unit of Unum Group Corporation, applied for a rate increase averaging 45% on their group policies in effect in Connecticut. Their original request cited the need to ensure “policies remain priced at an appropriate level to meet our future claims obligations.” Those group policies are no longer for sale, as the unit left the group Long Term Care Insurance market in 2012, but 2,217 Connecticut residents still have[…]
Investor Optimism Rises, Outlook of Retirees Improves
Investor optimism is rising and it’s mainly owed to the improved outlook of retirees, according to a new survey.
Survey Details
The Wells Fargo/Gallup Investor and Retirement Optimism Index found that investor optimism rose 12 points in the first quarter of 2014, up to +37 in February from +25 in November 2013. The big jump is thanks to growing positivity among retirees who are feeling more confident about the future of their retirement income.
The index survey included interviews of 1,011 investors between the dates of February 6 and February 16 this year. For this survey, people considered investors are adults in households[…]
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