Milliman Supplemental and Specialty Research in 2021 conducted its inaugural State of the Market survey. With 2020 data for 15 products among 54 carriers, we aggregated sales and inforce results to assist with understanding the current status of the supplemental insurance market. The expectation is widely held in the industry that the effects of the COVID-19 pandemic has had an adverse impact on the sales of these products, which include the following: Accident Indemnity, Accident Medical Expense, Critical Illness, Hospital Indemnity, Basic Group Term Life, Voluntary Group Term Life, Supplemental Group Term Life, Worksite Life, Accident Death & Dismemberment, Short-Term Disability, Long-Term Disability, Dental, Vision, Short-Term Care, and Long-Term Care.
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U.S. supplemental insurance market overview
Our report on the supplement market shows the effects of COVID-19: Inforce premium rose only 1.2% to $62 billion in 2020 from 2019, but still a positive sign.
David Bahlinger, Ashlee Borcan, Darrell Spell, Michael Weilant