Allianz Insurance Company – Individual (1994 to 2002)
Rate request: 118 percent average increase
Decision: Disapproved, limited to a 50% increase
On April 24, 2020, Allianz Insurance Company requested an overall average increase of 118 percent for individual long-term care policies. The policies were sold in Connecticut from 1994 to 2002 and are no longer being marketed.
There are about 200 policies currently in effect in Connecticut.
The company said the increase is due to past and projected experience that continues to be more adverse than previously expected and originally priced for.
After Actuarial review, the Department approved a 50% increase on June 26, 2020, which will be spread out over three years due to Connecticut law. The experience has been worse than anticipated and the inception-to-date loss ratio has already met the minimum lifetime loss ratio.
The new rates would take effect 60 days after the company notifies policyholders.
Find the filing documents here at Long-Term Care Insurance Rate Filing