Allianz Insurance Company – Individual (2001 to 2005)
Rate request: 34 percent average increase
Decision: Disapproved, limited to a 15% increase
On April 24, 2020, Allianz Insurance Company requested an overall average increase of 34 percent for individual long-term care policies. The policies were sold in Connecticut from 2001 to 2005 and are no longer being marketed.
There are about 35 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 15% rate increase on June 23, 2020. Although the lifetime minimum loss ratio still needs to be met, both Connecticut and nationwide historical experience has been worse than anticipated.
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