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Prudential Insurance Company of America – Individual (1999-2012)


Rate request: 79.0 percent average increase

Decision: Disapproved, limited to a 10% increase

On February 25, 2025 Prudential Insurance Company of America requested an average increase of 79.0 percent on a block of business of individual long-term policies which were sold from 1999 to 2012. The range of increase is 24.5% to 176.0%.

These are no longer being marketed. There are about 1231 policies in force in Connecticut.

The company said in its filing that the increase is needed to help ensure that future premiums, in combination with existing reserves, will be adequate to fund anticipated claims. Some of Prudential’s pricing assumptions for these series of forms, although based on the best information then available, were not consistent with emerging experience.

After Actuarial review, the Department approved a 10% increase for all policyholders on May 21, 2020. Although the experience has been somewhat better than anticipated, the future projections point to much higher claims experience than originally priced for.

The new rate would take effect after the company has notified its policyholders, according to the contractual and regulatory provisions.

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Find the filing documents here at Long-Term Care Insurance Rate Filing