Insurer Genworth Financial Inc. said it didn’t have adequate controls in place and failed to identify a $44 million calculation error as it implemented changes to its methodologies as part of a review of its long-term-care claim reserves.
via Genworth Finds Material Weakness – WSJ.
oops.
Update 03.04.15
Miscalculated Risk: The Old-Age Bill That s Crushing Genworth – Insurance Networking News.
This link provides more in depth analysis.
2011-2012 Alzheimer’s Disease Progress Report | National Institute on Aging.
The report can be either read online or downloaded.
The decision is based on the continuing effects of low-interest rates and the company’s desire to achieve appropriate returns, enhance its long-term risk profile and maintain sustainable profitable growth, in its core group life and disability lines of business, the company said.
via Prudential to Stop Selling Group Long-term Care Insurance – Insurance Networking News.
The largest open long-term care insurance claim has reached $1.7 million in paid benefits, according to a just-released report from the American Association for Long-Term Care Insurance (www.AALTCI.org). The claimant, a woman, purchased coverage at age 43, paying an annual premium of $881. Three years later her long term care insurance claim began and has continued for almost 15 years.
lifeunderwriter.net 