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LIMRA, the Society of Actuaries Research Institute, and the National Association of Insurance Commissioners partner to study current experience for LTCI market business in the U.S.

WINDSOR, Conn., CHICAGO, Ill., and WASHINGTON, Aug. 4, 2025 — LIMRA, the Society of Actuaries (SOA) Research Institute, and the National Association of Insurance Commissioners (NAIC) today jointly announced the launch of a long-term care insurance (LTCI) industry experience study.

This comprehensive new study will examine mortality, persistency, claim incidence, and claim termination experience for LTCI policies from 2000 through 2023. Currently, 13 carriers, representing two-thirds of the stand-alone LTCI market, have agreed to participate in the study. Researchers are looking to recruit another five to seven companies to join the study in the coming months.

In 2021, LIMRA and the SOA Research Institute partnered to collect and process data to provide industry-wide experience studies. In the past four years, LIMRA and the SOA Research Institute successfully delivered in-depth experience study reports and analytics tools for insurance and annuity products to support both carriers and regulators in providing credible industry benchmarks to ensure adequate pricing and reserving across the industry.

The NAIC has led a sustained national effort to modernize LTCI oversight, working to harmonize rate review practices, protect consumers, and ensure insurer solvency across jurisdictions.

“With more than 11,000 Americans turning 65 each day over the next four years, the demand for long-term care services is likely to surge. Our industry needs to understand how consumers are using LTCI policies to help carriers develop fiscally sustainable products that meet the needs of present and future retirees,” said David Levenson, president and CEO, LIMRA and LOMA. “We are honored to work with SOA and the NAIC to deliver timely, comprehensive LTCI experience data and analysis to the industry so that carriers can profitably compete in the market and regulators can better benchmark companies operating in their states.”

“This project continues our partnership with LIMRA and deepens our relationship with the NAIC,” said R. Dale Hall, FSA, MAAA, CERA, managing director of research at the SOA Research Institute. “We are pleased to continue and expand this effort to ensure our members have the data they need to make informed decisions that will best serve their stakeholders.”

“Nearly 70 percent of Americans over 65 will need some form of long-term care, according to the Department of Health and Human Services. That’s a staggering number,” said Oklahoma Insurance Commissioner Glen Mulready, who also chairs the NAIC’s Health Insurance and Managed Care Committee. “This joint study from SOA and LIMRA gives regulators the insight we need to better understand the challenges ahead and make sure consumers have access to strong, reliable coverage in a fair and competitive market.”

To learn more about the study, the LIMRA/SOA industry experience studies program, and the companies involved, please visit: LIMRA/SOA Experience Pro Series.

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Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.

About the SOA Research Institute
Serving as the research arm of the Society of Actuaries (SOA), the SOA Research Institute provides objective, data-driven research bringing together tried and true practices and future-focused approaches to address societal challenges and your business needs. The Institute provides trusted knowledge, extensive experience, and new technologies to actuaries, employers, regulators, research funders and the public to help them effectively identify, predict, and manage risks. www.soa.org/research-institute

About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight.