What’s going on with the state of the stop loss market? It’s no secret medical costs are rising, and putting pressure on self-funded employers. But when roughly 76% of self-funded companies with 50+ employees have stop loss insurance (according to Kaiser Family Foundation), that added pressure extends to carriers and reinsurers as well.
In the last year, we’ve seen established carriers exit the market, and others cite poor results and missed earnings due to stop loss performance. While there are some new entrants, experts predict market consolidation will continue. With the current state of the market, plus looming large claim risks like gene therapy and other precision medicine, the market looks poised for an increase in both pricing and terms like lasering and declines this renewal season.
At BCS, we are committed to providing an appropriate rate for the risk, and working with groups to mitigate overall risk through our RiskNavigator solution set. Cost containment partnerships are available for a variety of situations, and specialty solutions such as Stop Loss GT and GTS can provide additional protection.
We look forward to the opportunity to serve your self-funded insurance needs. Contact your BCS representative to learn more and get a quote.
