NU Online News Service, Dec. 2, 11:09 a.m. EST
Group medical benefits renewal rates continued to increase in the U.S. market between June and October, but brokers reported that clients are not planning to cut coverage altogether, according to a survey of insurance brokers.
The Council of Insurance Agents & Brokers (CIAB) released its November "Employee Benefits Market Survey" that asked benefit brokers what the average rate of increase in premiums on renewal was for group medical and group life compared to the last survey in May.
The vast majority of benefits consultant respondents indicated slight increases from the spring. Eighty-nine percent said prices increased for small accounts--those with 50 or fewer employees--with more than half the increases falling in the 11-20 percent range.
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