“Genworth Hopes to Return to Long-Term Care Market Next Year”

“Genworth Hopes to Return to Long-Term Care Market Next Year,” by Allison Bell, ThinkAdvisor

Quote:

“Genworth Financial is firming up plans to return to the U.S. long-term care insurance (LTCI) market in 2022, company executives said Wednesday. Genworth will work with other highly rated insurers to set up a new insurance company, which will probably provide support and advice services for older people who are still living in their own homes, as well as LTCI coverage, Tom McInerney, Genworth’s CEO, told securities analysts during a conference call.

McInerney said Genworth expects to contribute expertise to the new LTCI issuer, and possibly to contribute some capital as well. … McInerney said Genworth now has the experience to get beyond the mistakes made in the past and to design new LTCI products with lower, more predictable risks.”

 

LTC Comment, Stephen A. Moses, President, Center for Long-Term Care Reform:

I predict more companies will re-enter the LTCI business as social insurance experiments at the state and national level fail and the need for private LTC financing from all sources, especially home equity and private insurance, increases.