Multi-million dollar claims continue to rise, but employers — with the help of their brokers and stop-loss carriers — can find ways to contain the costs, according to Sun Life Financial's 2017 Sun Life Stop-Loss Research Report.
The stop-loss carrier reviewed 53,000 claims during 2009 through 2016, and found that the number of multi-million-dollar claimants increased 68 percent from 114 to 192. While that represents a small fraction of the total number of cases — just 2.2 percent in 2016 — multi-million dollar claims account for a greater proportion of reimbursement dollars — 23 percent of total stop-loss reimbursements in 2016.
Over the four-year period, total costs for catastrophic claims reached $6.1 billion, with $2.7 billion paid in stop-loss reimbursements.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
