The commercial insurance market is expected to reach $4.5 trillion by the end of 2021, up from $3.8 trillion at the end, according to a new report from the National Association of Insurance Commissioners.
The report shows that consumers in many states could have to shell out more than double their current monthly premium.
In the meantime, there’s been an uptick in people signing up for commercial insurance plans in recent years.
The total number of commercial insurance enrollees has more than doubled from a year ago, from 8.1 million in 2021 to 17.7 million in 2022.
The numbers don’t include new claims or claims that were canceled before the year was up.
But the association predicts that commercial insurance premiums will be $1,100 higher than they were before the economic downturn.
The market also has been undergoing a sharp increase in claims for life insurance, a category that typically includes a few types of policies that cover most people, such as policies for renters and homebuyers.
The association predicts this year’s growth in claims will top 100,000, which is the highest since 2011.
In addition, claims for medical claims will increase by nearly 300 percent, from $4 billion in 2021, to $6 billion by 2022.
The increase is expected in many areas, including for elective surgeries, cancer treatments and certain types of surgeries.
The industry has also seen an increase in rates for those with preexisting conditions, as well as an increase for people who have diabetes and heart disease.
While there are several factors behind this, the association notes that the growing number of people buying commercial insurance has been driven in part by higher premiums, higher out-of-pocket costs and the increasing use of the individual market to provide coverage.
It’s not just consumers who are seeing the benefits.
The American Medical Association has issued a statement calling commercial insurance a “vital health care” and warning of the dangers of “lack of access” to health care, according the Associated Press.
The association says that it’s a “national disgrace” that consumers are paying twice as much as the average person to cover their medical expenses.
The increase in premiums is being driven by a shift away from employer-based plans and toward commercial plans that include employer coverage, according a statement from the association.
But there are other factors as well.
One factor driving the increase in commercial insurance rates is a reduction in competition in the individual insurance market, which has led to fewer and fewer people buying the type of policies people use to pay for medical care.
The Associated Press reports that the number of plans sold in 2019 was less than half the number sold in 2021.More:More: