Regulators across the U.S. continued to grant long-term care, or LTC, insurance rate increases on in-force blocks during the third quarter.

The most impactful rate change during the period may have been in Pennsylvania, where Genworth Financial Inc. stands to see its annual calculated premiums rise $9.6 million on an average approved rate increase of 20%. The increase in the Keystone State will affect nearly 13,700 policyholders. Genworth in its request said its experience in the affected blocks actually justifies an increase of 54.3%. The company anticipates filing for additional rate hikes on these policy forms in the future.

Genworth boosted rates on individual LTC policies that renewed during the third quarter in at least 11 states. All told, those increases could raise the insurer's annual premiums by $67.1 million, which was the biggest aggregate total for the period.

Genworth plans on launching a new LTC insurance product for lower-risk individuals. A significant amount of the risk from policies sold would be reinsured by a highly rated reinsurance partner in the first half of 2022, provided there are enough states to support the need for annual re-rating. Genworth expects LTC rate-hike approvals in the fourth quarter and in 2022 to be strong, based on pending filings and what it sees as regulators acknowledging the importance of rate increases for the industry.

Manulife Financial Corporation's John Hancock Life Insurance Co. (USA) logged the second-largest calculated annual premium increase from policies that renewed in the third quarter at $15.7 million. More than one-third of that increase comes from two filings in Ohio. Nearly 15,400 of John Hancock's policyholders in the Buckeye State can expect to pay more for their LTC coverage from those hikes.