CSG Actuarial: New Data shows Med Supp Market Premium Grows to $36.1 Billion
Based on data compiled information from the NAIC and other sources, CSG Actuarial is reporting total earned premiums in the Medicare Supplement market in 2022 totaled $36.1 billion, a 1.4% increase over 2021.
Report Highlights:
The total Medicare Supplement lives covered in 2022 decreased slightly to 14.3 million. CSG Actuarial believes this decrease was due to increased competitive pressures from Medicare Advantage plans and a decrease in the overall Medicare growth rate due to Covid deaths in 2020, 2021, and 2022.
Top 12 Carriers in terms of 2022 Medicare Supplement Premiums:
The 2022 overall Medicare Supplement market loss ratio of 80.4% returned to normal historical levels due to a rebound in utilization of non-Covid medical care the past two years.
Fifteen of the top 20 Medicare Supplement carriers reported a decrease in in-force Medicare Supplement lives in 2022.
*Data Source: National Association of Insurance Commissioners, by permission. The NAIC does not endorse any analysis or conclusions based upon the use of its data.