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.
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.