CSG Actuarial has compiled information from the NAIC* and other sources and is reporting that total earned premiums in the Medicare Supplement market in 2023 totaled $36.8 billion, a 1.8% increase over 2022.
A few other notes of interest:
The total Medicare Supplement lives covered in 2023 decreased slightly to 14.1 million. CSG Actuarial believes this decrease was due to increased competitive pressures from Medicare Advantage plans.
The top 10 carriers in terms of 2023 Medicare Supplement premiums were:
1 United Healthcare
2 Mutual of Omaha
3 CVS Health
4 Elevance
5 HCSC Group
6 Cigna
7 BS of California
8 Humana
9 CNO Financial
10 BCBS of Massachusetts
The 2023 Medicare Supplement overall market loss ratio spiked to 83.8%, as premium levels struggled to keep up with increases in post-Covid claim utilization rates.
Seven of the top 10 Medicare Supplement carriers reported a decrease in in-force Medicare Supplement lives in 2023, as shown below.
*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.