CSG Actuarial has compiled information from the NAIC* and other sources and is reporting that total earned premiums in the Medicare Supplement market in 2022 totaled $36.1 billion, a 1.4% increase over 2021.
A few other notes of interest:
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.
The top 12 carriers in terms of 2022 Medicare Supplement premiums were:
| Rank | Carrier |
|---|---|
| 1 | United Healthcare |
| 2 | Mutual of Omaha |
| 3 | CVS Health |
| 4 | Elevance |
| 5 | HCSC Group |
| 6 | Cigna |
| 7 | Humana |
| 8 | BS of California |
| 9 | CNO Financial |
| 10 | BCBS of Massachusetts |
| 11 | Wellmark |
| 12 | BCBS of Minnesota |
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.
15 of the top 20 Medicare Supplement carriers reported a decrease in in-force Medicare Supplement lives in 2022, 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.