PORTLAND, Maine--(BUSINESS WIRE)--Gen Re has released results of this year’s U.S. Medicare Supplement Market Survey, its annual industry benchmarking survey covering in-force, sales, business performance, claim trends, lapse rates and rate filings for the U.S. market. Eighty-one companies are represented in this year’s report, reflecting those who are managing closed blocks, actively selling or a combination.
According to participants, 2016 sales and in-force premium growth was positive, affirming the ongoing growth expected for this market given the increasing number of Medicare-eligible people in the U.S.
Key results from this year’s report include:
- $21.7 billion in total Medicare Supplement in-force premium was reported for 2016, a growth rate of 7.4%.
- For those companies who reported premium and lives for both 2015 and 2016, annualized sales premium continues to grow. Their sales premium growth rate was 6.9%.
- Average lapse rates remained consistent at 10.9% in 2016.
Also, over half of those selling Medicare Supplement reported doing so direct-to-consumer (via phone, mail, online or a combination of these methods where a traditional agent receiving traditional paid compensation is not involved).
For the complete survey summary, visit genre.com/lhsurveys.
Gen Re, a Berkshire Hathaway Company, is one of the leading life/health and property/casualty reinsurers in the world. Our North American life and health reinsurance company, General Re Life Corporation, has superior financial strength ratings among life and health reinsurers. Gen Re delivers tailor-made reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Individual Disability Income markets. Through our research, we also offer valuable information and insights. For more information, visit www.genre.com.