PORTLAND, Maine--(BUSINESS WIRE)--Gen Re has released the results of this year’s U.S. Medicare Supplement Market Survey, its annual industry benchmarking survey covering in-force business, new sales, performance, claim trends, lapse rates and rate filings for the U.S. market in 2022. Ninety-one companies are represented in the report, including those with open and/or closed blocks of business, with 58% of the companies managing both. Excluding Blue Cross Blue Shield companies, it is estimated that the survey includes 89% of the Medicare Supplement market.
Key highlights from this annual benchmark report include:
- Across all participants, $13 billion in total Medicare Supplement in-force premium was reported for 2022. Open blocks account for $8.3 billion, increasing 3.7% over reported results for 2022. Closed blocks account for more than $4.6 billion, declining 1% compared to 2022.
- Participants reported nearly 5.3 million covered lives for 2022, level with 2021 results.
- Lapse rates, including mortality, averaged 11% for open blocks of business and 16% for closed blocks in 2022.
- Plan G was the most popular plan sold in 2022, accounting for 69% of both new sales premium and new lives covered.
- 93% of the participating companies sell Medicare Supplement plans through independent agents, and 59% sell on a direct-to-consumer basis. The percentage of sales premium from those two distribution channels averaged 75% and 14%, respectively, in 2022.
The Market Survey is an annual benchmark survey produced by Gen Re, with the full results available only to participating companies. A summary report is available online at genre.com/lhsurveys.
About Gen Re
Gen Re, a Berkshire Hathaway Company, is one of the leading Life/Health and Property/Casualty reinsurers in the world. Our North American Life/Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Disability, Medicare Supplement, and Critical Illness markets. Through our research, we also offer valuable information and insights. www.genre.com