STAMFORD, Conn.--(BUSINESS WIRE)--Gen Re has released the results of this year’s U.S. Medicare Supplement Market Survey, its annual industry benchmarking survey covering new sales and inforce business, performance, lapse rates, claim trends, and rate filings for 2023. Eighty-nine companies are represented in the report, including those with open and/or closed blocks of business, with 50% of the companies managing both.
Key highlights from this annual benchmark report include:
- Across all participants, $14.4 billion in total Medicare Supplement inforce premium was reported for 2023. Open blocks account for $8.7 billion, increasing 6.3% over reported results for 2022. Closed blocks account for more than $5.7 billion, declining 3% compared to 2022.
- Participants reported more than 5.6 million covered lives for 2023, fairly level with 2022 results.
- Lapse rates, including mortality, averaged 10% for open blocks of business and 16% for closed blocks in 2023.
- Plan G was the most popular plan sold in 2023, accounting for 73% of new sales premium and 72% of new lives covered.
- 92% of the participating companies sell Medicare Supplement plans through independent agents, resulting in 78% of total sales premium in 2023. While 68% of participating companies sell directly to consumers, resulting in 10% of the total sales premium.
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 www.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 and 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
