CSG Actuarial has compiled information from the NAIC* and other sources and is reporting that total earned premiums in the Medicare Supplement market in 2021 totaled $35.6 billion, a 1.7% increase over 2020.
A few other notes of interest: The total Medicare Supplement lives covered in 2021 decreased slightly to 14.45 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 and 2021.
The top 12 carriers in terms of 2021 Medicare Supplement premiums were:
|2||Mutual of Omaha|
|9||BS of California|
|10||BCBS of Massachusetts|
|12||BCBS of Minnesota|
The 2021 overall Medicare Supplement market loss ratio of 77.4% was higher than the 2020 loss ratio due to a rebound in utilization of non-Covid medical care.
14 of the top 20 Medicare Supplement carriers reported a decrease in in-force Medicare Supplement lives in 2021, 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.