Inforce premium grew 6.5% in 2024 for participating companies.
STAMFORD, Conn.–(BUSINESS WIRE)–Gen Re has released the results of this year’s U.S. Medicare Supplement Market Survey. Gen Re’s annual benchmarking survey covers new sales and inforce business, performance, lapse rates, claim trends, and rate filings for 2024, as well as many Med Supp functions including underwriting, claims and distribution. A total of 39 questionnaires, representing 87 companies with Med Supp business, were completed for this year’s survey, including those with open and/or closed blocks of business.
Key highlights from this annual benchmark report include:
- Across all participants, $14.8 billion in total Medicare Supplement inforce premium was reported for 2024. Open blocks account for $8.8 billion, increasing 6.0% over reported results for 2023. Closed blocks account for $6.0 billion, growing 7% compared to 2023.
- Lapse rates, including mortality, averaged 11% for open blocks of business and 16% for closed blocks in 2024.
- Plan G was the most popular plan sold in 2024, accounting for 71% of new sales premium and 68% of new lives covered.
- On average, 83% of Med Supp applications received by carriers were sent electronically, while only 13% of the apps received were paper.
- 78% of participating companies reported the number of fraudulent claims increased in 2024 compared to 2023.
- 85% of the participating companies sell Medicare Supplement plans through independent agents, resulting in 72% of total sales premium in 2024. Fifty percent of participating companies sell directly to consumers, accounting for 9% 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 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
Contacts
Gen Re
Mike Fullerton
VP, Head of Group & Health Division Sales and Marketing
[email protected]
207-347-4636
