Med Supp Premium Grows 6.6% to $31 B

Red arrow and percentBy Kristin Steenson – CSG Actuarial – May 29, 2018

UPDATE: Last month CSG Actuarial shared information from the NAIC and other sources and reported that total earned premiums in 2017 for the Med Supp market were $31 billion, a 6.6% increase over 2016.

A few other data points of interest:

  • There are only eight carriers with more than 100,000 Med Supp lives in 2017 and 5% growth in Medicare Supplement lives for each of 2015, 2016 and 2017: Aetna, Cigna, Humana, American Enterprise, USAA, Torchmark, Physicians Mutual and Manhattan Life Group.
  • There are only six carriers (including mergers & acquisitions) with more than 50,000 Medicare Supplement lives in 2006 and average annual growth in Medicare Supplement lives greater than 7.5% for years 2006 to 2017: Mutual of Omaha, Aetna & Genworth, Cigna & Great American, Blue Shield of CA, Transamerica and USAA.

% of Policies by Plan / Incurred Years: 2013-2017

Policies Issued Within 3 Years of Each Incurred Year

of Policies by Plan Incurred Years 2013-2017

States with the highest percentage of Medicare Supplement policies relative to total Medicare lives: Nebraska, Iowa, Wyoming, Kansas and North Dakota.

States with the lowest percentage of Medicare Supplement policies relative to total Medicare lives: Hawaii, Minnesota, New York, New Mexico and Alaska.

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Med Supp Use Continues to Rise

Businessman analyzing growing 3D AR chart floating above digital tablet computer screen, showing successful increase in business profitBy Allison Bell – ThinkAdvisor – May 18, 2018

The number of people with Medicare Supplement (Medigap) insurance increased to 13.6 million in 2017, up from 13.1 million a year earlier, according to the American Association for Medicare Supplement Insurance. Med Supp plan use has increased 40% since 2010, said AAMSI.

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Agent Annuity Commissions Rose in Q1

Loving senior couple dancing in balcony. Happy man and woman are spending leisure time together. They are at home.By Cyril Tuohy – InsuranceNewsNet – May 29, 2018

Here’s some good news for agents selling fixed annuities: the products paid a bit more in the first quarter than they did last year. Agents selling indexed annuities did well on two fronts: not only did indexed annuity commissions rise, agents sold a lot more indexed annuities, compared with the year-ago quarter, and compared to Q4 ‘17, Wink reported.

With regulatory challenges now behind them, indexed annuity sales are expected to resume with momentum, and possibly break sales records set in 2016, analysts said.

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