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White paper

Observations on the employer stop-loss market: 2023 survey

2 November 2023

In March 2023, Milliman surveyed a wide range of employer stop-loss market participants, including administrative services only (ASO), managing general underwriters (MGU), and third-party carriers. We received 31 responses. After an executive summary and details on the general questions, this report presents the results, which include discussion of the following: 

  • Portfolio characteristics
  • Underwriting measures
  • Pricing 
  • Portfolio results and characteristics
  • Captives
  • Level-funded product
  • High-cost pharmacy and gene therapy treatments
  • Carrier concerns

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