Private health insurance specialists are a critical part of healthcare coverage in the United States, but other major players influence the market as well.
Life/annuity and property/casualty insurers also write health insurance premiums, with the top 10 largest insurers collectively writing 51.8% of all premiums in the U.S. market in 2018. That’s according to the National Association of Insurance Commissioners (NAIC). Since 2009, the industry’s direct written premiums have risen 57.3%, up to $1.1 trillion in 2018.
Here are the 10 biggest health insurance and accident groups in the U.S., according to Insurance Business America:
- UnitedHealth. With 14.2% market share and direct written premiums of $156.9 billion in 2018, UnitedHealth is the biggest in the industry. It also owns the nation’s largest health insurance plan, UnitedHealthcare.
- Kaiser Foundation. A California-based non-profit, Kaiser offers a suite of healthcare services and has a market share of 8.5% The company’s direct written premiums in 2018 reached $93.2 billion.
- Anthem. The health benefits company, which has HMOs, PPOs and dental networks and other health plans, has a market share of 6.1% and direct written premiums of $67.2 billion in 2018.
- Humana. The Louisville-based healthcare services company has a 5.1% market share and $56 billion in direct written premiums in 2018. The company has focus on increasing its integrated care strategy.
- CVS. Through health services, plans and community pharmacists, CVS has worked on a new approach to total health and taken 5% of market share. The company had direct written premiums of $55.4 billion in 2018.
- HCSC. Health Care Service Corporation is the largest customer-owned healthcare insurance company in the nation, with a market share of 3.4%. It had $36.9 billion in direct written premiums in 2018.
- Centene Corp. This multinational healthcare company and Fortune 500 business had direct written premiums if $36.3 billion in 2018 and 3.3% market share.
- Cigna Health. With a 2.7% market share and $29.3 billion in direct written premiums in 2018, Cigna is a top 10 group. The company offers insurance plans spanning Medicare, Medicare supplemental plans, international health insurance, individual plans.
- WellCare Health Plans. The managed care provider snapped up the Medicare Part D business from Aetna as part of the insurers $69 billion merger with CVS Health in late 2018. WellCare had a market share of 1.9% in 2018 and direct written premiums totaling $20.5 billion.
- Molina Healthcare. With a market share of 1.7% and $18.5 billion in direct written premiums, Molina is a Fortune 500 company that exclusively offers government-sponsored healthcare programs.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."