Insurance companies are important players within the global financial economy, although they’ll not be as flashy as investment banks or hedge funds. Insurance companies are available many sizes and specialize there. Here we compare a number of the most important insurers by market cap and by premium sales. In the US, there are a host of private healthcare insurance specialists. However, life/annuity and property/casualty insurers also write this coverage, often referred to as accident and health insurance, as outlined by the Insurance Information Institute.In 2018, the accident and health insurance industry’s direct written premiums reached $1.1 trillion, up by 57.3% from 2009. The largest 10 insurers collectively wrote 51.8% of the total US market, according to the National Association of Insurance Commissioners (NAIC).
Direct Written Premiums: $156.9 billion
Market Share: 14.2%
UnitedHealth Group serves clients and consumers within the US and quite 130 other countries through two distinct platforms: UnitedHealthcare provides healthcare coverage and benefits services, while Optum provides information and technology-enabled health services. The group invests more than $3.5 billion in technology and innovation and processes approximately 1.1 trillion transactions annually. UnitedHealthcare offers Medicare coverage for medical, prescribed drugs , and other benefits like dental — and that we offer the sole Medicare plans with the AARP name. Here are the different types of medicare plans you can choose from — and what they cover.Original Medicare, provided by the federal government, has two parts: Part A and Part B.Original Medicare Part A helps buy hospital stays, while Original Medicare Part B helps buy doctor visits . Dual Medicare Special Needs Plans are a type of Medicare Advantage plan for individuals who have both Medicare and Medicaid.
These plans offer benefits and features beyond Original Medicare, which might also include transportation assistance and prescription drug coverage.Also called Medigap, these plans help cover some out-of-pocket costs not paid by Original Medicare.
- Kaiser Foundation
Direct Written Premiums: $93.2 billion
Market Share: 8.5%
Kaiser Foundation Health Plan, Inc. operates as a non-profit healthcare organization. The organization offers allergy, audiology, cardiology, dermatology, oncology, hospice, laboratory, nephrology, occupational therapy, pain management, pediatric rehabilitation, and pharmacy services. The company serves patients in the US. The majority of our health coverage topics are supported analysis of the Census Bureau’s American Community Survey (ACS) by the Kaiser Family Foundation. ACS includes a tenth sample of the US population and allows for precise state-level estimates.
The ACS asks respondents about their insurance coverage at the time of the survey. Respondents may report having quite one sort of coverage; however, individuals are sorted into just one category of coverage . for instance , an individual reporting having Medicaid coverage and another sort of coverage would be categorized as having Medicaid coverage during this analysis.
- Anthem, Inc.
Direct Written Premiums: $67.2 billion
Market Share: 6.1%
Anthem, Inc. is a health benefits company that is committed to improving lives and communities and making healthcare simpler. Anthem, through its affiliated companies, serves more than 78 million people, including over 41 million within its family of health plans.
Individual members and employer groups can select from basic and comprehensive plans to satisfy their specific needs. A wide range of related specialty products and other services is additionally available, including flexible spending accounts and COBRA administration.
Direct Written Premiums: $56 billion
Market Share: 5.1%
Recognizing that each person, family, and community’s healthcare needs continue to evolve, Humana creates innovative solutions and resources to help people live their healthiest lives on their terms – when and where they need it. When it involves maintaining your health, one choice can cause a lifetime of living well. From medical, dental, and vision plans to life assurance , Humana strives to supply affordable options and personalized support which will get you off and running toward a stronger, healthier you. Humana is one among the nations largest health care providers of individual & family, group, Medicare, dental, vision and life assurance products.
Direct Written Premiums: $55.4 billion
Market Share: 5.0%
CVS Health is a healthcare innovation company with a purpose to help people on their path to better health. Through its health services, plans, and community pharmacists, it pioneers a new approach to total health.
CVS has more than 9,800 retail locations, nearly 1,100 walk-in medical clinics, a pharmacy benefits manager with about 93 million plan members, a diversified healthcare benefits company serving about 22.2 million medical members .
Direct Written Premiums: $36.9 billion
Market Share: 3.4%
Health Care Service Corporation (HCSC), a mutual legal reserve company, is the largest customer-owned healthcare insurance company in the US. The company serves more than 16 million members across five states – Illinois, Montana, New Mexico, Oklahoma, and Texas – and employs more than 23,000 people in over 60 local offices.
HCSC offers a wide variety of life and health insurance products and related services through its affiliates and subsidiaries, including Dearborn Group, Dental Network of America, HCSC Insurance Service Company, Medicine Availity, Prime Therapeutics, and TriWest Healthcare Alliance.
- Centene Corp
Direct Written Premiums: $36.3 billion
Market Share: 3.3%
It operates in 32 states and three international markets and has more than 15 million managed care members.
Centene operates local health plans and provides a range of health insurance solutions. Also, it contracts with other healthcare and commercial organizations to offer specialty services, ranging from behavioural health, dental benefits, life and health, and pharmacy benefits management to care management software, correctional healthcare services, in-home health services, managed vision, specialty pharmacy, and telehealth services.
Direct Written Premiums: $20.5 billion
Market Share: 1.9%
WellCare Health Plans, Inc. focuses on delivering government-sponsored managed care services to individuals, families, children, and seniors with complex medical needs primarily through Medicaid, Medicare Advantage and prescription plans, also as individuals in the health insurance marketplace. WellCare serves about 6.4 million members nationwide as of Sept. 30, 2019.
- Molina Healthcare, Inc.
Direct Written Premiums: $18.5 billion
Market Share: 1.7%
The company contracts with state governments and serves as a health plan providing a wide range of quality healthcare services to individuals and families. Molina Healthcare filed with the Securities and Exchange Commission for an initial stock offering in December 2002 and went public in July 2003 with a stock offering of $102 million. Molina Healthcare was the primary company from Inc. Magazine’s “Inner City 100” list to go public.
- Cigna Health
Direct Written Premiums: $29.3 billion
Market Share: 2.7%
Cigna Corporation is a global health service organization with more than 165 million customer and patient relationships in over 30 countries and jurisdictions. Its insurance plans and products include healthcare insurance for individuals and families, dental insurance plans, Medicare plans, Medicare supplemental plans, other supplemental insurance, and international health insurance.