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 2020, the accident and health insurance industry’s direct written premiums reached $1.25 trillion, up by almost 84% from $680 billion in 2011. The largest 10 insurers collectively wrote 55.3% of the total US market, according to the National Association of Insurance Commissioners (NAIC).
1. UnitedHealth
Direct Written Premiums: $176.7 billion
Market Share: 14.1%
A diversified health and well-being company, UnitedHealth Group’s core capabilities are clinical expertise, advanced technology, and data and health information.
UnitedHealth Group serves clients and consumers in the US and more than 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 $4 billion in technology and innovation and processes approximately 1.1 trillion transactions annually.
2. Kaiser Foundation
Direct Written Premiums: $104.2 billion
Market Share: 8.3%
3. Anthem, Inc.
Direct Written Premiums: $76.9 billion
Market Share: 6.2%
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 106 million people, including over 42 million within its family of health plans. It aims to be the most innovative, valuable, and inclusive partner.
4. Centene Corp
Direct Written Premiums: $75 billion
Market Share: 6%
Centene Corporation, a Fortune 500 company, is a diversified, multinational healthcare company providing a portfolio of services to government-sponsored healthcare programs, focusing on uninsured and underinsured individuals. It operates in 50 states and three international markets and has more than 25 million managed care members.
Among the services the insurer offers are commercial, Medicare and Medicaid coverage, pharmacy benefits management, workers’ compensation, and third-party benefits administration. The company is an independent licensee of the Blue Cross and Blue Shield Association.