The report examined 381 metropolitan statistical areas, the 50 states and the District of Columbia and tabulated market shares for the two largest health insurance companies, according to a Dec. 12 release sent to Becker’s.
Here are five things to know about the commercial insurance market, per the AMA:
1. At the national level, the 10 largest health insurers by market were:
1. UnitedHealth Group: 14%
2. Elevance Health: 12%
3. CVS (Aetna): 11%
4. Cigna: 10%
5. Kaiser Permanente: 7%
6. Health Care Service Corp.: 6%
7. Blue Cross Blue Shield of Michigan: 2%
8. Blue Cross Blue Shield of Florida: 2%
9. Blue Shield of California: 2%
10. Highmark: 2%
2. Under current federal guidelines that define the regulatory threshold for markets considered to be highly concentrated, 73% of metropolitan statistical area-level markets were highly concentrated in 2022, up from 71% in 2014.
3. Under proposed federal guidelines backed by the AMA, 95% of metropolitan statistical area-level markets would be highly concentrated. The lower threshold for what constitutes a highly concentrated market may increase scrutiny and limit harmful insurance company consolidations, the release said.
4. In 48% of metropolitan statistical areas, one health insurer held a market share of at least 50%.
5. Elevance Health (formerly Anthem) was the largest health insurer by market share in 22% of metropolitan statistical areas, followed by Health Care Service Corp. with a market share lead in 11% of metropolitan statistical areas and Highmark with a market share lead in 6% of metropolitan statistical areas.
