Who are the Top 10 Health Insurance Companies by Market Share?

Health Insurance is an extremely competitive business however unlike auto insurance (where the top providers have secured almost 70% of the market) even the most well-known health insurance companies only have a small percentage of the market.

In a report published by the NAIC (National Association of Insurers Commissioners) the top 10 Accident and Health Insurance Companies in the USA for 2010 are listed below.

These numbers only represent a national market share. In many states some companies have significantly more market share and some have little or no presence. You can view the top health insurance companies by state and learn more about your health insurance options here.

1. UnitedHealth Group – 13.6% Market Share and over 84 Million Policyholders

With annual revenues of over $80 billion and a market share of 12.36%, United is the largest healthcare provider in the nation. A large portion of United’s business comes from its Medicare supplement and Medicare Part C coverage, which is endorsed by AARP. Medicare coverage is a booming industry as Americans live longer and expect quality healthcare for more years than in the past. United also offers many employer-administered group plans for governmental organizations and private enterprises.

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2. WellPoint, Inc. – 8.34% Market Share and almost 54 Million Policyholders

In 2004, WellPoint merged with Anthem to become the largest commercial healthcare provider in the nation. Covering 14 states and administering some specialty programs, WellPoint is part of the Blue Cross and Blue Shield network, and is the largest group within that organization’s structure. Annual revenues of $56.3 billion and a market share of 8.69% make WellPoint the second-largest provider of healthcare coverage in the nation.

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3. Kaiser Foundation Group – 7.82% Market Share and over 50 Million Policyholders

The Kaiser Foundation began as a hospital management organization, and eventually moved into healthcare insurance. Kaiser’s healthcare programs are doctor-owned and managed, and account for $48.4 billion in business each year, with a market share of 7.46%, making it the largest privately-administered healthcare organization on the list.

View a Kaiser Foundation Group Health Insurance Review

4. Humana Group – 4.56% Market Share and almost 30 Million Policyholders

Humana is another provider of Medicare supplemental policies, as well as group employer healthcare coverage. Humana was also in the “hospital business” before branching into healthcare. Annual revenues of $26.6 billion and a market share of 4.11% for this company keep it in the top five of all healthcare providers in the country.

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5. Aetna Group – 4.13% Market Share and over 26 Million Policyholders

With annual revenues of $28.1 billion and a market share of 7.46%, Aetna is one of the giants of the healthcare industry. Administering employer group healthcare plans, for the most part, Aetna covers some of the nation’s largest industries. Overall satisfaction with Aetna’s pricing structure, coverage, and customer service keep this company at the top of the list of healthcare providers in the United States.

View an AETNA Health Insurance Review

6. Health Care Service Corporation (HCSC) – 3.15% Market Share and over 20 Million Policyholders

HCSC offers a wide variety of life and health insurance products under the Blue Cross and Blue Shield brand and is the largest customer-owned insurance company in America. The company has $18.3 billion in annual revenue, with a market share of 2.82%. HCSC focuses on wellness and prevention activities, allowing members perks for participating in various wellness activities.

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7. Highmark Group – 2.11% Market Share and over 13 Million Policyholders

Highmark is a member of the Blue Cross and Blue Shield network, and has covered residents of Pennsylvania for over 70 years. Highmark brings in $12.9 billion in annual revenues, and has a total market share of 1.98%, the largest for a company operating in a single state.

View a Highmark Health Insurance Review

8. CIGNA Health Group – 1.83% Market Share and almost 12 Million Policyholders

CIGNA is one of the oldest insurance companies in the United States, and one of the largest providers of healthcare insurance in the world. Founded in Philadelphia almost 200 years ago in 1792 the CIGNA brand is well known as a premier healthcare service provider and writes over 18 billion annually in policies.

View a CIGNA Health Insurance Review

9. Coventry Corp. Group – 1.69% Market Share and almost 11 Million Policyholders

With annual revenues of $13.1 billion and a market share of 2.02%, Coventry is one of the leaders in the healthcare insurance industry. Coventry offers HMOs, PPOs, retiree programs, and directed-health and point-of-service plans, making it one of the most diversified companies on the list.

View a Coventry Health Insurance Review

10. Blue Shield of California Group – 1.47% Market Share and over 9.5 Million Policyholders

When reviewing the data about the top health insurance companies in the USA it’s important to note that the Blue Cross Blue Shield brand is significantly higher than any of these reports detail at first look. Most health insurance companies often sell insurance under the same name nationwide but Blue Cross Blue Shield is actually an organization made up of many different chapters and collectively they had an 11% market share nationwide with over 68 Million policyholders. The average consumer would most likely view Blue Cross Blue Shield brand is the second largest health insurance company but for statistical purposes each BCBS chapter needs to be reported separately. Learn more about the Blue Cross Blue Shield brand here.

Are these the Best Health Insurance Companies in the USA?

Having a large market share is certainly one way to gauge customer satisfaction however it’s a little more complicated when it comes to health insurance. Most people have never voluntarily chosen one insurance company over the other but simply opted into a group plan offered from a single or very limited number of companies by their employer. Health insurance is very personal and you should never rely on any published market share report to determine whether or not a particular provider is the best health insurance company for your unique profile.

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