5-Year Market Share Trend Averages 53% for Top Group Risk Health Insurers

February 3, 2025

The 5 leading group risk health insurers by market share have represented an average of 53% of the total group risk market over the past 5 years. Group risk is composed of both large and small employer groups with fully insured comprehensive health coverage; the Federal Employee Health Benefits Program is excluded from this analysis. The market has declined from 49.3 million as of September 30, 2020 (3Q20), to 43.5 million enrollees as of September 30, 2024 (3Q24). Additionally, the leading healthcare insurers each experienced membership changes that resulted in variations of market share.

• Kaiser continued to lead the group risk market with over 7.5 million members in 3Q24, a decrease of 526,000 from 3Q20. Its national market share for this segment has increased 1% over the last 5 years.
• UnitedHealth ended 3Q24 with nearly 6.1 million members, a net decrease of 1.4 million group risk members since 3Q20.
• Health Care Service Corporation (HCSC) and Elevance have nearly the same market share in the group risk segment, at 8.4% for 3Q24. HCSC, the only leading insurer to report gains in all five years, has added 250,000 group risk members from 3Q20 to 3Q24. Elevance lost 545,000 members during the same period.
• CVS Health has reported fluctuating enrollment and market share for its group risk business over the last 5 years.
• As the overall group risk market declines, and insurance carriers, such as Humana, choose to exit it completely, Mark Farrah Associates has noted new entrants like Curative Insurance and Sidecar Health gaining members.

About the Data

The data used in this analysis brief was obtained from Mark Farrah Associates' Health Coverage Portal™ database. Findings reflect enrollment reported by carriers with business in the U.S. and U.S. territories. Data sources include the NAIC (National Association of Insurance Commissioners), and the CA DMHC (California Department of Managed Health Care).

About Mark Farrah Associates (MFA)

Mark Farrah Associates (MFA) is a leading data aggregator and publisher providing health plan market data and analysis tools for the healthcare industry. Our product portfolio includes Health Coverage Portal™, County Health Coverage™, Medicare Business Online™, Medicare Benefits Analyzer™, 5500 Employer Health ^PLUS, and Health Plans USA™. For more information about these products, refer to the informational videos and brochures, available under the Our Products section of the website (www.markfarrah.com) or call 724-338-4100.

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