Best’s News & Research Service - August 09, 2024 10:12 AM (EDT)
Best's Rankings: US Group Comprehensive Hospital & Medical Increased 5.4% in 2023
OLDWICK, N.J. //BestWire// - The U.S. group accident & health industry's comprehensive hospital & medical increased 5.4% in 2023 to $43.28 billion, according to a new Best's Rankings report.
UnitedHealth Life Cos., which held onto the top spot, saw its accident and health contracts premiums rise 3.3% from the prior year to reach $19.12 billion, according to the report. Cigna Life Group retained its No. 2 spot with a 10.7% increase in premium contracts to $14.15 billion.
Aetna Life Group, which also held onto its position from the prior year at No. 3, saw premium contracts grow by 11.5% in 2023 to $7.7 billion, according to the ranking. No. 4 BCBS of Kansas Cos. posted the smallest increase among the top five with $1.24 billion in premium contracts for 2023 up by just 0.6%.
Centene Life Group, which moved up one spot to No. 7 in the ranking, posted the largest percentage decline among the top 10 carriers with its $100.9 million in premium contracts down by 44.7% from 2022, according to the report
The ranking includes accident & health contracts as well as percent changes.
Subscribers can access the report and data here.
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AM Best data sourced from Best’s Financial Suite, US.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)