The 2007 checkup for health insurers is generally good, with one or two minor aches and pains.
The statistics are culled from Highline Data, an affiliate of National Underwriter Life & Health.
Three categories–all health insurers, group health insurers and individual health insurers–showed double-digit growth. In another health category, guaranteed renewable, earned premiums posted a more modest 2%. Only one category, non-cancellable, declined by 7%.
All health insurers’ premium
Earned premium for all health insurers grew 11% for the top 200 driven by a 17% increase for the top 10. The top 25 saw a 13% growth rate.
For the top 200, earned premium in 2007 totaled $149 billion up from $134.3 billion in 2006. Incurred claims for the top 200 grew at a slightly faster pace, increasing 11% in 2007 to $107.4 billion from $96.8 billion in 2006.
Group health insurers’ premium
A 10% increase in group health premium was recorded in 2007 as the top 200 reached $88.8 billion compared with $80.8 billion in 2006. The top 10 companies contributed to that growth with a 12% increase to $55.9 billion from 2006′s $50 billion, while the top 25 showed an 11% increase to $70.2 billion up from 2006′s $63.2 billion.
Growth in incurred claims in the top 10 companies far outpaced claims for the top 200 companies in 2007 with the top 10′s incurred claims increasing to $55.9 billion, 43% greater than 2006′s $39.1 billion. For the top 200, incurred claims increased to $68.3 billion, 10% greater than $61.9 billion. And, for the top 25, incurred claims rose 13% to $55.1 billion in 2007 up from $49 billion in 2006.
Individual health insurers’ premiums