5-Year Market Share Trend Averages 53% for Top Group Risk Health Insurers
February 5, 2026
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 47.2 million as of September 30, 2021 (3Q21), to 41.9 million enrollees as of September 30, 2025 (3Q25). 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 7.4 million members in 3Q25, a decrease of 492,000 from 3Q21. Its national market share for this segment has increased 0.9% over the last 5 years.
- UnitedHealth ended 3Q25 with 5.7 million members, a net decrease of over 1.2 million group risk members since 3Q21.
- Elevance, once again, surpassed Health Care Service Corporation (HCSC) with the third largest Group Risk market share nationwide, at 8.5%. Between 3Q24 and 3Q25 Elevance lost around 42,000 Group Risk members, while HCSC lost 135,000 members during the same time frame.
- CVS Health picked up additional market share, each year from 3Q21 to 3Q23, gaining over 100,000 Group Risk members during that time; however, it has lost over 200,00 members between 3Q23 and 3Q25.
- As the overall group risk market declines − thirteen insurance carriers, including Humana, have exited the market, or were acquired, between 3Q24 to 3Q25 − Mark Farrah Associates continues to see new entrant, such as Curative 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 product pages and brochures available under the Our Products section of the website (www.markfarrah.com), or call 724-338-4100.
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