Sky-High 2Q Profits Train Spotlight on Health Insurers

With health care claims costs reaching ultra-low levels amid lockdowns, canceled elective procedures and consumers’ fear of contracting the novel coronavirus at clinical sites, publicly traded health insurers saw their margins swell significantly in the second quarter of 2020. At the same time, insurers were quick to point out during their earnings conference calls that they have collectively provided billions of dollars’ worth of financial relief to consumers and providers and expect utilization to rebound in the second half of the year.

However, the health insurance industry still found its way into the crosshairs of the House Energy & Commerce Committee, which revealed on Aug. 6 that it will investigate insurers’ business practices “following reports that many of the companies are recording record profit margins during the COVID-19 pandemic.”

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