New York City-based health insurer startup Oscar Health saw its losses widen in the first six months of 2016, according to Bloomberg.
In New York, Oscar's biggest market, the insurer recorded losses of $52.2 million in the first half of this year, compared to losses of $15.5 million in the same period of 2015.
Oscar also posted losses in California and Texas in the first half of this year, according to the report.
Like many other insurers, Oscar recorded losses from sales of individual plans on the Affordable Care Act exchanges. The losses have caused Hartford, Conn.-based Aetna, Louisville, Ky.-based Humana and Minnetonka, Minn.-based UnitedHealth Group to reduce their ACA exchange footprints next year.
To help control costs, Oscar is raising premiums and significantly narrowing its networks. The insurer had 40,000 in-network physicians and 77 in-network hospitals in 2016. In 2017, its network will shrink to 20,000 physicians and 31 hospitals.
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