In a trend that could be playing out in the rest of the country, Oregon health insurers saw their profits rise in 2010 even as they covered fewer people, according to a report by the Oregon Insurance Division.
The state's eight largest insurers last year covered 14 percent fewer people than in 2009 but their income more than doubled and their average profit margin rose from 1 percent to 3 percent.
The division said most of the companies' 2010 financial gains came from investments and most of their operational gains came from the large group and Medicare markets, which the state does not regulate.
Read the Oregon Insurance Division report on health insurance (pdf).
Read more coverage of health insurance rates:
- Blue Shield of California Imposes Rate Hikes of as Much as 59%
- State Insurance Authorities Don't Rigorously Review Rate Hikes
- Michigan Blue Cross Defends Demand For Hospitals' Lowest Price
The state's eight largest insurers last year covered 14 percent fewer people than in 2009 but their income more than doubled and their average profit margin rose from 1 percent to 3 percent.
The division said most of the companies' 2010 financial gains came from investments and most of their operational gains came from the large group and Medicare markets, which the state does not regulate.
Read the Oregon Insurance Division report on health insurance (pdf).
Read more coverage of health insurance rates:
- Blue Shield of California Imposes Rate Hikes of as Much as 59%
- State Insurance Authorities Don't Rigorously Review Rate Hikes
- Michigan Blue Cross Defends Demand For Hospitals' Lowest Price