As The Health Insurance Underwriting Cycle Turns: What Next?

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Abstract
After twenty-five years of a consistent health insurance underwriting cycle, the pattern of insurer profitability changed greatly in the 1990s, raising speculation about the future. We conclude from interviews with industry experts that health plan competition and limits on plans’ ability to predict costs will continue to drive a cycle, albeit one even more muted than it was in the 1990s because of changes in industry structure and forecasting improvements. Plans will price closer to cost trends and forgo the more heated price competition that drove major losses in the past, reducing premium volatility but possibly leading to higher average premiums.

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