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AMA: Payer giants tighten grip on U.S. markets

By AMA.org  
   December 17, 2025

The AMA this week released new data showing which health insurers hold the largest share of the commercial and Medicare Advantage markets—spots where limited competition leaves millions of Americans with too few choices and rising costs. The newest edition of Competition in Health Insurance: A Comprehensive Study of U.S. Markets analyzes 2024 data across 384 metropolitan areas, all 50 states, and the District of Columbia. The report identifies the two largest insurers in each market and measures how concentrated those markets have become using federal merger guidelines issued in December 2023. Markets that cross thresholds set by the guidelines are considered 'highly concentrated' — meaning consumers may not be getting the benefit of real competition.

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