Insurers like Farmington, Conn.-based ConnectiCare and Hartford, Conn.-based Aetna appear to have lost market share following recent premium increases, according to the report. On average, small group plans in the state saw a 12 percent rate increase in premiums this year, while individual plans witnessed about a 25 percent increase, the report states. ConnectiCare, which faced financial hardship in 2016, raised small group premiums by 15 percent for 2017.
Anthem, Connecticut’s biggest insurer, offered a competitive preferred provider option plan in the small group market, which several companies switched to following the rate hikes. As a result, Anthem witnessed record-breaking enrollment in January, according to the report.
While ConnectiCare may be losing market share, the insurer still leads in the small group market overall with about 60,000 customers, the report states.
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