Your support helps us tell the story.
From reproductive rights to climate change and big tech, The Independent is on the ground as the story unfolds. Whether investigating the finances of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word,' which sheds light on American women fighting for reproductive rights, we know how important it is to analyze the facts from the messaging .
At such a critical time in American history, we need journalists on the ground. Your donation allows us to continue sending journalists to talk about both sides of the story.
Americans across the political spectrum trust The Independent. And unlike many other quality news outlets, we choose not to exclude Americans from our reporting and analysis with paywalls. We believe quality journalism should be available to all and paid for by those who can afford it.
Your support makes all the difference.
The fallout from the shooting death of United Healthcare CEO Brain Thompson has caused the stock values of major insurance companies to plummet.
Thompson was shot and killed by a masked gunman, allegedly Luigi Mangione, 26, a week ago in what is believed to have been a targeted attack apparently based in part on grievances with the U.S. health insurance system.
The shocking nature of the shooting has highlighted the worst parts of health insurance companies' policies, leading to a small online movement against health insurance companies.
Some of the largest health insurance companies, including United Healthcare, Cigna, Centene Corp., CVS Health Corp and Humana Inc., have seen their stock values fall over the past week, indicating that the impact of the shooting In the health industry it is palpable.
On Wednesday, the day of the shooting, United Healthcare shares opened at $610.79. Exactly one week later, it is at $537.82, a drop of almost 13 percent.
Cigna and CVS Health Corp, some of the country's largest private health insurers, saw declines of 12 percent and 11 percent, respectively.
Centene suffered a 5 percent drop, while Humana saw a 3 percent drop.
That appears to be a response to “renewed rhetoric” around insurance companies, Jared Holz, healthcare equity strategist at Mizuho Financial Group, told CNBC.
“I think the response investors have had is, 'Do we want to own this category of stocks if there's going to be this renewed negative focus on the industry?'” Holz said.
Mangione, who faces gun charges in Pennsylvania and a murder charge in New York, allegedly wrote a “manifesto” that apparently refers to murder and condemns insurance companies for putting profits before people.
“What do you do? You go crazy with the CEO at the annual convention of parasitic bean counters. It's specific, precise and doesn't put innocent people at risk,” reads a passage in the note, police reported.
Mangione allegedly waited outside a midtown Manhattan hotel where Thompson was staying to attend a conference before the attack.
Mangione fled, leading police on a multi-day manhunt, according to investigators.
But as law enforcement officials attempted to piece together the tragic shooting, people online often supported Mangione for seeking retaliation against insurance companies for unfair practices. A small movement inspired people to share their negative experiences about health insurance companies denying coverage to sick or injured children, adults, or seniors.
Stock values are now paying the price.
“The anti-insurer sentiment expressed by the public after this event suggests that UnitedHealth and perhaps the industry need to adjust the way they handle coverage decisions,” said Morningstar analyst Julie Utterback.<a target="_blank" rel="nofollow" target="_blank" href="https://www.forbes.com/sites/dereksaul/2024/12/06/health-insurance-stocks-led-by-unitedhealth-suffer-steep-drops-following-brian-thompsons-killing/”> said Forbes.
“Otherwise, they could face public wrath, which will hopefully come in a more civil form (such as increased regulation) than what occurred this week.”
