UnitedHealth Group, one of the largest insurance companies in the United States met with tragic news when its company CEO Brian Thompson was fatally shot in New York on December 4.
Insurance Giant CEO Killed
The manhunt for the killer, who according to primary reports hailed from Atlanta, Georgia, continues to be ongoing. The authorities have claimed that they have identified the suspect, who was caught on CCTV cameras.
Amidst all this, the umbrage against insurance companies has come to the fore in the past few days. This indignance has percolated in the hidden and sometimes defiant espousal of the crime that was committed last week.
In addition, ever since the murder of Thompson, the shares of the company that are listed on the New York Stock Exchange have traded with deep cuts. In fact, the shares of the insurance company ended the trade week in deep red.
CEO Brian Thompson was fatally shot in New York on December 4. |
Company Shares Drown In Red
This could be seen as a sign of a shift in the perception of investors towards the company and the negative perception attached to the company. The said perception has been reinforced since the murder of its former CEO.
The level of mistrust the common Americans have in the US healthcare system, particularly the insurance realm is not hidden from anyone. And this incident has perhaps highlighted the same, in an undesirable fashion.
When we take a closer look at the company shares, in the past 5 trading sessions, or past week, the shares of the company, listed as UNH stumbled by a mammoth 10.63 per cent or USD 65.38.
On the last of trading in the previous week, the shares faired no better. On Friday, the company closed for the week with 5.07 per cent or USD 29.35 decline. This pushed the overall value of the company shares down to USD 549.62 per piece.
The company is major force in the US insurance market. In fact, the company has over 15 per cent of the market share. It followed by the likes of Ellevance Health, CVS and Cigna.
Whether this unfortunate incident will bring about a tectonic shift in the US healthcare is something seems unlikely. However, it has kicked started a conversation in the most outlandish manner imaginable.
