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How much do health insurance companies spend on executive security? It might be less than you think.
- Health insurance companies appear to spend less on executive protection compared to high-profile CEOs like Mark Zuckerberg or Elon Musk.
- The death of UnitedHealthcare CEO, Brian Thompson, highlights that even executives who aren't as high-profile or famous as others may not always have bodyguards with them.
- The amount companies pay for executive security varies widely, with some CEOs known for having multimillion-dollar security packages while some have more modest protection services worth hundreds of thousands of dollars.
- Walmart CEO Doug McMillon and McDonald's CEO Chris Kempczinski, for example, appear to have individual security expenses of less than $25,000 for 2023, according to company filings.
- Typically, company-paid security costs are disclosed in annual corporate filings called proxy statements, and include a breakdown of the salary, benefits, bonuses, and other perks provided for top executives' total compensation packages.
- UnitedHealth Group appear to allocate less expense on executive protection as some of the Big Tech giants, and don't specify any personal security cost for CEO, Brian Thompson, in last year's filings.
- Other insurance companies, including CVS (owner of Aetna), Cigna, Humana, and Elevance (owner of Anthem), also do not specify personal security costs in their proxy statements, while Kaiser Permanente is a nonprofit and not subject to the same reporting requirements.
- Different executives may have their own personal preference for the level of security they require, which is very much driven on the executives' preference.
- Elon Musk, the world's wealthiest person, has spoken out about personal security concerns in recent years and has more than one bodyguard in his security team.
- Executives at health insurance companies, who may not be as recognizable as someone like Musk or Zuckerberg, may consider reviewing executive protection costs following Thompson's death.
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