This white paper reviews the emerging 2025 individual market risk pool and how relative risk compares with 2024 and historical years. Results indicate an overall increase in normalized relative risk in 2025 from 2024. This pattern is observed both in the initial analysis using data from January to April and in the latest update incorporating data from January to July 2025. Although the early-year data comparison may have been influenced by potential noise—both due to limited data and anomalous effects in 2024—the recent data from January to July 2025 consistently show significant and comparable increases in relative risk this year versus 2024.
