Delayed Surgeries and Checkups Help Keep Insurers in Good Health

Covid-19 has thrown the health-care industry into turmoil, but one thing looks certain: Insurers will make money this year.

None of the five major health insurers that reported quarterly earnings in the past two weeks told investors to expect lower profits in 2020. That’s in large measure because of a staggering dropoff in claims tied to social-distancing measures put in place to arrest the pandemic. How long that trend will persist, however, is far from clear.

Patients who don’t need emergency care have postponed or skipped doctor visits, cancer screenings and surgeries. Under orders from states, hospitals and surgery centers ...