Top 15 Insurance Companies in USA
In this article, we will look at the top 15 insurance companies in the US. To skip our detailed analysis, you can go directly to the top 5 insurance companies in the US.
The United States is by far the world’s largest insurance market in terms of premium volume, accounting for around 40% of all insurance premiums written globally. The history of the insurance industry in the country is vast and rich, as Benjamin Frankling himself also formed a mutual insurance company known as the Philadelphia Joint Stock Company in 1752 and is, in fact, the oldest insurance company still in existence. operates in the country. There are three types of insurance segments operating in the United States: property/casualty insurance, life/annuity insurance, and private health insurance. Property/casualty insurance deals with insurance related to the home, business insurance, and auto insurance. Meanwhile, Life Insurance/Annuity deals with life insurance and annuity products. However, first we would like to talk about health insurance in the United States.
The largest insurance companies in the world.
The largest insurance companies in the world.
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Private health insurance in the United States is very interesting; It is the only developed country in the world that does not have social health care, which is where private insurance comes in. In the United States, health care is often tied to employment with employers who offer health insurance to their employees rather than the government. More than a basic right, health coverage is a privilege or incentive in the country. While there have been attempts to nationalize healthcare in the country, they have been completely unsuccessful. If you are not insured in the United States, in most cases only luck will help you. Hospitals often overcharge people even for normal prices. For procedures, medications, and surgeries, hospital fees are much higher than in most other countries. The hospitals overcharge so that they can then negotiate with the insurance companies that can get the hospitals to lower their bills. On the other hand, the average uninsured person has neither the time nor the money to deal with hospitals, and must pay incredibly expensive bills that can cripple their financial situation. Of course, there are many companies that make billions of dollars off the health of the average person, and many of these companies make our list of the best insurance companies in the United States. Beside.
The property/casualty segment of the insurance industry accounts for approximately 53% of total written premiums, while life/annuity insurance accounts for 47%. Health insurance is combined into these two segments and is not measured separately. Net insurance premiums in 2021 were $1.4 trillion according to the Insurance Information Institute with more than 2.8 million people providing employment, according to the Department of Labor. However, the outlook for the insurance industry is not rosy as the world appears imminently headed for recession, while inflation is reaching record levels in many countries in 2022. the requirements of major insurance companies in the United States that need to adapt the latest technology and overhaul their systems to improve efficiency and reduce costs wherever possible.
There are 74 insurance companies listed on the Fortune 500 2022 list. This indicates the importance of the industry to the world’s largest economy, having posted revenue of $1.84 trillion in 2021 with profits of around $125 billion. The assets held by these giants amount to about $9.6 trillion, providing jobs for about 1.5 million people. To determine our ranking of the best insurance companies in the US, we take into account each company’s revenue, profit, assets, and number of employees. We assign a weight of 30% to the first two criteria and 20% to the next two. Using multiple criteria allows us to generate more accurate rankings instead of just rating a business based on revenue alone. We also exclude Berkshire Hathaway from our calculations because it is involved in insurance, it is primarily an investment and financial services firm. So, without further ado, let’s take a look at the giants of the insurance industry, starting with number 15:
15. Nationwide Mutual Insurance Company
Total revenue of the company (in millions): 47,376
Total profits of the company (in millions): 1,617
Total assets of the company (in millions): 278,412
Total employees of the company: 24,134
Nationwide Mutual Insurance Company comprises of several insurance and financial services companies and has headquarters in several major cities in the U.S.
14. Centene Corporation (NYSE:CNC)
Total revenue of the company (in millions): 125,982
Total profits of the company (in millions): 1,347
Total assets of the company (in millions): 78,375
Total employees of the company: 72,500
Centene Corporation (NYSE:CNC) acts as an intermediary between privately insured healthcare programs and government sponsored healthcare programs. Centene Corporation (NYSE:CNC) is involved in multiple business segments including Tricare, Medicare, ACA health insurance marketplace and correctional healthcare. Centene Corporation’s (NYSE:CNC) CEO was the highest paid executive in the healthcare industry in 2021, earning close to $25 million.
13. The Allstate Corporation (NYSE:ALL)
Total revenue of the company (in millions): 53,228
Total profits of the company (in millions): 1,599
Total assets of the company (in millions): 99,440
Total employees of the company: 54,500
The Allstate Corporation (NYSE:ALL) is an American insurance company and among the top insurance companies in the USA. The Allstate Corporation (NYSE:ALL) provides various types of insurance including renters, motorcycle, life, auto and home among others.
12. The Travelers Companies, Inc. (NYSE:TRV)
Total revenue of the company (in millions): 34,816
Total profits of the company (in millions): 3,662
Total assets of the company (in millions): 120,466
Total employees of the company: 30,492
The Travelers Companies, Inc. (NYSE:TRV) is the second-biggest commercial property casualty insurer in the U.S. The Travelers Companies, Inc. (NYSE:TRV) is also among the top 10 personal insurance providers through independent agents. The Travelers Companies, Inc. (NYSE:TRV) has offices in every U.S. state in addition to several countries including Singapore, Brazil, China, Ireland, Canada and the United Kingdom.
11. The Progressive Corporation (NYSE:PGR)
Total revenue of the company (in millions): 47,702
Total profits of the company (in millions): 3,351
Total assets of the company (in millions): 71,132
Total employees of the company: 49,077
The Progressive Corporation (NYSE:PGR) is the biggest auto insurer in the country in addition to being among the largest insurance carriers. The Progressive Corporation (NYSE:PGR) provides insurance for various kinds of vehicles including cars, boats, trailers, RVs and motorcycles among others.
10. State Farm Insurance
Total revenue of the company (in millions): 82,225
Total profits of the company (in millions): 1,281
Total assets of the company (in millions): 325,349
Total employees of the company: 53,586
State Farm Insurance is comprised of several mutual insurance companies and was established just over a century ago.
9. Humana Inc. (NYSE:HUM)
Total revenue of the company (in millions): 83,064
Total profits of the company (in millions): 2,933
Total assets of the company (in millions): 44,358
Total employees of the company: 95,500
Humana Inc. (NYSE:HUM) is headquartered in Kentucky and is one of the top insurance companies in USA. Humana Inc. (NYSE:HUM) filed a lawsuit in 2019 against 37 defendants, alleging that they blatantly fixed the price of generic drugs. Humana Inc. (NYSE:HUM) is among the top 100 U.S. government contractors.
8. USAA
Total revenue of the company (in millions): 37,470
Total profits of the company (in millions): 3,300
Total assets of the company (in millions): 210,677
Total employees of the company: 37,335
USAA refers to the United Services Automobile Association, an organization which includes reciprocal inter-insurance exchange and currently has at least 13 million members. The company was founded by 25 U.S. Army officers.
7. Liberty Mutual Insurance Group
Total revenue of the company (in millions): 48,200
Total profits of the company (in millions): 3,068
Total assets of the company (in millions): 156,043
Total employees of the company: 45,000
One of the biggest property and casualty insurers in the USA, Liberty Mutual Insurance Group provides various kinds of products including automobile insurance, workers’ compensation, homeowner insurance, fire insurance and surety among various others.
6. TIAA
Total revenue of the company (in millions): 40,526
Total profits of the company (in millions): 4,061
Total assets of the company (in millions): 698,191
Total employees of the company: 15,065
The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund provides insurance in addition to finance services in various fields. It has more than 5 million members and serves around 15,000 institutions.
