These are the 10 largest catastrophe insurance companies in the United States
Aon’s Global Disaster Report for the first six months of 2021 found that the country accounts for nearly half, or $46 billion, of the $93 billion in economic losses from natural disasters. While the global figure is about a third below the 10-year average of $136 billion, US losses were 54% higher than the average for the first half of the 21st century.
Read more: A look at America’s exposure to natural disasters
The polar vortex that covered the northern part of the country last February caused the greatest economic loss in the world with 23 billion dollars.
In terms of insured losses, the United States accounted for $30 billion of the $42 billion — a figure “significantly above average,” according to the report. Aon also noted that the totals are preliminary as the numbers may change as “losses continue to build.”
Read more: Extreme weather events cause disaster insurance losses
Top 10 Catastrophe Insurance Companies
To uncover the nation’s top catastrophe insurers, Insurance Business gathered information from database company Zoominfo. The rankings are based on insurers’ annual revenue for 2020. Here are the companies that came out on top:
1. Selective Insurance
Annual revenue: $2.9 billion
The Branchville, NJ-headquartered insurer ranks 761st in Fortune magazine’s list of America’s largest companies in 2021. It primarily serves as a holding company for some of the largest insurance providers. P&C and alternative risk management services in the country. Selective Insurance offers products and services in 27 states and the District of Columbia through its network of independent agents. Last year, direct premiums written by the company amounted to $3.2 billion. It is ranked 38th in AM Best’s list of the largest property and casualty insurers in the United States and fourth in the National Flood Insurance Program (NFIP) list of the nation’s largest “write-it-yourself” insurance companies.
Read more: Selective Insurance offers virtual internships
2. Disaster Pilot Services
Annual turnover: 1 billion dollars
Pilot is an independent insurance company based in Mobile, Alabama. It also has offices in Dallas, Texas and Hudson, Ohio. The company handles claims resulting from catastrophic events and has been directly involved in every major disaster the country has faced since its inception in 1983. Pilot’s services include property and motor claims management, claims flooding, coastal and inland marine casualties, general and motor liability claims, non-catastrophe claims handling and internal claims operations.
3. Amcat Fitting Services
Annual revenue: $784.7 million
Amcat, based in Coppell, Texas, provides property adjustment services to insurance companies and their policyholders nationwide. The company also operates a Certified Adjusters Education and Training Center for new and experienced adjusters, providing entry-level, advanced, and continuing professional education for handling property and casualty claims.
4. PURE Insurance
Annual revenue: $747.7 million
PURE Insurance is a member-owned P&C insurer that caters exclusively to affluent families. It offers coverage for high-value homes and automobiles, personal watercraft, jewelry, art, fraud and cyber defense, flood, and excess liability. Direct premiums written by the company reached $1.3 billion in 2020. It is based in White Plains, New York.
Read more: PURE Insurance named best underwriter
5. Arrowhead General Insurance Agency
Annual revenue: $747.6 million
Based in San Diego, Calif., Arrowhead describes itself as a “national program administrator” and general management agency. The company provides property and casualty insurance products and administrative services to insurers, independent agents and brokers through its 11,000 branches nationwide. Arrowhead’s portfolio includes more than 30 products, including homeowners, earthquakes, automotive, business owners, and workers’ compensation policies, as well as targeted products such as those designed for the automotive aftermarket, logging and forestry, independent booksellers, manufactured home dealerships and communities. , security alarm installers and railway contractors. She underwrote more than $1.2 billion in premiums.
Read more: QBE and Arrowhead work together to insure small businesses
6. RYZE Complaint Solutions
Annual revenue: $493.5 million
RYZE is a privately held claims services company headquartered in Noblesville, Indiana and Tampa, Florida. It offers property and casualty claims services, including flood and catastrophe. The company also provides administration, alternative dispute resolution, audit, re-inspection and valuation services.
7. EA Renfroe
Annual revenue: $347.5 million
EA Renfroe, headquartered in Birmingham, Alabama, is one of the nation’s leading catastrophe loss specialists. It provides a range of disaster assistance services to insurance companies, self-insured companies and government agencies nationwide. Since its inception in 1994, the company has been involved in claims management related to man-made disasters, including oil spills, explosions and product liability, and natural disasters such as storms hail, forest fires, hurricanes, earthquakes and tornadoes, both in the United States and Canada.
Annual revenue: $189.9 million
ICAT provides property insurance protection to homeowners and businesses in hurricane and earthquake prone regions across the country. The company serves more than 65,000 customers in 42 states through its online quote system and traditional broker quotes. ICAT underwrites on behalf of a diverse range of strong carrier partners and Lloyd’s of London syndicates. Claims administration services are provided by its sister company Boulder Claims. ICAT is based in Broomfield, Colorado, with offices in Tampa, Florida and Honolulu, Hawaii.
Read more: ICAT on lessons learned after hard years of CAT
9. Pacesetter Complaint Services
Annual revenue: $185.8 million
Pacesetter has been providing catastrophic and everyday real estate claims resolution services since its inception in 1997. These include flood and appraisal services, third party administration (TPA), dispute resolution, land adjustment office and expert training. Pacesetter is headquartered in Tulsa, Oklahoma, with offices in Jacksonville, Florida and Pasadena, California.
10. California Earthquake Authority
Annual revenue: $156.1 million
California Earthquake Authority (CEA) is a publicly operated, privately funded, nonprofit organization that provides residential earthquake insurance to homeowners and renters across the state. The Sacramento-based insurer has a claims-paying capacity of more than $19 billion and is the nation’s largest residential earthquake insurance provider. It currently accounts for two-thirds of all residential earthquake policies sold in California. In 2020, CEA’s direct written premiums amounted to $845.1 million.
Read more: Californians more prepared than ever for earthquake: CEA