Top 15 Insurance Companies in the United States

In this article, we will take a look at the Top 15 Insurance Companies in the United States. To skip our detailed analysis, you can go directly to the Top 5 insurance companies in the United States.

The United States is by far the largest insurance market in the world in terms of premium volume, accounting for approximately 40% of total global premiums written. The history of the insurance industry in the country is vast and rich. Benjamin Frankling himself also formed a mutual insurance company known as the Philadelphia Contributorship in 1752 and is in fact the oldest continuously operating insurance company in the country. There are three types of insurance industries operating in the United States: property and casualty insurance, life insurance/annuities, and private health insurance. Property/casualty insurance deals with insurance relating to home, business and automobile insurance. Meanwhile, life/annuity deals with life insurance in addition to annuity products. However, we would first like to discuss health insurance in the United States.

The largest insurance companies in the world

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Private health insurance in the United States is extremely attractive; it is the only developed country in the world without social health care, where private insurance comes into play. In the United States, health care is often tied to employment, with employers providing insurance sickness to their employees rather than to the government. Instead of being a basic right, health coverage is a privilege or an incentive in the country. Although there have been attempts to nationalize health care in the country, they have not been successful at all. If you are uninsured in the United States, only luck can help you in most cases. Hospitals often overcharge people significantly, and even normal prices in the United States for procedures, medications, surgeries, and hospital charges are much higher than in most other countries. Hospitals overcharge and then negotiate with insurers who can force hospitals to reduce their bills. On the other hand, the average uninsured person has neither the time nor the means to challenge hospitals and is forced to 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 them are also on our list of the best insurance companies in the United States.

The P&C segment of the insurance industry accounts for approximately 53% of total premiums written, while life/annuity insurance accounts for 47%. Health insurance is integrated into these two sectors and is not measured separately. Net premiums in 2021 were $1.4 trillion according to the Insurance Information Institute while providing employment for more than 2.8 million people, according to the Department of Labor. However, the outlook for the insurance industry is not so rosy as the world appears to be heading imminently into recession as inflation hits record highs in many countries in 2022. This leads to the challenge of generating profits from underwriting exists in such a current economic situation and the requirement of major insurance companies in the United States to adapt the latest technologies and revise their systems to improve efficiency and reduce costs as far as possible.

There are 74 insurance companies included in the Fortune 500 2022 list. This shows the importance of the industry for largest economy in the world, recording $1.84 trillion in revenue in 2021 with profits of around $125 billion. The assets held by these giants are worth around $9.6 trillion and employ around 1.5 million people. To determine our ranking of the best insurance companies in the United States, we considered each company’s revenue, profit, assets, and number of employees. We assigned a 30% weighting to the first two criteria and a 20% weighting to the next two. Using multiple criteria allows us to get more accurate rankings rather than just ranking a business based on revenue alone. We also excluded Berkshire Hathaway from our calculation because although it is involved in insurance, it is primarily a financial services and investment company. So, without further ado, let’s take a look at the giants of the insurance industry, starting with number 15:

15. National insurance mutual

Total company revenue (in millions): 47,376

Total company profits (in millions): 1,617

Total assets of the company (in millions): 278,412

Total number of company employees: 24,134

Nationwide Mutual Insurance Company includes several insurance and financial services companies and is headquartered in several major cities across the United States.

14. Centene Corporation (NYSE:CNC)

Total company revenue (in millions): 125,982

Total company profits (in millions): 1,347

Total company assets (in millions): 78,375

Total number of company employees: 72,500

Centene Corporation (NYSE: CNC) acts as an intermediary between privately provided health care programs and government-sponsored health care programs. Centene Corporation (NYSE: CNC) is involved in several industries, including Tricare, Medicare, the ACA health insurance market and correctional health care. The Centene Corporation (NYSE:CNC) CEO was the highest-paid healthcare executive in 2021, earning nearly $25 million.

13. Allstate Corporation (NYSE:EVERYTHING)

Total company revenue (in millions): 53,228

Total company profits (in millions): 1,599

Total company assets (millions): 99,440

Total number of company employees: 54,500

Allstate Corporation (NYSE: ALL) is an American insurance company and one of the leading insurance companies in the United States. The Allstate Corporation (NYSE:ALL) offers different types of insurance, including renters, motorcycle, life, auto, and home, among others.

12. The Travelers Companies, Inc. (NYSE:TRV)

Total company revenue (in millions): 34,816

Total company profits (in millions): 3,662

Total assets of the company (in millions): 120,466

Total number of company employees: 30,492

The Travelers Companies, Inc. (NYSE: TRV) is the second largest commercial property insurer in the United States. The Travelers Companies, Inc. (NYSE: TRV) is also a top 10 provider of personal insurance through independent agents. The Travelers Companies, Inc. (NYSE: TRV) has offices in every US state as well as several countries, including Singapore, Brazil, China, Ireland, Canada and the United Kingdom.

11. The Progressive Society (NYSE:RPG)

Total company revenue (in millions): 47,702

Total company profits (in millions): 3,351

Total assets of the company (in millions): 71,132

Total number of company employees: 49,077

The Progressive Corporation (NYSE:PGR) is the nation’s largest auto insurer in addition to being among the largest insurers. The Progressive Corporation (NYSE:PGR) provides insurance for various types of vehicles, including cars, boats, trailers, recreational vehicles and motorcycles.

10. State farm insurance

Total company revenue (in millions): 82,225

Total company profits (in millions): 1,281

Total assets of the company (in millions): 325,349

Total number of company employees: 53,586

State Farm Insurance is made up of several mutual insurance companies and was founded just over a century ago.

9. Humana Inc. (NYSE:HUM)

Total company revenue (in millions): 83,064

Total company profits (in millions): 2,933

Total company assets (in millions): 44,358

Total number of company employees: 95,500

Humana Inc. (NYSE: HUM) is headquartered in Kentucky and is one of the leading insurance companies in the United States. Humana Inc. (NYSE:HUM) filed a lawsuit in 2019 against 37 defendants, alleging they blatantly fixed the price of generic drugs. Humana Inc. (NYSE: HUM) is one of the top 100 US government contractors.

8. United States of America

Total company revenue (in millions): 37,470

Total company profits (in millions): 3,300

Total company assets (in millions): 210,677

Total number of company employees: 37,335

USAA refers to United Services Automobile Association, an organization that includes reciprocal insurance exchanges and currently has at least 13 million members. The company was founded by 25 US Army officers.

7. Freedom Mutual Insurance Group

Total company revenue (in millions): 48,200

Total company profits (in millions): 3,068

Total assets of the company (in millions): 156,043

Total number of company employees: 45,000

One of the largest property and casualty insurers in the United States, Liberty Mutual Insurance Group offers various types of products, including auto insurance, workers’ compensation, home insurance, fire insurance and surety bond, among others.

6. TIAA

Total company revenue (in millions): 40,526

Total company profits (in millions): 4,061

Total assets of the company (in millions): 698,191

Total number of company employees: 15,065

The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund provides insurance in addition to financial services in various areas. It has more than 5 million members and serves approximately 15,000 institutions.

Click to continue reading and see the Top 5 insurance companies in the United States.

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Disclosure: none. Top 15 Insurance Companies in the United States is originally published on Insider Monkey.

Kristan F. Talley