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Insurance Companies in USA: List of the Companies and their Coverage Terms

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There are several insurance companies in USA or available in most countries, the works of an insurance companies cannot be over emphasized and either way every individual need to be engaged in one insurance or the other. There are a number of ways to rank the size of insurance companies. Companies can be measured by their market capitalization (the value of the company on a stock exchange) or by using sales figures, such as net premiums written in a year. These are companies with a strong national or regional presence having insurance as their primary business which helps them meet their goals.

insurance companies in USA

Based on records and facts towards insurance development and history, In 1752, Benjamin Franklin founded the first American insurance company as Philadelphia Contributionship.

In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail.

However, between the year of 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire.

Who Are the Largest Investors in Insurance Companies?

The largest investors in insurance companies are generally other institutions. For example, UnitedHealth Group (UNH) has 4,124 institutional owners, who hold more than one billion shares.

Are the Large Insurance Companies Good Investments? (Insurance Companies in USA)

Investing in insurance companies can be a safe option for some investors. Insurance companies are founded to deal with risk, which can ultimately reduce the risks associated with investing in them. Health insurance, subject to rapid changes, has the potential for significant growth compared to other types of insurance companies.

What Are the Largest Homeowners Insurance Companies in the U.S.?

There are many insurance companies on USA but five largest homeowners insurance companies in the U.S. are State Farm, Allstate, USAA, Liberty Mutual, and Farmers. Together, these companies hold more than 45% of the homeowners’ insurance market share.

The USA Insurance Companies and the Premium strategy

The insurance industry in America is easily one of the biggest having known that US is one of the only developed countries in the world.

It is a country that is full of development and where healthcare is for-profit and which lacks a universal public healthcare system.

In 2019, the total premiums by insurance companies in the United States, was worth $1.32 trillion, with at least 48% of the total being accounted for by the property/casual insurers. This is a good result if you should ask me.

Considering P/C cost, it basically refers to automobile insurance, homeowners, as well as commercial insurance, as opposed to the life/annuity sector.

This consists of health insurance, life insurance, accidents and of course annuities, which accounted for 52% of the total premiums underwritten.

All these premiums have been underwritten by the nearly 6,000 companies engaged in the insurance industry, which also provide employment to nearly 3.0 million people.
Finally on that note, 1.7 million directly work for the companies and around 1.2 million are engaged in different aspects of the industry such as agencies, brokers and other insurance-related enterprises.

Most Insurance Companies in USA (Insurance Companies in USA)

         Amica Mutual Insurance

 

Kansas City Life Insurance Company

 

        Lemonade (insurance)

 

AXA Equitable Life Insurance Company

 

         Safeway Insurance Group

 

      Lincoln National Corporation

 

Metromile

 

       State Farm Insurance

 

Modern Woodmen of America

 

       Sun Life Financial

 

          The Hartford

 

        K&K Insurance

 

          Auto-Owners Insurance

 

       Safeway Insurance Group

 

Prudential Financial

 

       Hagerty Insurance Agency

 

        Primerica

 

        Hagerty Insurance Agency

 

        The Regence Group

 

        Kentucky Farm Bureau

 

        Zurich Insurance Group

 

        Penn Mutual

 

         GEICO

 

         Federated Mutual Insurance Company

 

          USAA

 

         New York Life Insurance Company

 

         Western & Southern Financial Group

 

          Commerce Insurance Group

 

         Citizens Property Insurance Corporation           Mercury Insurance Group

 

         Allstate

 

         Plymouth Rock

 

         American Automobile Association Philadelphia Insurance Companies

 

        Horace Mann Educators Corporation

 

          Safeway Insurance Group

 

         Titan Insurance Company

 

           Berkshire Hathaway
         National Flood Insurance Program

 

           Tricare

 

 

Erie Insurance Group

 

           White Mountains Insurance Group

 

           CNA Financial           Knights of Columbus

 

          Society Insurance

 

          Southern Aid and Insurance Company

 

         GMAC Insurance

 

          Ameritas Life Insurance Company
         Ameriprise Auto & Home Insurance

 

         Grange Mutual Casualty Company

 

         Sun Life Financial

 

         Oxford Health Plans

 

         Evergreen USA RRG

 

         Philadelphia Contributionship for the Insurance of Houses from Loss by Fire

 

          Allianz Life          Country-Wide Insurance Company

 

Insurance Companies by Market Capitalization (Insurance Companies in USA)

Market capitalization, or market cap, is the total value of a company’s stock, and it is calculated by multiplying the number of outstanding shares by the current share price.

Yes, It is a quick way of determining the value of a company in the eyes of investors. Companies with large market caps are generally established conservative investments.

They probably face steady growth and offer the least amount of risk. Mid-cap companies are also established but have high growth potential.

Lastly, small-cap companies are often new companies with high growth potential, investing in these companies poses the greatest risk. This is because they are more vulnerable to economic downturns than the more established large and mid-cap companies.

Company Name Market Capitalization
Berkshire Hathaway (U.S.) $636 billion
Ping An Insurance (China) $166 billion
AIA Group (Hong Kong) $154 billion
China Life Insurance (China) $114 billion
Allianz (Germany) $104 billion
Cigna (US) $81 billion
AXA (France) $62 billion
Humana (U.S.) $59 billion
Zurich Insurance (Switzerland) $59 billion
Munich (Germany) $39 billion

Largest Insurance Companies by Sales and Product Line (Insurance Companies in USA)

It is useful to differentiate between the type of insurance, or line, that is being considered when considering the largest insurance companies.

Based on sales data, it is helpful as some of the largest insurance companies in the United States are not publicly traded and therefore their market value is not easily ascertained.

Property & Casualty

Property and casualty insurers write policies covering property such as real estate, dwellings, cars, and other vehicles. They also write policies dealing with liabilities that may be incurred by accident or negligence related to those properties to prevent the cost of lawsuits or medical damages resulting from such incidents.

The top U.S. property and casualty companies in 2021 by net premiums or amount of money that non-life policies can expect to receive over the life of the contract…

Company  Net Premiums Written
State Farm Group $66.2 billion
Berkshire Hathaway (BRK.A) $46.4 billion
Progressive Insurance Group (PGR) $41.7 billion
Allstate Insurance Group (ALL) $39.2 billion
Liberty Mutual $36.2 billion
Travelers Group (TRV) $28.8 billion
USAA Group $24.6 billion
Chubb (CB) $24.2 billion
Farmers Insurance Group $20.1 billion
Nationwide $18.5 billion

In Summary

Insurance companies are key factors of the American economy, hedging risks and covering the costs of accidents.

The top American insurance companies are important parts of the financial sector and they play a major role in the economy through management of risks.

US insurance companies are involved in life and health insurance, property and casualty insurance, business and commercial insurance.

However, they are engaged in fierce competition against each other for market share in the US and abroad.

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