In this article, we will be taking a look at the top 10 insurance companies in the United States.
By far, the largest insurance market in the world by premium volume is the United States, which accounts for around 40% of all premiums written globally.
Benjamin Franklin founded the Philadelphia Contributorship, the nation’s oldest still-operating insurance carrier, a mutual insurance firm, in 1752, adding to the long and rich history of the nation’s insurance industry.
The property and casualty, life and annuity, and private health insurance sectors all exist in the United States.
Home, business, and auto insurance are all covered under property/casualty insurance.
Life/annuity, on the other hand, deals with both annuity products and life insurance. However, we’d want to talk about American health insurance first.
Private health insurance in the United States is particularly intriguing; it is the only developed country in the world without social healthcare, hence private insurance is required.
Healthcare in the United States is frequently linked to employment, with firms providing health insurance to their employees rather than the government.
Health coverage is a privilege or incentive in the country rather than a basic right. While attempts to nationalise healthcare in the country have been made, none have proved successful.
In most circumstances, if you are not insured in the United States, you will have to rely on luck.
Hospitals frequently overbill patients, and even standard pricing in the United States for treatments, drugs, surgeries, and hospital charges are much more than in most other nations.
Hospitals overcharge in order to bargain with insurance, which can force the hospitals to cut their rates.
On the other hand, the average uninsured person has the time and resources to confront hospitals and is forced to pay exorbitant costs that might devastate their financial status.
Of course, there are many firms that make billions of dollars at the expense of the average person’s health, and many of these make our list of the top insurance companies in the United States as well.
About 53% of all premiums written in the insurance market are for property and casualty, while 47% are for life and annuities.
These two categories include healthcare insurance and are not measured separately.
According to the Insurance Information Institute, net premiums reached $1.4 trillion in 2021, and the Department of Labor estimates that over 2.8 million individuals were employed as a result.
The future for the insurance sector, however, is less optimistic given that several nations will experience record-high inflation in 2022 and that the world appears to be on the verge of entering a recession.
This is making it difficult to turn a profit from underwriting in such a circumstance, and the biggest insurance companies in the USA are being forced to restructure their systems and adopt the newest technology in order to increase productivity and reduce costs where they can.
The Fortune 500 2022 list includes 74 insurance companies. This demonstrates the significance of the sector to the largest economy in the world, with $1.84 trillion in revenue and $125 billion in profits in 2021.
Around 1.5 million people are employed by the $9.6 trillion in assets that these titans own. Revenue, profits, assets, and the total number of employees at each company were taken into account when determining our ranking of the best insurance companies in the USA.
Now let’s take a look at the top 10 insurance companies in USA for 2023.
Best Insurance Companies in USA
1. Nationwide Mutual Insurance Company
The Nationwide Mutual Insurance Company is made up of a number of insurance and financial services providers and has headquarters in a number of significant American cities.
- 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
2. Centene Corporation (NYSE:CNC)
Between commercially insured healthcare plans and government-sponsored healthcare programmes, Centene Corporation (NYSE:CNC) serves as a middleman.
Numerous industry sectors are represented by Centene Corporation (NYSE:CNC), including Tricare, Medicare, the ACA health insurance exchange, and correctional healthcare.
With a salary of about $25 million, Centene Corporation’s (NYSE:CNC) CEO was the highest-paid executive in the healthcare sector in 2021.
- 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
3. The Allstate Corporation (NYSE:ALL)
One of the top insurance companies in the United States is the Allstate Corporation (NYSE:ALL). The Allstate Corporation (NYSE:ALL) offers a variety of insurance policies, including those for renters, motorcycles, life, automobiles, and homes.
- 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
4. The Travelers Companies, Inc. (NYSE:TRV)
The second-largest commercial property and casualty insurer in the United States is The Travelers Companies, Inc. (NYSE:TRV).
One of the top 10 companies offering personal insurance through independent agents is The Travelers Companies, Inc. (NYSE:TRV).
The Travelers Companies, Inc. (NYSE:TRV) has offices not only in numerous foreign nations, such as Singapore, Brazil, China, Ireland, Canada, and the United Kingdom but also in every state in the United States.
- 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
5. The Progressive Corporation (NYSE:PGR)
Also read: How to Get Insurance for Car Rental Businesses
In addition to being one of the leading insurance providers, The Progressive Corporation (NYSE:PGR) is the largest auto insurer in the nation.
The Progressive Corporation (NYSE:PGR) offers insurance for many different types of vehicles, including motorcycles, RVs, boats, trailers, and cars.
- 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
6. State Farm Insurance
State Farm Insurance was founded just over a century ago and is made up of many mutual insurance firms.
- 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
7. Humana Inc. (NYSE:HUM)
One of the top insurance providers in the United States is Humana Inc. (NYSE:HUM), which has its headquarters in Kentucky. In 2019, Humana Inc. (NYSE:HUM) sued 37 defendants, claiming that they had flagrantly set the cost of generic medications.
One of the top 100 U.S. government contractors is 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
8. USAA
The United Services Automobile Association, or USAA, is a group with at least 13 million members that offers reciprocal inter-insurance exchange. 25 U.S. Army officers created the business.
- 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
9. Liberty Mutual Insurance Group
One of the largest property and casualty insurers in the USA, Liberty Mutual Insurance Group offers a range of products, including surety, homeowners insurance, auto insurance, workers’ compensation, and homeowners insurance.
- 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
10. TIAA
In addition to offering financial services across a range of industries, the Teachers Insurance and
Annuity Association of America-College Retirement Equities Fund also offers insurance. It provides services to about 15,000 institutions and has more than 5 million members.
- 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