Best largest insurance companies will be described in this article. Even though no one ever wants to plan for the worst, it’s always best to be ready in case it does. Having insurance lessens the effects of a calamity, whether it be a broken bone, flooded cellar, or wrecked car.
People can be protected by insurance in many different areas of their lives. Several prevalent forms of insurance include:
- Health insurance
- Insurance for the dead
- Vehicle insurance
- Housing insurance
- Animal insurance
- Umbrella or liability insurance
- Homeowners’ insurance
- Travel insurance
An insurance company’s main goal is to give its clients peace of mind. They are aware that their insurance plan would take care of them if something were to go wrong in their lives.
This level of corporate and personal security is provided by insurance companies, which presents a significant opportunity for financial growth for the sector.
Top 15 Largest Insurance Companies In USA
TOP 15 LARGEST INSURANCE COMPANIES IN THE UNITED STATES are explained here.
1 . Berkshire Hathaway Inc
Founded in 1839
Annual Sales in 2019: $254.616 billion
Growth Rate for 2019: +2.74%
Although most people aren’t familiar with the name Berkshire Hathaway Inc., they are with the brands it owns. Among Berkshire Hathaway Inc.’s well-known brands are: This is another largest insurance companies. Also check logistics companies in Australia
In addition to these well-known businesses, Berkshire Hathaway also owns a sizable percentage of shares in companies including American Express and Kraft Heinz Company. They have, to put it mildly, a varied portfolio.
Warren Buffet, a well-known and successful investor, is the company’s CEO. The largest insurance provider in the United States is regarded as Berkshire Hathaway Inc. because it owns and manages GEICO, one of the most successful insurance companies on the market.
2. Anthem Inch
Founded in 2004
Annual Sales in 2019: $104.213 billion
Growth Rate for 2019: +13.15
Compared to the other insurance companies on this list, Anthem Inc.’s history is significantly shorter. It was created only 17 years ago as a result of the merging of the health networks Wellpoint and Anthem.
They have grown to be the largest for-profit managed healthcare organisation within the Blue Cross Shield Association during that time.
In the US, Anthem Inc. currently provides care for an estimated 40 million people. Being placed 29th on the Fortune 500 list comes with having such an extensive network.
3. State Farm
founded in 1922
Annual Revenue for 2019: $79.4 billion
Growth Rate in 2019: -2.8%
The State Farm Group operates in a number of insurance-related industries. Their areas of expertise include
Insurance for property and casualties
Health and life insurance
A mutual fund
The amazing distinction of being the top vehicle insurance in the US for 79 years belongs to State Farm Group. Additionally, for more than 50 years, they have been the top provider of homeowner’s insurance. Nearly 60,000 people are currently employed by the organisation in a variety of roles.
One of the biggest insurance providers in the country, State Farm Group is distinguished by its accomplishments, workforce, and annual income.
founded in 1868
Annual Revenue for 2019: $69.62 billion
Growth Rate for 2019: +2.47%
Beyond the boundaries of the United States, MetLife offers insurance services in a total of 60 nations throughout the world. With 90 million members worldwide, they rank among the world’s top providers of employee benefits, annuities, and health insurance. This is another largest insurance companies.
The MetLife name is associated with numerous companies. Among them are:
Citywide Property and Casualty Insurance Company
For their clients, MetLife offers a wide range of services, including:
Life, property, and auto insurance
Critical illness insurance
MetLife is the fourth-largest insurance provider thanks to its global reach and wide range of services.
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5. Prudential Financial
founded in 1875
Revenue for the year 2019: $64.807 billion
Growth Rate for 2019: +2.88%
Prudential Financial, in contrast to some of the other big insurance companies, prioritises serving institutional as well as retail clients. The company’s primary services are investment management and insurance.
Despite having a sizable customer base in the US, Prudential Financial also offers services in 40 other nations.
Prudential Financial is the largest insurance firm in the US based only on assets, with a total asset value of $1.456 trillion. Additionally, for well over 10 years, the business has been ranked among the “Best Companies for Working Mothers.”
6. American International Group
founded in 1919
Annual Revenue for 2019: $49.75 billion
Growth Rate for 2019: +4.55%
The American International Group, also known as AIG, has a broad range of clients. The insurance business employs roughly 50,000 people in the United States and has business in 130 different nations. For full- and part-time overseas employees, double that figure by two. Also check Robotic process automation companies
AIG collaborates with a few insurance districts. These consist of:
Living and retiring
The American International Group was ranked as the 87th largest public business in the world by Forbes in 2016. AIG, which has completed numerous acquisitions over the last two years and is experiencing rapid expansion, is anticipated to move up these ranks soon.
7. Nationwide Mutual Insurance
Founded in 1926
Annual Revenue for 2019: $49.3 billion
Growth Rate for 2019: +4.9%
The Nationwide Mutual Insurance Company family includes a sizable number of companies. With similar names, the main brand includes well over 50 subsidiaries.
About 34,000 people are hard at work for the multitude of companies that are connected to Nationwide Mutual Insurance Company.
Nationwide portrays the goal of their business as being straightforward: to offer their clients the greatest insurance products and services. Because of the integrity of their business and their regard for their customers, they demonstrate why they are among the top insurance companies. This is another largest insurance companies.
According to Forbes’ list of the “Top 100 Best Companies to Work For,” Nationwide is placed #91, maybe as a result of this feeling of mutual respect.
founded in 1931
Annual Sales in 2019: $44.675 billion
Growth Rate for 2019: +12.21%
Most people are familiar with the popular Allstate slogan that poses the query, “Are you in good hands?
Because it gives their clients a sense of security and comfort, they are today the largest publicly traded personal lines insurer in the United States. It can be calculated that this statement provides insurance to about 16 million families.
Allstate offers a range of insurance plans, including:
Owning a small business
Allstate provides retirement, wealth management, and business succession planning in addition to insurance services.
According to revenue, Allstate was ranked 79th on the Fortune 500 in 2019.
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9. New York Life Insurance Company
founded in 1845
Revenue for the year 2019: $44.117 billion
Growth Rate for 2019: +19.9%
More than only its insurance offerings, New York Life Insurance Group is well known. Asset management also accounts for a significant amount of their revenue. Currently, the organisation is in charge of handling more than half a trillion dollars, and 23,000 licenced financial professionals are doing so.
The largest mutual life insurance firm in the United States as of 2019 is New York Life Insurance Group. A mutual life insurance firm is one that is entirely owned by the clients it serves. Instead of benefiting investors, it’s intended to create an environment that benefits insurance owners.
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Founded in 1937
Revenue for the year 2019: $39.022 billion
Growth Rate for 2019: +22.02%
The Progressive Corporation, one of the largest American auto insurance providers, gained notoriety when it was the first business to offer 24/7 claims reporting.
Additionally, it was the first auto insurance provider to let customers purchase their plans online. Currently, Progressive upholds 13 million policies.
Progressive offers insurance for a variety of scenarios, including:
Progressive has received a long list of honours over the years. The business was most recently ranked #49 on Forbes 2020’s list of “The Best Companies to Work For.” This is another largest insurance companies.
One of the largest insurance companies in the US today is Progressive Corporation thanks to their ground-breaking approach to the market in the early 2000s.
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11. Liberty Mutual Insurance
founded in 1912
Annual Sales in 2019: $39.814 billion
Growth Rate for 2019: 1.8%
The Liberty Mutual Group has a reputation for taking a diverse approach to the insurance industry. In terms of the insurance policies they offer, such as personal car, workers’ compensation, and general liability, their interests are diverse. Also check software development companies
However, their general business acumen extends beyond the goods and services they provide.
Their international reach is another aspect of their diversification. Liberty Mutual Group presently owns 900 insurance stores in 18 nations, in addition to their facilities in the United States, including:
The country of the UK
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12. United Services Automobile Association
founded in 1922
Annual Revenue for 2019: $36 billion
Growth Rate for 2019: +13.1%
The United Services Automobile Association’s (USAA) founding narrative does a fantastic job of illuminating the company’s core beliefs.
About a century ago, 25 American Army officers formed the company. They banded together to seek mutual self-insurance since they shared the issue of being viewed as a high-risk group by the majority of insurance companies.
A company that would later offer insurance to millions of Americans who served in the US Armed Forces and their families was founded from this founding group. The insurance company currently serves 13 million customers. This is another largest insurance companies.
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13. The Travelers Companies
founded in 1853
Annual Sales for 2019: $31.518 billion
Growth Rate for 2019: +4.29%
The Travelers Companies Inc., frequently just referred to as “Travelers,” is the second-largest provider of commercial property-casualty insurance in the US.
The Dow Jones Industrial Average has included it for 12 years. There are places for travellers in every U.S. state as well as other locations abroad, such as:
The country of the UK
For the past 20 years, The Travelers Companies Inc. has earned a spot on the Fortune 500 and World’s Most Admired Companies lists. With almost $30 billion in annual revenue in 2019, it doesn’t seem like that will change very soon. This is another largest insurance companies.
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14. The Hartford
founded in 1810
Annual Revenue for 2019: $20.74 billion
Growth Rate for 2019: +9.42%
This is another largest insurance companies. The Hartford Financial Services Group manages investments and insurance for both individuals and corporations and bears the name of the city where it was formed. The company’s activities in these two industries each provide an equal share of the company’s annual revenue.
The Hartford Financial Services Group is currently the thirteenth-largest property and liability insurance provider in the country.
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15. Farmers Insurance Group
Founded in 1928
Annual Revenue for 2019: $11.65 billion
Farmers Insurance Group is not a business that just offers protection services to farmers, despite what the name might imply. They are a typical insurance provider that offers protection for homes, autos, and small businesses. This is another largest insurance companies.
Currently, the corporation employs 21,000 full-time workers and roughly 48,000 independent agents.
Multiple entities operate as part of Farmers Insurance Group. These consist of:
Group Foremost Insurance
Group Insurance Bristol West
Company of Farmers New World Life Insurance
Agricultural Financial Solutions, LLC
Additionally, Farmers Insurance Group takes part in a few sponsorships, most notably those with NASCAR and the Open PGA competition.