While people 15 big insurance companies never want to expect that the worst is going to happen, it’s always better to be well prepared if it does. Whether it’s a broken bone, flooded basement, or wrecked car, having insurance helps reduce the effects of a catastrophe.
- 15 big insurance companies in USA are important players in the global financial economy, although they may not be as flashy as investment banks or hedge funds.
- Insurance companies come in many sizes and specialize in different policy lines, from health to life to property & casualty.
- Market capitalization, or market cap, is the value of a company's outstanding shares.
- Some insurance companies are mutually owned, in which the policyholders are the owners.
- When ranking 15 big insurance companies in USA companies, it's important to categorize them according to their product line.
Insurance exists to protect people in multiple facets of life. Some common types of insurance include:
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Health insurance
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Life insurance
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Car insurance
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Home insurance
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Pet insurance
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Liability (or Umbrella) insurance
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Property insurance
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Travel insurance
The purpose of an insurance company is to provide their customers with peace of mind. They know that if anything in their lives were to go awry, their insurance package would take care of them.
15 Big Insurance Companies - Market Capitalization
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. It is a quick way of determining the value of a company in the eyes of investors.
Since insurance companies are responsible for this level of personal and business security, the industry comes with a huge potential for financial growth.
This is obvious to tell when looking at the top 15 largest insurance companies in the United States.
These insurance companies include:
15 big insurance companies
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Berkshire Hathaway Inc.
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Anthem, Inc.
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State Farm Group
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MetLife
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Prudential Financial
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American International Group
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Nationwide Mutual Insurance Company
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Allstate
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New York Life Insurance Group
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Progressive Corporation
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Liberty Mutual Group
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United Services Automobile Association (Group)
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The Travelers Company Inc.
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The Hartford Financial Services
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Farmers Insurance Group
15 Big Insurance Companies Ranked
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Berkshire Hathaway Inc. Headquarters: Omaha, Nebraska
Year Founded: 1839
2019 Annual Revenue: $254.616 billion
2019 Growth Rate: +2.74%
While the name Berkshire Hathaway Inc. isn’t familiar to most consumers, the brands it owns are. A few major brands owned by Berkshire Hathaway Inc. include:
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GEICO
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Duracell
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Dairy Queen
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Fruit of the Loom
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Helzberg Diamond
In addition to these well-known brands, Berkshire Hathaway also holds a significant portion of shares in companies like Kraft Heinz Company and American Express. They possess a diversified portfolio, to say the least.
The company is led by the famously profitable investor, Warren Buffet. Since Berkshire Hathaway Inc. owns and controls one of the most successful insurance providers in the market, GEICO, they’re considered the largest insurance company in the United States.
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Anthem, Inc. Headquarters: Indianapolis, Indiana
Year Founded: 2004
2019 Annual Revenue: $104.213 billion
2019 Growth Rate: +13.15%
The history of Anthem Inc. is a lot shorter than the other insurance companies on this list. It was formed only 17 years ago as a merger between the health networks Anthem and Wellpoint.
In that time, they’ve become the largest for-profit managed health care company under the Blue Cross Shield Association.
Anthem Inc. currently has an estimated 40 million individuals under their care in the United States. With this enormous network comes being ranked 29th on the Fortune 500 list.
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State Farm Group. Headquarters: Bloomington, Illinois
Year Founded: 1922
2019 Annual Revenue: $79.4 billion
2019 Growth Rate: -2.8%
State Farm Group conducts business in a variety of insurance areas. 15 big insurance companies Their specialties include:
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Property and casualty insurance
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Life and health insurance
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Annuities
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Mutual funds
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Banking products
State Farm Group holds the impressive record of being the #1 automotive insurer in the United States for 79 years. They’re also the #1 homeowner’s insurance provider for more than half a century. The company currently employs nearly 60,000 individuals for various positions.
Their achievements, employment numbers, and annual revenue make State Farm Group one of the largest insurance companies in the United States.
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MetLife. Headquarters: New York, New York
Year Founded: 1868
2019 Annual Revenue: $69.62 billion
2019 Growth Rate: +2.47%
The insurance services of MetLife extend past the borders of the United States, and into a total of 60 countries worldwide. They’re one of the global leaders in providing health insurance, annuities, and employee benefits, with a membership roster of 90 million customers globally 15 big insurance companies.
Several companies are affiliated with the MetLife title. Some of these are:
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MetLife Bank
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Metropolitan Property and Casualty Insurance Company
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MetLife Securities
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New England Financial
MetLife issues a variety of services for their customers, including:
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Auto, home, and life insurance
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Dental
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Disability
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Annuities
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Critical illness insurance
The international impact and broad scope of services that MetLife offers land them as the fourth-largest insurance company.
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Prudential Financial. Headquarters: Newark, New Jersey
Year Founded: 1875
2019 Annual Revenue: $64.807 billion
2019 Growth Rate: +2.88%
Unlike some of the other major insurance companies, Prudential Financial focuses on retail and institutional clients, in addition to catering towards individuals. The company mainly supplies 15 big insurance companies and investment management services.
While Prudential Financial does a lot of business in the United States, they also service 40 other countries.
The total assets of Prudential Financial equate to $1.456 trillion, making it the largest insurance company in the United States based on assets alone. The company has also been voted onto the list of “Best Companies for Working Mothers” for well over ten years.
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American International Group. Headquarters: New York, New York
Year Founded: 1919
2019 Annual Revenue: $49.75 billion
2019 Growth Rate: +4.55%
The American International Group, commonly referred to as AIG, casts a wide net of business. The insurance provider actively operates in 130 different countries and has nearly 50,000 employees in the United States. Double that number for international employees, both full and part-time.
There are a few insurance districts that AIG works with. These include:
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General insurance
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Life and retirement
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Asset management
In 2016, Forbes stated the American International 15 big insurance companies Group as the 87th largest public company in the world. AIG is expected to make progress in these rankings shortly because the company made many acquisitions over the past two years and is on a positive growth streak.
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Nationwide Mutual Insurance Company. Headquarters: Columbus, Ohio
Year Founded: 1926
2019 Annual Revenue: $49.3 billion
2019 Growth Rate: +4.9%
There are a huge number of companies that are associated with the Nationwide Mutual Insurance Company family. The parent brand encompasses well over 50 subsidiaries under similar titles.
Within the variety of organizations that are associated with Nationwide Mutual 15 big insurance companies, there are about 34,000 employees working diligently.
Nationwide promotes their company’s purpose as a simple one; providing the best 15 big insurance companies products and services to their customers. They illustrate themselves as one of the best insurance providers because of their corporation’s integrity and respect for their clients.
Perhaps due to this sentiment of reciprocated respect, Nationwide is ranked #91 according to the Forbes list of the “Top 100 Best Companies to Work For.”
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Allstate. Headquarters: Northbrook, Illinois
Year Founded: 1931
2019 Annual Revenue: $44.675 billion
2019 Growth Rate: +12.21%
Most people have come to recognize the catchy slogan associated with Allstate that begs the question, “are you in good hands?”
It’s a phrase that makes their customers feel secure and comforted, which may be why they’re currently the largest publicly held personal lines insurer in the United States. That statement breaks down into supplying insurance to around 16 million families.
Allstate provides a variety of insurance packages, such as:
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Auto
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Homeowner’s
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Renter’s
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Small business owner
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Motorcycle
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Boat
In addition to insurance services, Allstate also offers business succession planning, asset management, and retirement.
In 2019, Allstate was placed 79th on the Fortune 500 by revenue.
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New York Life Insurance Group. Headquarters: New York, New York
Year Founded: 1845
2019 Annual Revenue: $44.117 billion
2019 Growth Rate: +19.9%
New York Life Insurance Group is known for more than just its insurance provisions. A huge portion of their business is also in asset management. The company is managing more than half a trillion dollars at the moment, which is being controlled by 23,000 qualified financial specialists.
As of 2019, New York Life Insurance Group is the largest mutual life insurance company in the United States. A mutual life insurance company means that it’s owned completely by the policyholders it represents. It’s meant to provide an environment that benefits the policy owners, as opposed to investors.
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Progressive Corporation. Headquarters: Mayfield Village, Ohio
Year Founded: 1937
2019 Annual Revenue: $39.022 billion
2019 Growth Rate: +22.02%
One of the largest American auto insurance providers, Progressive Corporation’s name got out there when they became the first company to extend 24/7 claims reporting.
It was also the first car insurance company that allowed customers to purchase their plans online. Today, Progressive upholds approximately 13 million policies.
Progressive provides insurance for multiple situations, such as:
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Commercial vehicles
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Boats
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Motorcycles
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RV’s
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Homes
Progressive has won a litany of awards throughout the years. Most recently, the company was recognized as #49 on Forbes 2020 list of “The Best Companies to Work For”.
Their innovative approach to the industry in the early 2000s has solidified Progressive Corporation’s place as one of the largest insurance providers in the United States.
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Liberty Mutual Group. Headquarters: Boston Massachusetts
Year Founded: 1912
2019 Annual Revenue: $39.814 billion
2019 Growth Rate: +1.8%
Liberty Mutual Group is known for its diversified approach to the insurance field. Their interests are varied in terms of the kinds of insurance they provide, like a personal automobile, workers’ compensation, and general liability.
However, their broad business sense goes beyond just the products and services they offer.
Their diversification also refers to the number of countries that they are active in. In addition to their United States locations, Liberty Mutual Group currently owns 900 insurance locations in 18 countries, including:
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Brazil
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China
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Colombia
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India
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Singapore
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Vietnam
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The United Kingdom
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United Services Automobile Association (USAA). Headquarters: San Antonio, Texas
Year Founded: 1922
2019 Annual Revenue: $36 billion
2019 Growth Rate: +13.1%
The origin story behind the United Services Automobile Association, usually dubbed USAA, does a great job of explaining the organization’s values.
It was founded nearly a hundred years ago by 25 officers in the United States Army. They united together with a common problem, which was that they were all considered a high-risk group by most insurance companies, to seek mutual self-insurance.
From this original group began a corporation that would go on to provide insurance for millions of Americans who served in the United States Armed Forces and their families. Today, the insurance provider has about 13 million members.
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The Travelers Company Inc. Headquarters: New York, New York
Year Founded: 1853
2019 Annual Revenue: $31.518 billion
2019 Growth Rate: +4.29%
Usually just referred to under their abbreviated version of “Travelers,” The Travelers Companies Inc. is the second-largest writer of commercial property-casualty insurance in the United States.
It’s also had a place on the Dow Jones Industrial Average for 12 years. Travelers have locations in every state in the U.S., plus more sites in other countries, including:
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Ireland
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The United Kingdom
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Canada
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Brazil
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Singapore
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China
The Travelers Companies Inc. has earned a place on the Fortune 500 and World’s Most Admired Companies lists for the past 20 years. With a 2019 annual revenue of over $30 billion, it isn’t looking like that’s changing any time soon.
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The Hartford Financial Services. Headquarters: Hartford, Connecticut
Year Founded: 1810
2019 Annual Revenue: $20.74 billion
2019 Growth Rate: +9.42%
Named after the city that it was founded in, The Hartford Financial Services Group handles both investments and insurance for individuals and businesses. The company’s annual revenue is equally divided between their endeavors in both of these industries.
As of 2019, The Hartford Financial Services Group is the 13th largest property and casualty insurance company in the United States.
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Farmers Insurance Group. Headquarters: Woodland Hills, California
Year Founded: 1928
2019 Annual Revenue: $11.65 billion
Although the name might suggest differently, Farmers Insurance Group isn’t a company that provides protection services exclusively for farmers. They’re a regular insurance company that covers cars, homes, and small businesses.
The company currently works with about 48,000 independent agents and has 21,000 full-time employees.
Farmers Insurance Group operates under several subsidiaries. These include:
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The Farmers Exchange
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Foremost Insurance Group
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Bristol West Insurance Group
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21st Century Insurance
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Farmers New World Life Insurance Company
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Farmers Financial Solutions, LLC
Farmers Insurance Group also participates in a couple of sponsorships, most notably with NASCAR and the Open PGA tournament.
15 Big Health Insurance and Managed Health Care Companies
Company Name Market Capitalization United Healthcare (UNH) $393 billion CVS (CVS) $106 billion Anthem (ANTM) $96 billion Cigna (CI) $80 billion Humana (HUM) $59 billion Centene Corporation (CNC) $43 billion Molina Healthcare (MOH) $15 billion Bright Health Group (BHG) $9.7 billion MultiPlan Corporation (MPLN) $4.7 billion Alignment Healthcare (ALHC) $4.2 billion -
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