10 INSURANCE COMPANIES IN USA –WHAT YOU NEED TO KNOW
The United States is the biggest insurance market in the world by far by premium volume, making up around 40% of the total global premiums written. The history of the insurance industry in the country is vast and rich, with Benjamin Franklin, himself also forming a mutual insurance company known as the Philadelphia Contributorship in 1752 which is the oldest still operating insurance carrier in the country. There are three types of insurance sectors operating in the United States: property/casualty, life/annuity, and private health insurance. Property/casualty insurance deals with insurance about home, commercial, and auto insurance. Meanwhile, life/annuity deals with life insurance in addition to annuity products.
- STATE FARM
Headquarters: One State Farm Plaza, Bloomington, Illinois 61710
Direct premiums were written: $70.3 billion (2021, including US territories)
Direct premiums earned: $67.9 billion (2021, including US territories)
Total assets: $214.4 billion
Size (workforce): 58,000 employees, including 19,200 agents
Underwriting expertise: Auto, home, business, life, and health insurance
- BERKSHIRE HATHAWAY
Revenue: $253.9 billion
Net Income: -$1.3 billion
Market Cap: $663.6 billion
1-Year Trailing Total Return: 4.3%
Exchange: New York Stock Exchange
Sector: Finance sector
Industry: Property/Casualty Insurance
Employees: 372000
Berkshire Hathaway, Inc engages in the provision of property and casualty insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, and retailing services. It operates through the following segments: GEICO, Berkshire Hathaway Reinsurance Group, Berkshire Hathaway Primary Group, Burlington Northern Santa Fe, LLC (BNSF), Berkshire Hathaway Energy, McLane Company, Manufacturing, and Service and Retailing. The GEICO segment involves in underwriting private passenger automobile insurance mainly by direct response methods. The Berkshire Hathaway Reinsurance Group segment consists of underwriting excess-of-loss and quota-share and facultative reinsurance worldwide. The Berkshire Hathaway Primary Group segment comprises underwriting multiple lines of property and casualty insurance policies for primarily commercial accounts. The BNSF segment operates railroad systems in North America. The Berkshire Hathaway Energy segments deal with regulated electric and gas utilities, including power generation and distribution activities, and real estate brokerage activities. The McLane Company segment offers wholesale distribution of groceries and non-food items. The Service and Retailing segment provides fractional aircraft ownership programs, aviation pilot training, electronic components distribution, various retailing businesses, including automobile dealerships, and trailer and furniture leasing. The company was founded by Oliver Chace in 1839 and is headquartered in Omaha, NE.
3. Progressive Corp. (PGR)
- Revenue: $47.7 billion
- Net Income: $852 million
- Market Cap: $74.4 billion
- 1-Year Trailing Total Return: 25.7%
- Exchange: New York Stock Exchange
Progressive Corp. was founded in 1937 and is a leader in the auto and homeowners insurance industry. The company also offers financial services and both commercial and personal insurance products with a bundling option
- Liberty Mutual
Corporate headquarters: 175 Berkeley St, Boston, MA 02116, United States
Net written premiums: US$43.6 billion (2021)
Annual revenue: US$48.2 billion (2021)
Total assets: US$156 billion (2021)
Employees: 45,000+
5. Allstate Corp. (ALL)
- Revenue: $52.6 billion
- Net Income: -$210 million
- Market Cap: $35.5 billion
- 1-Year Trailing Total Return: 22.2%
- Exchange: New York Stock Exchange
- Sector: Finance
- Industry: Property/Casualty Insurance
- Employees: 54500
- Allstate Corp. engages in the property and casualty insurance business and the sale of life, accident, and health insurance products through its subsidiaries. It operates through the following business segments: Allstate Protection, Protection Services, Allstate Health and Benefits, Run-off Property Liability, and Corporate and Other. Allstate Protection sells private passenger auto and homeowners’ insurance through agencies and directly through call centers and the Internet. These products are marketed under the Allstate, Encompass, and Esurance brands names. The Protection Services provides a range of products and services that expand and enhance customer value propositions including SquareTrade, Arity, Allstate Roadside, and Allstate Dealer Services. Allstate Health and Benefits offers voluntary benefits and individual life and health products, including life, accident, critical illness, short-term disability, and other health insurance products sold through workplace-enrolling independent agents and Allstate exclusive agencies. The Run-off Property Liability relates to property and casualty insurance policies with exposure to asbestos, environmental and other claims. The Corporate and Other segment consists of the company’s activities and certain non-insurance operations. The company was founded on April 17, 1931, and is headquartered in Northbrook, IL.
- TRAVELERS GROUP
Headquarters address: 485 Lexington Ave., New York, New York, 10017, United States
Founded: 1853
Size: 30,000 employees, 13,500 independent agents
Countries of operation: 150+
Net written premiums (2021): US$31.959 billion
Total revenue (2021): US$34.816 billion
7. American International Group Inc. (AIG)
- Revenue: $59 billion
- Net Income: $13.8 billion
- Market Cap: $46.7 billion
- 1-Year Trailing Total Return: 21.4%
- Exchange: New York Stock Exchange
Sector: Finance
Industry: Multi-Line Insurance
Employees: 26200
American International Group, Inc. engages in the provision of a range of property casualty insurance, life insurance, retirement products, and other financial services to commercial and individual customers. It operates through the following segments: General Insurance, Life and Retirement, and Other Operations. The General Insurance segment consists of insurance businesses in North America and International business areas. The Life and Retirement segment includes Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets. The Other Operations segment covers income from assets held by the company and other corporate subsidiaries. The company was founded by Cornelius Vander Starr in 1919 and is headquartered in New York, NY.
8. Allianz SE (ALIZY)
- Revenue: $137.4 billion
- Net Income: $7.8 billion
- Market Cap: $85.3 billion
- 1-Year Trailing Total Return: -1.85%
- Exchange: OTC Markets
- Sector: Finance
- Industry: Multi-Line Insurance
Allianz SE engages in the provision of insurance and investment advisory services. It operates through the following segments: Property-Casualty, Life/Health, Asset Management, and Corporate and Other. The Property-Casualty segment offers insurance on personal accidents, general liability, fire, legal expenses, credit, and travel. The Life/Health segment consists of annuities; endowment and term insurance; unit-linked and investment-oriented products; private and supplemental health; and long-term care insurance. The Asset Management segment provides institutional and retail asset management products and services. The Corporate and Other segment includes treasury, banking, and alternative investment activities. The company was founded by Wilhelm Finck and Carl Thieme on February 5, 1890, and is headquartered in Munich, Germany.
9. MetLife Inc (MET)
- Revenue: $71.6 billion
- Net Income: $2.4 billion
- Market Cap: $56.3 billion
- 1-Year Trailing Total Return: 26.2%
- Exchange: New York Stock Exchange
- Sector: Finance
- Industry: Multi-Line Insurance
MetLife, Inc. provides insurance and financial services to individual and institutional customers. It offers life insurance, annuities, automobile and homeowner’s insurance, and retail banking services to individuals as well as group insurance, reinsurance, and retirement and savings products and services. The firm operates through the following segments: U.S., Asia, Latin America, EMEA, MetLife Holdings, and Corporate & Other. The U.S. segment offers a broad range of protection products and services aimed at serving the financial needs of customers throughout their lives. The U.S. segment is organized into three businesses: Group Benefits, Retirement and Income Solutions, and Property & Casualty. The Asia segment offers a broad range of products to individuals and corporations, as well as other institutions and their respective employees, which include whole life, term life, variable life, universal life, accident & health insurance, fixed and variable annuities, and endowment products. The Latin America segment offers a broad range of products to individuals and corporations, as well as other institutions and their respective employees, which include life insurance, accident & health insurance, credit insurance, and retirement and savings products. The EMEA segment offers a broad range of products to individuals and corporations, as well as other institutions and their respective employees, which include life, accident & health, credit insurance, and retirement and savings products. The Corporate & Other segment contains the excess capital, as well as certain charges and activities, not allocated to the segments. The company was founded on March 24, 1868, and is headquartered in New York, NY.
10 Chubb Ltd. (CB)
- Revenue: $42.1 billion
- Net Income: $6.1 billion
- Market Cap: $89.1 billion
- 1-Year Trailing Total Return: 17.5%
- Exchange: New York Stock Exchange
- Sector: Finance
- Industry: Property/Casualty Insurance
Chubb Ltd. is a holding company, which engages in the provision of commercial and personal property and casualty insurance, personal accident and accident and health (A&H), reinsurance, and life insurance. It operates through the following segments: North America Commercial Property and Casualty (P&C) Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. The North America Commercial P&C Insurance segment includes the business written by Chubb divisions that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. The North America Personal P&C Insurance segment offers affluent and high net-worth individuals and families with homeowners, high-value automobile and collector cars, valuable articles, personal and excess liability, travel insurance, and recreational marine insurance and services.