Top Insurance Companies in United States

In this article, I will talk about Top Insurance Companies in United States based on total assets, market capitalization and insurance type (property and casualty, health,life insurance).

Defintion of Insurance

  • Insurance is a promise of compensation for specific potential future losses in exchange for a periodic payment. Source: investorwords
  • Insurance provides indemnification against loss or liability from specified events and circumstances that may occur or be discovered during a specified period. Source: FASB

US Insurance Industry

  • The Insurance Market in the United States is the world’s largest insurance market by premium volume ( greater than $ 1200 trillion).
  • The US market accounts for almost 27% of world insurance premium volumes.
  • The US insurance industry boasts of some of the largest global players and insurance companies form an integral part of the financial services sector in the United States, contributing to almost 40% of GDP and employing more than 2 million people. Source: Marketrealist
  • Key insurance product types are – Life Insurance, Property & Casualty Insurance and Reinsurance

Top Insurance Companies in United States by Total Assets 2014

  1. Metlife – $ 902.3 billion
  2. Prudential Financial – $ 766.6 billion
  3. Berkshire Hathaway – $ 526.2 billion
  4. American International Group (AIG) – $ 515.6 billion
  5. John Hancock Financial – $ 287.6 billion
  6. New York Life – $ 279.6 billion
  7. TIAA Group – $ 271.1 billion
  8. Lincoln National – $ 254.4 billion
  9. AEGON USA – $ 252.7 billion
  10. Hartford Financial – $ 245.0 billion

Source: relbanks

Top Insurance Companies in United States by Market Cap April 2015

  1. Berkshire Hathaway – $ 350.5 billion
  2. American International Group (AIG) – $ 76.4 billion
  3. Metlife – $ 57.8 billion
  4. Prudential Financial – $ 37.3 billion
  5. Travelers Companies – $ 32.3 billion
  6. Allstate Corp – $ 28.7 billion
  7. Aflac – $ 28.0 billion
  8. Ameriprise Financial – $ 23.2 billion
  9. Chubb – $ 22.8 billion
  10. Hartford Financial – $ 17.4 billion

Source: Statistica

Top Property and Casualty Insurance Companies in United States by Net Premiums Written

Property and casualty insurance is insurance that protects against property losses to your business, home or car and/or against legal liability that may result from injury or damage to the property of others. Source.

Example from Allstate: “If you’re involved in a car accident and you’re found to be at fault, the casualty insurance often pays for the repair or replacement of the other person’s car, in addition to any medical bills if that person suffers physical injury.”

  1. State Farm Group – $ 50.8 billion
  2. Allstate Insurance Group – $ 24.8 billion
  3. Liberty Mutual Insurance Cos. – $ 21.5 billion
  4. Berkshire Hathaway Insurance (includes Geico) – $ 21.4 billion
  5. Travelers Group – $ 20.6 billion
  6. American International Group – $ 19.7 billion
  7. Nationwide Group – $ 14.5 billion
  8. Progressive Insurance Group – $ 14.5 billion
  9. Farmers Insurance Group– $ 14.1 billion
  10. USAA Group – $ 10.7 billion

Source: Investopedia

Top Life Insurance Companies in United States by Total Direct Premium (2013)

Life Insurance is a financial product that offers financial protection to a person’s family if he dies.

When someone dies, his family suffers emotional loss and maybe also financial loss. One cannot compensate emotional loss. However financial loss can be replaced using life insurance. Life Insurance is a contact between a person (the Insured) and a company (the Insurer) where the person pays a sum of money known as premium to the Insurer and in return the insurer promises to pay the person’s family or beneficiary a certain amount of money known as “Sum assured” if the person suddenly dies.

To know more read this brief introduction to Life Insurance.

Largest life insurance companies in US are:

  1. Metlife – $ 11.5 billion
  2. Northwestern Mutual – $ 9.4 billion
  3. Prudential of America (PRU) – $ 8.4 billion
  4. New York Life– $ 7.8 billion
  5. Lincoln National – $ 6.1 billion
  6. MassMutual– $ 5.1 billion
  7. John Hancock – $ 4.8 billion
  8. Aegon (AEG)– $ 4.1 billion
  9. State Farm – $ 4.0 billion
  10. Guardian Life Insurance Co.- $ 3.4 billion

Source: Investopedia

Top Auto Insurance Companies in United States (List 1)

  1. Allstate
  2. State Farm
  3. Geico
  4. Progressive Insurance Group
  5. Nationwide Group
  6. USAA Auto Insurance
  7. Liberty Mutual
  8. 21st Century Insurance
  9. GMAC
  10. American International Group

Source: Autoinsurance

Top Auto Insurance Companies in United States (List 2)

  1. Geico
  2. Progressive Insurance Group
  3. State Farm
  4. Allstate
  5. USAA Auto Insurance
  6. eSurance
  7. Nationwide Group
  8. The Hartford
  9. Liberty Mutual
  10. AAA Auto Insurance

Source: Consumersaffairs

That’s it. Thank you for reading Top Insurance Companies in United States.

You may also like

A Few Last Words

Before making any investment decision, please contact your financial adviser. I have provided this article for educational purpose only.

I hope you found this article on Top Insurance Companies in United States. If you have something to add please leave a comment in the post. Please feel free to contact me.

Subhodeep Mukhopadhyay

I am a Management Consultant in the Education Sector. In my previous corporate career, I have worked in Banking, Private Equity and Software industry. I am an MBA in Finance/ Computer Engineer and enjoy doing equity research and financial analysis in my free time.

4 thoughts on “Top Insurance Companies in United States

  • October 30, 2015 at 6:57 pm
    Permalink

    AIG is really a huge and global insurance company. It operates here in the Philippines and It is among the top 5 insurance company here.

    Reply
  • October 10, 2016 at 9:44 am
    Permalink

    Really a very helpful post. It was filled with the plenty of information which was helpful and great.Thanks for providing this useful knowledge. The knowledge regarding the best companies of us is indeed helpful.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>