Top 15 U.S. Insurers

In this article Top 15 U.S. Insurers. To skip the detailed analysis, go directly to Top 5 U.S. Insurance Companies.

The United States is the world’s largest insurance market and by far the most expensive, accounting for approximately 40% of global insurance premiums. The history of the insurance industry in this country is vast and rich, and Benjamin Frankling himself said he founded a mutual insurance company known as the Philadelphia Contributorship in 1752, which is actually the oldest insurance company in the country. . There are three types of insurance divisions that operate in the United States: property and casualty insurance, life/annuity insurance, and private medical insurance. Non-life insurance deals with home insurance, commercial insurance and automobile insurance. Life Annuity, on the other hand, offers life insurance in addition to annuity products. But first, I would like to discuss health insurance in the United States.

World’s largest insurance company

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Private health insurance in the US is very interesting. America is the only developed country in the world that does not have a social health care system where private insurance can come into play. In the United States, health care is often tied to employment with employers who provide health insurance to employees rather than the government. Instead of a basic right, health insurance is a privilege or incentive in the country. There have been attempts to nationalize healthcare within the country, but without any success. Hospitals often overcharge people significantly, and even normal prices for procedures, drugs, surgeries, and hospital stays are much higher in the United States than in most other countries. Hospitals overcharge so that they can negotiate with insurance companies that can get them to reduce their bills. On the other hand, the average uninsured person doesn’t have the time or money to challenge a hospital and is stuck paying very high bills, which can put their finances at risk. Of course, there are plenty of companies making billions of dollars at the expense of the average person’s health, and many of them are even on the list of top US insurers.

The property and casualty sector of the insurance industry accounts for approximately 53% of total premiums and life/annuities account for 47%. Health insurance is embedded in these two sectors and is not measured separately. According to the Insurance Information Institute, net premiums will be $1.4 trillion in 2021, providing employment for more than 2.8 million people, according to the Department of Labor. However, the outlook for the insurance industry is less optimistic given that 2022 will see record inflation in many countries while the world appears to be headed for imminent recession. Large U.S. insurers need to adopt the latest technology and overhaul systems to improve efficiency and reduce costs where possible.

The Fortune 500 2022 list includes 74 insurance companies. This shows the importance of the industry. world’s largest economy, with 2021 revenues of $1.84 trillion and profits of about $125 billion. The assets held by these giants are worth about $9.6 trillion and provide jobs for about 1.5 million people. To determine the ranking of the top U.S. insurance companies, we considered revenue, profits, assets, and the number of employees each company has. We assigned a weight of 30% to the first two criteria and a weight of 20% to the next two criteria. By using multiple criteria, you can create a more accurate ranking rather than ranking companies based solely on revenue. We have also excluded Berkshire Hathaway from our calculations as it is involved in insurance but is primarily a financial services and investment firm. So without further ado, let’s start with number 15 and take a look at the giants of the insurance industry.

15. National Mutual Insurance Company

Total company revenue (in millions): 47,376

Company gross profit (in millions): 1,617

Total company assets (in millions): 278,412

Company Total Employees: 24,134

Nationwide Mutual Insurance Company comprises several insurance and financial services companies with headquarters in several major cities in the United States.

14. Senten Corporation (NYSE:CNC)

Total company revenue (in millions): 125,982

Company gross profit (in millions): 1,347

Company total assets (in millions): 78,375

Company Total Employees: 72,500

Senten Corporation (NYSE:CNC) acts as an intermediary between privately insured health care programs and government-sponsored health care programs. Centene Corporation (NYSE:CNC) is involved in multiple business segments, including Tricare, Medicare, ACA Health Insurance Markets, and Corrective Care. His CEO of Senten Corporation (NYSE:CNC) will be the highest-paid executive in the healthcare industry in 2021, earning nearly $25 million.

13. Allstate Corporation (NYSE:all)

Total company revenue (in millions): 53,228

Company gross profit (in millions): 1,599

Total company assets (in millions): 99,440

Company Total Employees: 54,500

Allstate Corporation (NYSE:ALL) is an American insurance company and one of America’s top insurance companies. Allstate Corporation (NYSE:ALL) offers many types of insurance, including renter, motorcycle, life insurance, auto and home insurance.

12. Travelers Companies (NYSE:TRVs)

Total company revenue (in millions): 34,816

Company gross profit (in millions): 3,662

Total company assets (in millions): 120,466

Company Total Employees: 30,492

Travelers Companies (NYSE:TRV) is the second largest commercial property and casualty insurance company in the United States. Travelers Companies (NYSE:TRV) is also among the top 10 personal insurance providers through independent agents. The Travelers Companies, Inc. (NYSE:TRV) has offices in all states of the United States, as well as several countries such as Singapore, Brazil, China, Ireland, Canada and the United Kingdom.

11. Progressive Corporation (NYSE:PGR)

Total company revenue (in millions): 47,702

Company gross profit (in millions): 3,351

Company total assets (in millions): 71,132

Company Total Employees: 49,077

Progressive Corporation (NYSE:PGR) is the nation’s largest auto insurance company and also the largest insurer. Progressive Corporation (NYSE:PGR) provides insurance for many types of vehicles, including cars, boats, trailers, RVs and motorcycles.

10. State Farm Insurance

Total company revenue (in millions): 82,225

Company gross profit (in millions): 1,281

Total company assets (in millions): 325,349

Company Total Employees: 53,586

State Farm Insurance is made up of several mutual insurance companies and was founded over a century ago.

9. Humana (NYSE:ham)

Total company revenue (in millions): 83,064

Company gross profit (in millions): 2,933

Total company assets (in millions): 44,358

Total company employees: 95,500

Humana Inc. (NYSE:HUM), headquartered in Kentucky, is one of the top insurance companies in the United States. Humana Inc. (NYSE: HUM) alleged that in 2019 he filed a lawsuit against 37 defendants, blatantly fixing the prices of generic drugs. Humana Inc. (NYSE:HUM) is among the top 100 US government contractors.

8.USAA

Total company revenue (in millions): 37,470

Company gross profit (in millions): 3,300

Total company assets (in millions): 210,677

Company Total Employees: 37,335

USAA means United Services Automobile Association. The organization includes mutual insurance exchanges and currently has at least 13 million members. The company was founded by his 25 US Army officers.

7. Liberty Mutual Insurance Group

Total company revenue (in millions): 48,200

Company gross profit (in millions): 3,068

Total company assets (in millions): 156,043

Company Total Employees: 45,000

Liberty Mutual Insurance Group, one of the largest property and casualty insurers in the United States, offers a wide variety of products, including auto, workers’ compensation, homeowners, fire, and warranties.

6. TIAA

Total company revenue (in millions): 40,526

Company gross profit (in millions): 4,061

Total company assets (in millions): 698,191

Company Total Employees: 15,065

The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund provides insurance in addition to a wide range of financial services. It has over 5 million members and serves approximately 15,000 institutions.

Click to read more Top 5 U.S. Insurance Companies.

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Disclosure: None. Top 15 U.S. Insurers was first published on Insider Monkey.

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