USA Top 15 Insurance Companies
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| USA Top 15 Insurance Companies |
In this article, we will take a look at the top 15 insurance companies in the United States. To skip our detailed analysis, you can go directly to the top 5 insurance companies in USA.
The US is the world's largest insurance market in terms of premium volume, generating nearly 40% of total global premiums written. The history of the country's insurance industry is extensive and rich, Benjamin Franklin himself founded a mutual insurance company known as the Philadelphia Contributorship in 1752 and is in fact the oldest still operating insurance carrier in the country.
Three types of insurance sectors operate in the United States: property/casualty, life/annuity, and personal health insurance. Property/casualty insurance covers home, commercial and auto insurance. Meanwhile, Life/Annuity deals in life insurance in addition to annuity products. However, we first want to discuss health insurance in the United States.
Private health insurance in the US is very attractive; It is the only developed country in the world without social healthcare where private insurance comes in. In the United States, health care is often provided by employers rather than the government providing health insurance to their employees. Rather than a fundamental right, health coverage is a privilege or incentive in the country.
Attempts have been made to nationalize healthcare in the country but they have not been successful at all. If you are uninsured in the US, in most cases only luck can help you. Hospitals often overbill people significantly, and even procedures, drugs, surgeries, and hospital charges in the United States are much higher than in other countries. USA Top 15 Insurance Companies
Hospitals overcharge so they can then negotiate with insurers who can get hospitals to lower their bills. On the other hand, the average uninsured person doesn't have the time or means to challenge hospitals and are stuck paying incredibly expensive bills that can cripple their financial situation. Of course, there are many companies that make billions of dollars for the health of the average person, and many of them make our list of top insurance companies in the US.
In the insurance industry, the property/casualty sector accounts for around 53% of the total premiums underwritten while life/annuity accounts for 47%. Healthcare insurance is included in these two sectors and is not measured separately. Net premiums were $1.4 trillion in 2021, according to the Insurance Information Institute while employing more than 2.8 million people, according to the Labor Department.
However, the outlook for the insurance industry is not as rosy as it seems considering that the world is headed for recession imminently while inflation in many countries is at record highs in 2022. This leads to the challenge of generating profit from underwriting existing in such an economic field.
Conditions and requirements Top insurance companies in the US have to adapt to the latest technology and overhaul their 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 in the world's largest economy, recording revenues of $1.84 trillion in 2021 with profits of about $125 billion. The assets held by these giants are worth around $9.6 trillion providing employment to around 1.5 million people. To determine our rankings for the top insurance companies in the United States, we considered each company's revenue, profits, assets and number of employees.
We assigned 30% weightage to the first two criteria and 20% weightage to the latter two. Using multiple criteria allows us to come up with a more accurate ranking rather than ranking a company based solely on its revenue. We exclude Berkshire Hathaway from our calculations because it is primarily a financial services and investment company while it is involved in insurance.
So, without further ado, let's take a look at the giants of the insurance industry starting with number 15 USA Top 15 Insurance Companies
15. Nationwide Mutual Insurance Company
1. Total revenue of the company (on target): 47,376
2. Company's gross profit (on target): 1,617
3. Total assets of the company (at target): 278,412
4. Total employees of the company: 24,134 people
Nationwide Mutual Insurance Company is comprised of several insurance and financial services companies and has headquarters in several major cities in the United States.
14. Centene Corporation (NYSE:CNC)
1. Total revenue of the company (on target): 125,982
2. Total Profit of the Company (in Lakhs): 1,347
3. Total assets of the company (at target): 78,375
4. Total Company Employees: 72,500
Centene 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, the ACA health insurance marketplace, and correctional healthcare. Centene Corporation's (NYSE:CNC) CEO was the highest-paid executive in the healthcare industry in 2021, earning nearly $25 million.
13. Allstate Corporation (NYSE: ALL)
1. Total revenue of the company (on target): 53,228
2. Company's gross profit (on target): 1,599
3. Total assets of the company (at target): 99,440
4. Total Company Employees: 54,500
The Allstate Corporation (NYSE:ALL) is an American insurance company and one of the top insurance companies in the USA. Allstate Corporation (NYSE:ALL) offers a wide variety of insurance, including rental, motorcycle, life, auto, and home.
12. The Travelers Company, Inc. (NYSE:TRV)
1. Total revenue of the company (in lakhs): 34,816
2. Gross profit of the company (on target): 3,662
3. Total assets of the company (at target): 120,466
4. Total Company Employees: 30,492
The Travelers Companies, Inc. (NYSE:TRV) is the second largest commercial property casualty insurer in the United States. The Travelers Company, Inc. (NYSE:TRV) has offices in every US state, in addition to several countries including Singapore, Brazil, China, Ireland, Canada and the United Kingdom.
11. Progressive Corporation (NYSE:PGR)
1. Total revenue of the company (on target): 47,702
2. Total Profit of the Company (in Lakhs): 3,351
3. Total assets of the company (at target): 71,132
4. Total employees of the company: 49,077 people
Progressive Corporation (NYSE:PGR) is the nation's largest auto insurer and largest insurance carrier. Progressive Corporation (NYSE:PGR) provides insurance for a wide variety of vehicles, including cars, boats, trailers, RVs, and motorcycles.
1o. State Farm Insurance
1. Total revenue of the company (on target): 82,225
2. Company Gross Profit (on target): 1,281
3. Total assets of the company (at target): 325,349
4. Total Company Employees: 53,586
State Farm Insurance is comprised of several mutual insurance companies and was founded just over a century ago.
9. Humana Inc. (NYSE:HUM)
1. Total revenue of the company (on target): 83,064
2. Company Gross Profit (on target): 2,933
3. Total assets of the company (at target): 44,358
4. Total Company Employees: 95,500
Humana Inc. (NYSE:HUM) is headquartered in Kentucky and is one of the top insurance companies in the United States. Humana Inc. (NYSE:HUM) filed a lawsuit in 2019 against 37 defendants, alleging that they blatantly fixed the price of generic drugs. Humana Inc. (NYSE:HUM) is among the top 100 US government contractors
8. USA
1. Total revenue of the company (on target): 37,470
2. Company's gross profit (on target): 3,300
3. Total assets of the company (at target): 210,677
4. Total Company Employees: 37,335
USAA refers to the United Services Automobile Association, an organization that includes mutual insurance exchanges and currently has at least 13 million members. The company was founded by 25 US Army officers.
7. Liberty Mutual Insurance Group
1. Total revenue of the company (on target): 48,200
2. Total Profit of the Company (in Lakhs): 3,068
3. Total assets of the company (at target): 156,043
4. Total Company Employees: 45,000
One of the largest property and casualty insurers in the United States, Liberty Mutual Insurance Group offers a wide variety of products, including automobile insurance, workers' compensation, homeowner's insurance, fire insurance and various other collateral.
6. TIAA
1. Total revenue of the company (on target): 40,526
2. Company's gross profit (on target): 4,061
3. Total assets of the company (at target): 698,191
4. Total employees of the company: 15,065 people
Teachers Insurance and Annuity Association of America-College Retirement Equities Fund provides insurance in addition to financial services in a variety of areas. It has more than 5 million members and serves around 15,000 organizations.
Click to continue reading and see the top 5 insurance companies in the US.
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