Top 10 Insurance Companies in The US
Insurance is one of the biggest industries in the United States. Believe it or not, insurance actually made it 3 times onto the list of industries with the highest revenue (#2 health, #5 life, #9 property) This is partly because there are so many different types of insurance companies (dental, disability, life, home, auto, pet, health, flood, etc.).
In 2018, there were almost 6,000 insurance companies with many of these being national brands. With so many companies to choose from who all sell a similar service, it can be tough to definitely be overwhelming for the consumer. That’s why we decided to put together our list of the top 10 insurance companies in the U.S.
This list includes all different types of insurance companies. If you’re looking for information on a specific type of insurance, we’d recommend doing more specific research.
10. State Farm
State Farm is definitely a reliable choice when picking an insurance company. They’ve been around since 1922 and are consistently ranked as the top insurer for auto, homeowners, and life insurance.
Additionally, they have almost 19,000 agents and 58,000 employees. With size this big it’s always easy to find a rep who is willing to offer their expertise.
Geico is consistently viewed as one of the top insurance companies in the U.S. This is partly because they have 17 million auto policies and insure more than 28 million vehicles (about 10% of all the cars on the road).
Fun fact: Geico (which stands for Government Employees Insurance Company) is a wholly-owned subsidiary of Berkshire Hathaway, who we will take a look at later on this list.
Allstate, widely known through their “you’re in good hands” slogan, is the nation’s largest publicly held public lines insurer. They provide insurance products to approximately 16 million households.
Additionally, if you’re like to see more than just strong numbers from an insurance company, they’ve won numerous awards for their philanthropic efforts. They are also known for their employee volunteerism and diversity.
USAA was founded in 1922 by a group of army officers who sought to self insure each other and formed the United States Army Automobile Association. Staying true to their roots, USAA still seeks to be the provider of choice for the military community.
They have about 13 million members and more importantly, they boast a 96% member retention rate. This means that for every 100 people that join, 96 stay with the company. That speaks for itself!
Even though Nationwide is one of the largest insurance and financial services companies in the world, they still believe that people are their best resource. They take great pride in their employees and seek to offer the best customer service possible.
Nationwide also owns several smaller companies you might have heard off: Allied, Farmland, and Scottsdale. Nationwide is always a good choice when looking for an insurer.
5. Farmer’s Insurance Group
Farmer’s Insurance Group was launched in 1928 right before the Great Depression. Two men sought to provide quality insurance at a reasonable price. To this day they still hold a strong commitment to offering industry-leading products and first-rate services.
Farmer’s hangs its hat on three things when it comes to winning your business: the value of their agents, the ease of filing a claim, and the experience of their insights.
4. UnitedHealth Group
UnitedHealth Group is one of the nation’s largest employers of nurses at 23,000 (up from 7,000 in 2008). In total, they employ approximately 320,000 people worldwide with about 90,000 of them being clinical professionals.
With this many people to manage, they make great strides to make sure they’re giving their employees the most streamlined technology. This is part of the reason why they invest almost 3.5 billion dollars in technology and innovation annually.
3. American International Group
American International Group, also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries. They’ve received multiple awards for their workplace conditions including the 2020 Best Place To Work For LGBTQ+ Equality and Canada’s Top Employer For Young People.
They place a strong emphasis on helping not only their customers but also their customer’s communities. That can be things like helping them prepare for and recover from natural disasters or providing a financially secure retirement.
2. Kaiser Foundation Group
Kaiser Group is one of the nation’s largest not-for-profit health plans and serves around 9 million members. One unique part about Kaiser is that they place the responsibility for making health decisions in the hands of their physicians.
Kaiser Permanente’s creation resulted from the challenge of providing Americans medical care during the Great Depression and World War II, when most people could not afford to go to a doctor.
1. Berkshire Hathaway
Berkshire Hathaway is headed by legendary investor Warren Buffet. In total, they employ about 330,000 people. Additionally, they own a number of significant companies including Duracell, KraftHeinz, and Geico (57 in total).
Their insurance branch has been rated A+ and has several different lines. If you’re looking to get started, you can choose from business owner’s, commercial auto, commercial package (commercial property, general liability), commercial umbrella, professional liability, and workers’ compensation.
We hope that you’ve found our list of the Top 10 insurance companies valuable! If you’re interested in reading more, please subscribe below to get alerted of new articles as we publish them!
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