The Top 20 Insurance Companies in the United States

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20 Min Read

The insurance industry in the United States is massive, with over $1.2 trillion in net premiums written each year. Having proper insurance coverage is essential for protecting your assets against risk. But with hundreds of insurance companies to choose from, picking the right provider can be a daunting task.

This definitive guide covers the top 20 insurance companies in America by net premiums written. Learn about the major players in property-casualty, life, and health insurance, so you can determine the best company for your needs.

#1 State Farm Group

Founded in 1922 originally to provide auto insurance to farmers, State Farm has grown into the leading insurance provider in the United States, with over $80 billion in assets.

Major insurance products:

  • Auto
  • Homeowners
  • Renters
  • Condo
  • Life
  • Health
  • Business

State Farm is the #1 provider of auto and home insurance in the country. They have over 19,000 agents nationwide specializing in bundled packages. State Farm receives consistently high ratings for customer service and claims handling.

#2 Berkshire Hathaway Insurance Group

Warren Buffet’s Berkshire Hathaway owns GEICO and several other insurance brands. With over $700 billion in assets, they are one of the largest property and casualty insurers.

Major brands:

  • GEICO
  • Berkshire Hathaway Homestate Companies
  • General Re
  • Berkshire Hathaway Life Insurance Company of Nebraska
  • Berkshire Hathaway Specialty Insurance

GEICO is the second-largest auto insurer in the U.S. known for low rates. Berkshire Hathaway companies have excellent financial strength.

Top 10 Considerations When Choosing an Insurance Company

When deciding on an insurance provider, here are ten key factors to weigh:

  1. Financial strength: Choose an established company with top ratings for financial stability from A.M. Best, Standard & Poor’s and Moody’s. This ensures they can pay out claims.
  2. Products offered: Consider what policies you need – auto, home, business, specialty lines, etc. Ensure the company offers suitable products.
  3. Coverage options: Look for customized packages and endorsements for your specific risks. Avoid gaps in coverage.
  4. Costs: Get quotes from multiple insurers. Consider discounts for bundling policies or being claims-free.
  5. Claims process: Check complaint data and reviews on claims handling. A smooth process can reduce stress during emergencies.
  6. Customer service: Good service quality and responsiveness matters when supporting customers.
  7. Availability: Check that the insurer operates in your state and area. Licensing varies by location.
  8. Consumer ratings: Reviews from policyholders provide insight into real customer experiences with the company.
  9. Years in business: Established insurers typically have more financial stability and experience handling claims.
  10. Complaint ratios: Lower complaint ratios indicate higher customer satisfaction rates.

Comparing insurers across these metrics will help you find the right fit. Get quotes from leading companies to find coverage that fits your budget and risk profile.

#3 Progressive Insurance Group

Founded in 1937, Progressive is known as an innovative auto insurer, offering low rates and usage-based insurance rates through its Snapshot program. With $43 billion in assets, it’s considered financially sound.

Major products:

  • Auto
  • Motorcycle
  • Home
  • Life
  • Commercial

Progressive has an easy online quote process and comparison tool. They receive positive reviews for customer service and claims handling.

#4 Allstate Insurance Group

Allstate is one of the largest publicly traded insurance carriers in America, with over $133 billion in assets. Founded in 1931, they provide a wide range of property and casualty insurance products.

Major lines of insurance:

  • Auto
  • Home
  • Renters
  • Condo
  • Motorcycle
  • Boat
  • RV
  • Business insurance
  • Life insurance
  • Identity theft protection

A key offering from Allstate is customized coverage options for auto and home insurance tailored to your specific risks. They have an extensive network of agents and receive strong financial ratings.

Key stats:

| Policies in force | 78 million | | Total assets | $133 billion |
| Agents nationwide | 10,000 |

Allstate frequently ranks high in customer satisfaction with claims handling thanks to its large team of claims adjusters.

#5 Liberty Mutual Insurance Companies

Tracing its roots back to 1912, Liberty Mutual is one of the oldest insurers in the U.S. and globally. It offers a wide range of insurance offerings as well as extensive risk management guidance to both individuals and businesses.

Major products lines:

  • Auto insurance
  • Home insurance
  • Life insurance
  • Business and commercial insurance

Policy count:

| Auto policies | 8.2 million | | Home policies | 5.7 million |

With over $166 billion in assets and an A rating for financial strength, Liberty Mutual has the resources and stability to handle large liability and property claims. Availability is focused in 48 states specifically.

#6 Travelers Insurance Group

Travelers insurance originally formed over 160 years ago. After a merger in 2004 with The St. Paul Companies, Travelers become one of the country’s leading property-casualty insurers. They also provide commercial risk management guidance.

Key insurance offerings

  • Auto
  • Home
  • Business / commercial
  • Professional liability
  • Workers compensation

Travelers employs a team of over 14,000 insurance claim professionals to handle policyholder claims. They receive high marks from rating agencies for financial strength.

#7 USAA Group

USAA provides insurance exclusively for U.S. military members, veterans, and their families. Products are available to its 10 million members. Eligibility is verified during quoting.

Offerings tailored for military personnel:

  • Auto and home insurance
  • Renters and condo insurance
  • Valuable personal property
  • Exotic vehicle coverage
  • Deployment protection

USAA receives top ratings year and year out for its customer experience and claims satisfaction from its member policyholders.

#8 Chubb INA Group

Chubb provides commercial and personal insurance for high-net-worth individuals requiring substantial liability protection and personal risk management.

Distinctive coverages include:

  • Homeowners insurance for properties valued over $1 million
  • Auto coverage for luxury vehicles
  • Excess liability protection
  • Kidnap and ransom insurance
  • Yacht insurance

With over $197 billion in assets and an 136-year history, Chub has the capacity and experience to insure unique assets and risks.

#9 Nationwide Group

With 90+ years of experience, Nationwide provides a full range of insurance options and financial services. It holds an A+ rating for financial strength from A.M. Best.

Insurance offerings include:

  • Auto insurance
  • Home insurance
  • Renters insurance
  • Business/commercial
  • Farm insurance
  • Life insurance
  • Pet insurance

A key differentiator of Nationwide is its On Your Side Review process. This analyzes your policies and risks then provides guidance to address gaps or savings opportunities. It helps ensure the right protection.

#10 Farmers Insurance Group

Farmers began in 1928 providing auto insurance to rural drivers. Its offerings grew to become business, home and life insurance focused on personalized service.

Notable insurance options:

  • Auto coverage
  • Homeowners & renters
  • Condo insurance
  • Recreational vehicles
  • Business/commercial
  • Life insurance & annuities

Farmers utilizes local agent expertise guiding customers to the right insurance plans for their profile and budget through its award-winning Claims Contact Center.

#11 American Family Insurance

American Family Insurance offers policies focused protecting family assets and wealth. Founded in 1927 originally as Farmers Mutual, it still maintains a niche with agricultural insurance.

Insurance products include:

  • Auto insurance
  • Home insurance
  • Life insurance
  • Business insurance
  • Farm insurance
  • Pet insurance
  • Umbrella insurance

The American Family brand is carried by its flagship American Family Mutual Insurance company, which holds high financial strength ratings from insurance analyst firms.

#12 Hartford Insurance Group

The Hartford provides insurance products for a wide range of needs for AARP members, employer groups and individuals seeking retirement planning.

Major insurance offerings:

  • Auto insurance
  • Home insurance
  • Renter insurance
  • Umbrella insurance
  • Business insurance
  • Employee benefits products
  • Mutual funds and annuity retirement products

With origins dating back to 1810, The Harford has exceptional financial standing and strength that is trusted by over 1 million policyholders.

#13 American International Group (AIG)

AIG offers commercial and personal coverage options known for handling complex risks like airlines, large developments and program policies along with traditional lines.

Insurance policies include:

  • Homeowners insurance
  • Auto insurance
  • Aerospace insurance
  • Event cancellation protection
  • Kidnap & ransom insurance
  • Energy sector coverage
  • Life insurance
  • Retirement solutions

Its diverse set of global insurance businesses serve commercial, institutional, and individual customers in over 130 countries making AIG a leader in vast markets with over $15 billion in worldwide written premiums.

#14 Fairfax Financial (USA) Group

Fairfax Financial Holdings operates several insurance carriers in the U.S. through its Northbridge Financial subsidiary. Products focus on niche segments like using a proprietary platform for insuring the shared mobility industry.

U.S. products include:

  • Transportation network company insurance
  • Commercial fleet insurance
  • Specialty business insurance

Internationally, Fairfax owns a network for insuring shipping vessels, cargo, ports, terminals and logistics companies seeking maritime coverage spanning over 100 countries.

#15 Auto-Owners Insurance Group

Started in 1916, Auto-Owners Insurance provides highly-rated property and casualty protection focused on lifetime customer partnerships. Policy offerings meet both personal and commercial insurance needs.

Key coverage options:

  • Home insurance
  • Auto insurance
  • Business insurance
  • Life insurance
  • Group benefits plans

Auto-Owners leverages its mutual company structure to invest policyholder premiums back into the organization to meet growth and capital needs. It receives high marks for financial strength and customer experience.

#16 Tokio Marine US PC Group

Tokio Marine operates globally while offering U.S. coverage including specialty lines serving Asian and Japanese interests domestically.

Insurance products:

  • Management liability
  • Professional liability
  • Medical liability
  • Personal auto & home
  • Marine & energy
  • Travel insurance

It underwrites uniquely complex risks like the manufacturing of satellites and space systems needing tailored liability solutions. Tokio Marine holds over $200 billion in assets ensuring claims-paying resources.

#17 Munich-American Holding Corp

Specializing in hospitality sectors, Munich Re offers a suite of insurance products to meet specialized needs across an array of industries.

Notable insurance offerings:

  • Aviation insurance
  • Energy insurance
  • Marine insurance
  • Directors and officers liability
  • Cyber risk insurance
  • Surety bonds
  • Kidnap & ransom coverage

These highly-customized policies provide necessary protection to allow businesses to operate with minimized risk interference. Munich Re has exceptional financial capacity with $400 billion in worldwide assets.

#18 W. R. Berkley Insurance Group

Founded in 1967, W. R. Berkley provides commercial insurance coverage for all lines of business in the U.S. and across the globe. It has acquired several leading international insurers.

Insurance products offered:

  • General liability
  • Commercial auto
  • Professional liability
  • Workers compensation
  • Property insurance
  • Directors & officers
  • Cyber liability

With its specialty business insurance focus, Berkley fills market gaps left by competitors with customized policies using a streamlined technology platform for efficient underwriting and servicing.

#19 Erie Insurance Group

Providing coverage since 1925, Erie Insurance remains focused on homeowners and auto insurance packaged with umbrella and life insurance offerings to meet customer needs.

Insurance options include:

  • Auto insurance
  • Home insurance
  • Business insurance
  • Life insurance
  • Renters & condos
  • Snowmobile ATVs
  • Classic cars

Erie Insurance utilizes local-based agents living in the community to deliver highly personalized insurance guidance. It receives exceptional financial strength ratings.

These concentrations require passing a series of exams on technical insurance and risk topics. They showcase advanced applied insurance knowledge.

#20 CNA Insurance Companies

As one of the oldest continuing insurers in the U.S. since 1897, CNA offers standard commercial and specialty insurance solutions along with professional and management liability coverages.

Core products include:

  • Workers compensation
  • General & excess liability
  • Management liability
  • Professional liability
  • Cyber insurance
  • Specialty programs

CNA leverages its 120+ years of experience to create tailored products addressing unique client risks with an emphasis on loss control guidance to minimize claims.

Top Insurance Designations and Certifications

Several designations validate an insurance professional or risk specialist’s expertise:

  • CPCU: Chartered Property Casualty Underwriter
  • ARM: Associate in Risk Management
  • CIC: Certified Insurance Counselor
  • CRM: Certified Risk Manager
  • CISR: Certified Insurance Service Representative
  • CEBS: Certified Employee Benefit Specialist

How Insurance Providers Invest Premium Dollars

Insurers receive billions in premium dollars every year. But where does this money go?

Primarily insurance companies invest these funds to fulfill future claims obligations and earn investment income. Here is the breakdown of invested assets:

  • Bonds: Government, municipal and corporate bonds provide fixed income (~60% of investments)
  • Stocks: Public firms give dividends and growth potential
  • Mortgage Loans: From residential to commercial lending
  • Real Estate: Direct property and joint venture investments
  • Cash/Short-Term: Liquid holdings to pay claims

In addition to paying policyholder claims, investment returns allow insurers to give dividends back to eligible policyholders. Managing premium inflows as invested assets facilitates industry operations.

The insurance sector continually evolves to keep pace with risk landscapes. Here are 5 trends shaping its future:

1. Real-time Data Analytics

Leveraging IoT, telematics, and integrated data feeds for enhanced underwriting and claims response.

2. Shift to Self-Service

Policy shopping, claim submissions and customer support use more online account tools for efficiency.

3. Drone and Aerial Imagery

Incorporating drone footage and aerial scans for claims assessments and risk analysis.

4. Targeted Cyber Risk Products

Specialized cyber insurance for different sectors to help minimize electronic threats.

5. Flexible Usage-Based Options

Customized pay-per-mile auto policies along with smart home tech monitoring.

These emerging landscapes influences carriers’ product development and the insurance experience.

Factors Changing the Insurance Landscape

Several major factors are impacting the insurance industry:

Insurance Technology

  • Use of data analytics, AI, drones for underwriting and claims
  • Development of usage-based insurance models
  • Streamlining quote processes

Climate Change

  • Rising weather losses straining insurers
  • Updates pricing and risk models
  • Growing demand for renewable energy insurance

Changing Regulations

  • Evolving state and federal insurance oversight laws
  • Healthcare policy changes
  • Adapting coverages to new laws

Insurers must adapt quickly to these trends to remain competitive. Most leading insurers leverage updated technology and data-driven insights to improve customer experience.

Key Differences Between Insurance Brokers vs. Direct Insurance

When shopping for insurance, you’ll work with either an insurance broker or buy direct from a carrier:

Insurance Brokers

  • Shop policies from multiple insurers
  • Provide advice guiding you
  • Simplify insurance process
  • Offer access to wholesale insurers

Direct Insurance

  • Buy insurance straight from the carrier
  • Tend to have lower prices
  • Less custom guidance
  • Access to fewer carriers

Brokers offers greater choice and custom guidance, while direct insurance streamlines the buying experience. Evaluating both channels aids insurance decisions.

Finding the Right Insurance Company

Finding the right insurance company entails understanding your risks, insurance needs, and doing research to find the best fit. While the top 20 largest insurers featured here are all competitively priced with quality service, you still need to compare quotes.

Here are key steps for picking insurance coverage:

1. Review Needed Insurance

  • Property (home, condo, renters)
  • Auto
  • Health
  • Life
  • Specialty lines

2. Get Quotes

Compare premium estimates across insurers using online tools and independent agents. Evaluate both direct carriers and insurance brokers.

3. Assess Ratings

Verify an insurer’s financial strength, complaint ratios, endorsements, years in business and customer satisfaction ratings.

4. Measure Customer Service

Gauge responsiveness to policy questions and claims insights through reviews. Good service outweighs small premium differences.

5. Double Check State Availability

Ensure the insurance company legally operates and sells policies in your home state before purchasing coverage. Licensing varies.

6. Review Policy Details

Check the fine print to confirm suitable coverage limits, deductibles, exclusions, and optional endorsements. Avoid insurance gaps.

Following these guidelines will aid picking the optimal insurer for protecting assets and peace of mind. Be sure to reassess insurance needs over time as well.

Conclusion

  • The top insurance firms ranked by net premiums focus primarily on property-casualty, life and health segments
  • State Farm holds the #1 spot with nearly $80 billion in yearly premiums
  • Comparing multiple ratings across carriers aids deciding the best companies
  • Finding insurers with financial stability and quality service matches long term needs
  • Usage-based and bundled insurance packages can offer savings

Reaching out to top-rated insurers ensures your assets and wealth are covered. Agent advice also provides greater perspective when deciding on appropriate policies. Use this guide as starting point for getting insurance quotes and picking the ideal coverage.

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