Largest Insurance Companies by Sales and Product Line
When comparing the biggest insurance firms, it helps to make a distinction between the lines of insurance that are being taken into account. Since some of the biggest insurance providers in the US are not listed on a public exchange, it is useful to use sales data to estimate their market worth.
Property & Casualty
Property and casualty insurers create policies that protect things like land, houses, automobiles, and other vehicles. In order to cover the cost of lawsuits or cover medical expenses brought on by such accidents, they also draft policies that deal with liabilities that may be incurred by negligence or carelessness in relation to those properties.
According to net premiums issued (the amount that non-life policies can anticipate receiving throughout the course of the contract, less commissions and costs), the top U.S. property and casualty companies in 2020 are:3
| Company | Net Premiums Written |
|---|---|
| State Farm Group | $66.2 billion |
| Berkshire Hathaway (BRK.A) | $46.4 billion |
| Progressive Insurance Group (PGR) | $41.7 billion |
| Allstate Insurance Group (ALL) | $39.2 billion |
| Liberty Mutual | $36.2 billion |
| Travelers Group (TRV) | $28.8 billion |
| USAA Group | $24.6 billion |
| Chubb (CB) | $24.2 billion |
| Farmers Insurance Group | $20.1 billion |
| Nationwide | $18.5 billion |
Life Insurance Companies
When an insured person dies, life insurance firms guarantee to pay out a lump sum payout. Despite the fact that mortality tables based on actuarial science have been developed to precisely forecast the future liability of policies to be paid, having strong financial standing guarantees that these businesses can fulfill all of their commitments while still turning a profit.
Direct premium written can be used to rank life insurance firms in the United States (the number of new policies written directly and not re-insured). For 2020:4
| Company | Total Direct Premium | Market Share |
|---|---|---|
| New York Life Grp | $11.7 billion | 6.75% |
| Northwestern Mutual | $11.3 billion | 6.52% |
| Metropolitan Group (MET) | $10.5 billion | 6.05% |
| Prudential of America (PRU) | $10.1 billion | 5.80% |
| Lincoln National | $8.4 billion | 4.83% |
| MassMutual | $7.9 billion | 4.57% |
| State Farm | $5.0 billion | 2.87% |
| Aegon (AEG) | $4.9 billion | 2.80% |
| John Hancock | $4.7 billion | 2.73% |
| Minnesota Mutual Grp | $4.7 billion | 2.70% |
Health Insurance Companies
Health insurance providers offer plans to pay all or a portion of the policyholder’s medical and health expenses. Either an employer or a person may obtain insurance. Technically, the Medicare program, Social Security, and Medicaid programs, which are each managed by a different state, make up the bulk of the American healthcare system.
According to the National Association of Insurance Commissioners (NAIC) 2020 report, the top four U.S. health insurance providers that are not government-sponsored were:4
| Company | Total Direct Premium | Market Share |
|---|---|---|
| UnitedHealth Group (UNH) | $177 billion | 14.1% |
| Kaiser | $104 billion | 8.3% |
| Anthem | $77 billion | 6.2% |
| Centene Corp. | $75 billion | 6.0% |
| Humana | $74 billion | 5.9% |
| CVS Healthcare (CVS) | $69 billion | 5.5% |
| CIGNA Health | $32 billion | 2.5% |
| Molina Healthcare | $21 billion | 1.7% |
| Independence Health | $21 billion | 1.6% |
One thought on “Largest Insurance Companies by Sales and Product Line”