Insurance in the United States of America equates to a market of risk, and is the world’s largest insurance market in terms of premium volume. The history of US insurance companies dates back to 1752, when Benjamin Franklin formed a mutual insurance company by the name Philadelphia Contributorship, which is today the oldest operating insurance carrier in the states.
Insurance in the US may be bifurcated into three definite sectors: property/casualty, life/annuity and private health insurance. Property or casualty insurance covers insurance of homes, cars, and businesses. Life insurance offers security to the individual or his beneficiaries after his death. Health insurance covers losses in terms of medical expenses, accidents and dismemberments.
There are numerous companies in the US operating in the insurance business, and have built a strong regional and national presence. In this article, we have shortlisted the top 15 insurance companies in the states. Scroll down to access the list!
1. State Farm Group
Founded a century ago by George J. Mecherle, State Farm Insurance is a huge group of mutual insurers, spread all around the states. The group is headquartered in Bloomington, Illinois, and is the largest property and casualty insurer of the country.
2. Berkshire Hathaway Insurance
Berkshire Hathaway insurance has been looked after by its chairman and CEO: the very famous Warren Buffet, and its main source of business is insurance. This multinational conglomerate is headquartered in Omaha, Nebraska. The company is a holding company, which earns huge profits from insurance, and further invests them in a wide portfolio of subsidiary companies, and other securities.
3. Progressive Insurance Group
Co-founded by Jack Green and Joseph M. Lewis in 1937, progressive corporation is today the third largest insurance company, and also the #1 commercial auto insurer in America. The company is headquartered in Mayfield village, Ohio, and provides insurance in three segments; personal lines, commercial auto and other-indemnity.
4. Allstate Insurance Group
Headquartered in Northbrook, Illinois, Allstate Insurance is America’s largest publicly traded property and casualty insurance carrier. The company offers a wide range of products, including recreational vehicle, personal umbrella, off-road vehicle, loan protection and flood protection.
5. Liberty Mutual Insurance Group
Liberty mutual group offers a diverse range of insurances and has a global presence. It is headquartered in Boston, Massachusetts, and features the Statue of Liberty in its logo. The various products offered include personal automobile, commercial multiple peril, general liability, global specialty, group disability, fire insurance and surety.
1. State Farm Insurance
State Farm Insurance is one of the largest life insurance carriers of America, and offers three primary types of life insurance: term life insurance, universal life insurance and whole life insurance. The company completely relies on exclusive agents for selling its plans.
2. Northwestern Mutual
Northwestern Mutual is a financial services organisation offering two key products; insurance and investments. The organisation is headquartered in Milwaukee, Wisconsin, and offers life insurances, long-term care insurances and disability insurances.
3. New York Life
New York Life Insurance Company, or simply NYLIC was founded 177 years ago, and was ranked #67 on the 2021 FORTUNE 500 list of largest United States corporations. The core product they offer is whole life insurance, which offers lifelong protection. Some other products are term life insurance, universal life insurance, long term care insurance and life annuities.
4. MassMutual Life Insurance
The Massachusetts Mutual Life insurance, often shortened as MassMutual is based in Springfield, Massachusetts. The company began operations in 1851, and today, it is the 4th largest life insurance carrier in the United States. The financial products massmutual offers include life insurance, disability income insurance, long term care insurance, annuities and retirement plan services.
5. Prudential Financial
The prudential insurance company of America is a conglomerate, whose subsidiaries offer a diverse range of insurance products. The company was founded in 1875 by John F. Dryden, and is currently headquartered in Prudential Plaza, Newark, New Jersey. The company specialises in life insurance services, and other services like investment management, retirement benefits and mutual funds are also available, to both retail and institutional investors.
1. United Health
Unitedhealth Group is a multinational health and insurance giant headquartered in Minnetonka, Minnesota. The company is seventh largest in the world, in terms of revenue, and world’s largest insurance carrier, in terms of net premiums. The company covers various insurance plans and products, some of which are: United HealthCare Select, United HealthCare Select Plus, United HealthCare Choice, and United HealthCare navigate,charter,and compass.
2. Kaiser Family Foundation
The Henry J. Kaiser Family Foundation, or simply Kaiser Family Foundation is one of America’s leading health care providers and non-profit health plans. Kaiser has 700 medical offices and 39 hospitals throughout the States. Most insurance plans Kaiser offers are HMO (Health Maintenance Organisation) plans. Such plans are comparatively cheaper and offer in-network care. This means that if you are insured under such a plan, your medical benefits will be limited to Kaiser’s hospitals and offices.
3. Elevance Health
Formerly Anthem Inc, Elevance Health is an American insurance carrier founded in 2004, as a result of Anthem and Wellpoint Health Networks merger. The company operates in the managed healthcare insurance sector, and offers various services including medical, pharmaceutical, dental, behavioural health, long term care, and disability plans.
4. Centene Corporation
Centene corporation is a publicly listed insurance company, falling in the managed healthcare insurance sector. Headquartered in St. Louis, Missouri, this company serves as a mediator between government sponsored and privately insured healthcare plans. Centene carries out its business in four major segments: Medicaid, ACA health insurance marketplace, medicare, tricare and correctional healthcare.
Humana was originally a nursing home operator when it was incepted in 1961. They later on switched to owning and managing hospitals, to finally selling health insurance plans. The company is headquartered in Louisville, Kentucky. Humana offers group insurance plans for employers and individuals, supplementary insurance plans, and various other plans for senior citizens.
These were the insurance giants of the states. If you are planning to buy an insurance plan in the near future, be sure to first assess your insurance needs, set a financial goal, choose the right plan and evaluate the future of you’re chosen policy.