The 10 Largest Insurance Companies in the United States
There are thousands of insurance companies in the United States, but only ten of them can be considered to be the largest insurance companies in the United States. These are companies with assets in excess of $20 billion each, and they are listed here along with their parent company, headquarters location, and number of employees
1) State Farm
The largest insurance company in America by market capitalization. State Farm has grown its business aggressively, going from a single-state operation to a national insurance powerhouse with more than 18 million policyholders. Today, it’s second only to Berkshire Hathaway on Forbes’ list of largest U.S. companies by market cap and is worth $48 billion on Wall Street. That said, State Farm continues to expand its footprint and currently provides car insurance quotes for drivers across all 50 states and D.C.. That includes personal auto coverage (bodily injury liability, property damage liability, personal injury protection) as well as optional extras like roadside assistance and rental reimbursement.
Allstate offers a variety of insurance products, including auto insurance, homeowners insurance, renters insurance and business insurance. Some Allstate branches offer shopping advice services to help consumers save money on various types of insurance. As of June 2016, Allstate had around 14 million customers. The company operates through more than 625 independent agencies across North America. Its main competitors are Geico and State Farm Insurance. Founded in 1931 by twin brothers who shared a philosophy that good people should be rewarded for taking care of others, Allstate is one of America's largest insurance companies and also its most valuable insurer based on market capitalization as of March 2017 (according to S&P Global Market Intelligence). The company has reported double-digit earnings growth for at least 25 consecutive years.
3) Farmers Insurance Group
Headquartered in Los Angeles, Farmers Insurance Group is one of America’s largest providers of insurance to both individuals and businesses. Founded more than 90 years ago, it has grown from a single agency into a global corporation with over 21,000 employees. In 2015, Farmers Insurance was listed as No. 163 on Forbes' list of America's Best Employers, topping fellow insurer Allstate at No. 180. It also received recognition for its workplace environment by being named one of America's Top Workplaces by The Great Place to Work Institute for six consecutive years—2012 through 2017.
4) Nationwide Mutual Insurance Company
Nationwide Mutual Insurance Company is one of America’s oldest and largest insurance companies. Founded by a coalition of farmers from Columbus, Ohio, as an automobile club in 1922, it now has over 21 million customers across 50 states and provides insurance for both auto and homes. It also offers other types of insurance including business-related policies such as general liability insurance, commercial automobile insurance, property casualty insurance and worker's compensation. Nationwide has earned a reputation for providing high-quality service at competitive rates - a fact reflected by its excellent customer satisfaction scores. According to J.D.
5) American Family Insurance Group
This group, with approximately 4.4 million customers, is based in Madison, Wis., and trades on NASDAQ under AFAM. This year it generated $8 billion in revenue and earned a profit of $312 million. Its roots stretch back to 1926 when Guy Carpenter co-founded Farmers Cooperative Fire Insurance Company of Wisconsin. In 1950, Guy Carpenter founded Group Hospitalization Inc., which was renamed American Family Life Assurance Co. of Columbus three years later. The company reached its present size via acquisition: Central Life Insurance Co., Minnesota Life Insurance Co., Metropolitan Property & Casualty Insurance Co., North American Company for Life & Health Insurance and Reliable Life Assurance Corporation all became part of what is now American Family Insurance Group.
6) Liberty Mutual Holding Company, Inc.
Headquartered in Boston, Massachusetts, Liberty Mutual Holding Company is an insurance holding company that operates as a subsidiary of Liberty Mutual Insurance. The company was founded by Peter B. Lewis and is led by David Hirschmann. In 2013, Liberty Mutual acquired Great American Insurance Group for $3.56 billion. As of December 31, 2014, it had assets of $60 billion and recorded revenues of $9 billion. It employs over 32,000 people with operations across 48 states and D.C., Canada and Puerto Rico.
7) Progressive Corporation
Progressive Corporation is an American insurance company. It is currently ranked as the second largest auto insurer and third largest general insurance provider in North America by market capitalization and tenth largest overall, with total assets of $26.55 billion as of 2012. Progressive has operations in 26 countries outside of North America and provides coverage for more than 13 million vehicles worldwide. Progressive was founded on January 1, 1937, by Leo Goodwin Sr., who believed that high costs and hard-sell techniques don't make for good service, a philosophy he still holds today.
8) USAA Insurance Group
USAA provides insurance to veterans, active military and their families. While they don’t sell insurance directly to consumers, they are still considered one of America’s biggest insurance companies. USAA was founded in 1922 by 25 military officers after World War I. Today, USAA has more than $80 billion dollars in assets and serves around 9 million customers worldwide. It is also one of just a few insurers to have an A+ (Superior) rating from A.M Best as well as a Moody's highest-possible rating of Aaa. If you are looking for good auto coverage at a reasonable price, you should consider USAA .
9) Travelers Companies, Inc.
Although Travelers was founded way back in 1864, today it’s one of America’s largest insurance companies with more than $70 billion dollars worth of assets. The company is a Fortune 500 business and operates both domestically and abroad. It employs nearly 17,000 people at over 170 locations across North America. Thanks to various acquisitions over time, Travelers has become one of the world’s most diverse property and casualty insurance organizations with more than 50 subsidiaries that are leaders in multiple areas such as energy and environmental solutions, as well as specialty products.
10) Chubb Corporation
The Chubb Corporation is an insurance corporation based in Zug, Switzerland. The company has $36 billion dollars of revenue and has 22 million customers across 70 countries. It employs over 26,000 people. The company was founded by brothers John and Jeptha Chubb in 1882. The Chubb Insurance Company then merged with two other companies to form what is now called Chubb Limited.