The Top 10 Insurance Companies in the U.S.
These are the top 10 largest insurance companies in the United States, ranked by their gross premiums written as of December 31, 2016. The list was compiled by A.M. Best Company and consists of both domestic and foreign companies that have offices in the U.S., based on gross premiums written during the period.
Founded by Leo Goodwin Sr., Geico first opened for business on June 5, 1936. It began as a one-man operation and was originally called Government Employees Insurance Company (because it served employees of both state and federal governments). By 1950, it had more than 40 agents and was writing policies in 14 states. Today, Geico is one of the largest auto insurers in America, covering more than 16 million vehicles; its headquarters are based in Chevy Chase, MD.
2) State Farm
Founded in 1922, State Farm is one of America’s largest auto and home insurance providers as well as a leading mutual fund provider. State Farm currently employs approximately 50,000 individuals and serves more than 19 million policies nationwide, providing more than $1 trillion of insurance coverage to its policyholders annually. The company has ranked among Fortune’s Most Admired Companies for three years running and was also included on Forbes' list of America's Best Employers. In 2017, Business Insider ranked State Farm at number 26 on its 100 best places to work list.
As far as auto insurance providers go, Progressive is a household name. From their well-known advertising campaigns and reputation for timely claims processing to 24/7 roadside assistance and an auto replacement hotline, it’s clear that Progressive has its customers’ best interests at heart. Founded by automobile workers in 1937, Progressive has been part of drivers’ lives for decades and appears poised to continue shaping automotive coverage for years to come. The company was acquired by The Allstate Corporation (NYSE: ALL) in 1996 but maintains its identity as a wholly owned subsidiary headquartered outside of Cleveland, Ohio.
The Allstate Corporation is one of largest insurance providers in America. Their home office is located in Northbrook, Illinois and they offer a variety of policies including auto, home, motorcycle, life and commercial insurance. According to Forbes magazine, Allstate was number 54 on their top list of America’s Best Employers for 2016 as well as Top 5 Best Large Employers (2016). They also made both Fortune magazine’s 100 Best Companies to Work For list and The Wall Street Journal’s Top places to Launch list (2016). A 2014 survey found that Allstate received praise from customers for its excellent claims service.
5) Liberty Mutual
Liberty Mutual is one of America’s leading providers of insurance and financial services for its individual and business customers, delivering a broad range of protection products such as auto, home, life, critical illness and retirement solutions. Headquartered in Boston, Massachusetts with operations across North America and beyond, Liberty Mutual has assets totaling $130 billion (as of July 31, 2014) and operates through a network of approximately 24,400 employees; approximately 790 agencies are located throughout 47 states. The company also has relationships with more than 6 million businesses throughout North America.
Nationwide ranks No. 3 on our list of top insurance companies. Headquartered in Columbus, Ohio, Nationwide serves more than 8 million customers through branch offices and independent agents across all 50 states, as well as Guam and Puerto Rico.
7) Farmers Insurance Group of Companies
Nationwide Mutual Insurance Company and subsidiaries, including United National Casualty Company (UNAM), National Fire & Marine Insurance Company (Fireman's Fund), Pacific Indemnity Company, Foremost Insurance Company, Generali Financial Services (USA) Inc., Employers Accident and Health Association of America, Employers Reinsurance Corporation, Workmen's Circle Group Life and Health Insurance Organization and The PrimeCo Personal Lines Family of Companies round out our top ten list of insurance companies based on premium volume as reported to ACORD. Across all three lines of business—Personal Lines: Auto, Homeowners; Commercial Auto; Motorcycle; Businessowners; Condo Unit; Boats.
8) American Family Mutual
Based out of Madison, Wisconsin, American Family Mutual is a top car insurance company that offers coverage for all types of vehicles including classic cars and collector vehicles. The company was founded by George Haines and his wife in 1946 as Homeowners Mutual Casualty Company; it was later renamed American Family Mutual Insurance Co. This leading car insurance company provides comprehensive coverage to individuals across 16 states (and counting). It’s also one of only two insurers that has earned an A+ rating from A.M. Best, meaning it boasts a history of financial strength and stability—two things you definitely want when you’re looking for top car insurance companies!
9) Erie Insurance Group
Also known as Erie Mutual Holding Company, Erie has offices throughout all of Pennsylvania, New York and Ohio, which have helped make it one of the top 10 insurance companies in America. Currently, around 5 million people rely on Erie for their car and home insurance needs; they also provide life insurance policies to both individuals and businesses. Their total revenue was just over $2 billion last year, making them a major player in their industry—but that’s a drop in the bucket compared to some of their competitors on our list...
10) 21st Century Direct Auto & General
Since 1985, 21st Century Direct Auto & General has provided affordable insurance options to policyholders throughout Florida. Unlike most insurance providers, which sell policies through independent agents and brokers, 21st Century is an direct insurer that writes policies directly to consumers. What does that mean for you? Less hassle and more money back in your pocket. Why? Because you don’t have to pay a middleman; instead, you can pay 21st Century directly for coverage like car insurance or homeowners insurance without having to worry about high commissions or additional fees tacked on by brokers and other intermediaries who stand between customers and insurers trying to protect their own financial interests over yours as a customer seeking competitive rates for affordable coverage.