11 Biggest Insurance Companies in the US

Insurance Companies are some of the largest financial companies, and the biggest insurance companies in the US are at the top of their game. Every person needs insurance at some stage of their life. If you have insurance in certain categories, you can live a happy and healthy life without any worries.

Insurance is basically a process of transferring risk in exchange for payment. The insured give a fee to the insurer, and in exchange, they get compensated for their losses if any bad things happen. This kind of system is not a new concept in the world, and it’s actually quite old. But, in this postmodern age this system has evolved and diversified, and many big firms come into play. The first insurance company in the USA was founded in 1735. The first company (which was also formed in the US) was the Insurance Company of North America. Insurance and insurance companies have grown tremendously in the last few years. The business of insurance has even developed towards multi-state, multi-line and multi-national through some big companies. Now you can get covers for life risks or accident risks anywhere in the world along with the risks involved in a business.

Insurance companies play a vital role in the United States’ economy, which is why there are so many. It is also a very important part of the financial service sector in the U.S. This insurance industry contributes more than 40% GDP of the financial organizations, and they employ more than 2 million people. These companies provide everything from life insurance, property and casualty insurance, health insurance and much more. By now you are probably wondering which are the largest life insurance companies in the US as well as top health insurance companies in the USA? As we are talking about the health insurance companies, why don’t you check our list of 10 Largest Health Insurance Companies in America. We have gathered the top 50 insurance companies in the world at the beginning. Then we have searched for the companies which operate their service in the US. We have found some major life insurance companies on that list. We have also searched for the largest property and casualty insurance companies as well as largest auto insurance companies. The top 10 auto insurance companies in the USA were also included in the world rankings. We also found some big companies, which are the publicly traded health insurance companies in the US.

The top insurance companies are being ranked according to a lot of factors like market capitalization, revenue, review, profit, number of insured, etc. We also looked at their own assets while creating the list. It’s no surprise that most of the company’s own assets run billions of dollars and that’s why they are the biggest and most powerful.

Let’s take a look at our list of 11 biggest insurance companies in the US.

11. Northwestern Mutual

Northwestern Mutual life insurance company is an American insurance company and financial services mutual organization. They provide wealth consultation, asset protection, education planning as well as life insurance.

10. Liberty Mutual

Liberty Mutual is the fourth largest property and casualties’ insurer in the United States. They are mainly known by the name of its primary line of business. This insurance company is an American diversified global insurer.

9. Kaiser Permanente

Kaiser Permanente is a care consortium based in California, United States. It was founded in 1945 by an industrialist. They offer health plans, as well as custom, care for all kinds of people.

8. Aetna

Aetna Inc. is a managed health insurance company. They sell traditional and consumer-directed health care and related services. They are trusted and mainly work with individuals and families in the US.

7. Allstate Insurance Group

Allstate Insurance Company is the second largest property/casualty company in the US. Their direct premiums are $30 billion which is half of its nearest competitor.

6. State Farm Group

The State Farm group took position number 6 on our list of the 11 biggest insurance companies in the US. The State Farm insurance company has a direct premium of $59 billion, and their market share is 5.13%. They are the largest property/casualty insurance company in the USA.

5. Anthem Inc.

Anthem Inc. ranks 5th on our list of biggest insurance companies in the US.. It is a health insurance company in the United States, and this insurance company is under the Blue Cross Blue Shield Association. This insurance company was known as WellPoint before 2014.

4. MetLife

MetLife’s aim is to offer the people in the United States, as well as across the world, the financial support they need to build better lives. They are committed to giving people, families, and communities what they need to change their life to adapt to this competitive world.

3. American International Group

American International Group or commonly known as AIG, is a USA-based insurance company. This corporation also operates in more than 80 countries. The number of employees who work here is almost 60,000. Their net revenue is around $52 billion.

2. UnitedHealthcare

UnitedHealthcare is the biggest healthcare company in the USA. It is also ranked sixth in the US on the Fortune 500. They offer healthcare products along with insurance services. Their net revenue is $184 billion, and their number of employees is 230,000.

1. Berkshire Hathaway

Berkshire Hathaway tops our list of 11 biggest insurance companies in the US. This company was founded in 1839, and it was called Valley Falls Company. Warren Buffett is the current owner of this giant company. This is also the world’s eighth largest company by revenue. The company has lots of products, such as property and casualty insurance, and life and utility insurance. On top of all this, they also own restaurants, airlines, toys, real estate, consumer products, media, etc.