Life is full of uncertainties. From unexpected accidents to unpredictable health concerns, there are many instances where life can be disrupted. In such situations, insurance can provide a reliable safety net and pledge support during challenging times. It is quite beneficial, isn’t it?
However, the insurance sector is more than just protective services for worst-case scenarios. It’s a lucrative business model generating trillions of dollars annually.
Let’s explore the insurance world to understand the foundational components that enable these companies to prosper. Additionally, we will explore the top 15 largest insurance companies by market cap, market share, and revenues.
Property & Casualty
Property and casualty (P&C) insurers cover personal property like homes, cars, boats, and other vehicles. They also cover liability risks stemming from property damage or personal injury. This helps pay for lawsuit expenses or medical costs from such incidents.
The leading American property and casualty companies by direct premiums written are:
| Company | Direct Premiums Written | Market Share |
| State Farm Group | $78.6 billion | 9.06% |
| Berkshire Hathaway (BRK.A) | $56.0 billion | 6.45% |
| Progressive Insurance Group (PGR) | $52.3 billion | 6.03% |
| Allstate Insurance Group (ALL) | $45.5 billion | 5.24% |
| Liberty Mutual | $43.9 billion | 5.06% |
| Travelers Group (TRV) | $34.2 billion | 3.95% |
| Chubb (CB) | $29.4 billion | 3.39% |
| USAA Group | $26.8 billion | 3.09% |
| Farmers Insurance Group | $26.4 billion | 3.04% |
| Nationwide | $20.3 billion | 2.34% |
Life Insurance Companies
Life insurance companies promise to pay money to beneficiaries when the insured person passes away. They use math and statistics to calculate future payouts. But having lots of money now ensures they can pay claims and still make a profit.
The top US life insurers by direct premium written (the dollar value of new policies not re-insured) are:
| 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 companies sell plans to pay for medical care. People can buy plans on their own or through an employer. Technically, the U.S. government provides the most health coverage through Medicare, Medicaid, and other programs.
The top US private health insurers by total direct premium written are:
| 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% |
