What are the 10 Largest Insurance Companies?
July 20, 2021
Insurance companies play an integral role in risk management. These companies provide risk management provided the insurer guarantees payment. When one purchases an insurance policy, they manage risks in case of a potential loss, this is exactly why you need an insurance company. In the event of a loss, the insurer reimburses the client. These services are offered to both individuals and businesses. Clients can access affordable rates from different insurance companies in the market. Different policies offer coverage. Clients get coverage in cases of losses due to casualty, accidents, liability, and property. This is exactly why you need an insurance company. As such, the list below looks at the 10 largest insurance companies. The listing is based on trailing revenues.
Also read: 7 Best Dental Insurance Companies of 2021
1. Miller Hanover Insurance
Miller Hanover is an insurance company that offers affordable insurance rates. Through a partnership with Erie Insurance, Miller offers home, life, and auto insurance. The agency specializes in business, personal, commercial and health insurance. They also provide annuities and life insurance. Their wide range of business insurance makes the company ideal for businesses. They offer the following business insurance: business interruption insurance, commercial trucking insurance, business owners package, and commercial auto insurance.
2. Berkshire Hathaway
Berkshire Hathaway has a revenue of $279.2 billion. Its net income is $35 billion, with a market capitalization of $549 billion. This insurance company provides reinsurances on casualty risk and property. It also provides primary insurance. Since it’s a conglomerate, it partners with other companies. Some of which include: National Indemnity Company and GEICO. The company has the following insurance products: personal umbrella, worker’s compensation, disability, professional liability, business owner’s policy, and commercial auto insurance.
Prudential insurance has revenue of 435.1 billion. Its market capitalization is $49.9 billion. The London-based investment and insurance services company offers various products. These products include mortgages, life, property, equity plans, health, and accidents coverage. The company caters to the global markets and also the UK.
4. MetLife, Inc.
MetLife is a global provider of insurance, employee benefits, and annuities. The company offers life, dental, disability, auto, and home insurance. Additionally, they offer financial services to individuals. This applies to US-based employees. Their policies also look at retirement and group savings.
5. American International Group, Inc.
This insurance company is also known as AIG. The company offers general, life, and retirement insurance. Under the general insurance segment, it offers personal and commercial insurance. The life and retirement insurance segment comprises institutional markets, group retirements, and individual retirement. The American insurance company has operations in more than 80 companies.
6. New York Life Insurance Company (NYLIC)
New York Life Insurance Company is the biggest mutual life insurance in America. The company is owned by its policyholders. It distributes its earnings to policyholders in the form of annual dividends. The company’s main insurance product is whole life insurance. This product protects the policyholder on a lifelong basis. They also have annuities, universal life insurance, long-term care insurance, and variable universal life insurance.
7. UnitedHealth Group Incorporated
This insurance company specializes in healthcare products and other insurance services. Considering its revenues, it’s the second-largest healthcare company. Its net premiums clearly indicate that it’s the largest health insurance company. The for-profit company is based in Minnetonka, Minnesota. The company offers different medical insurance policies. They include medical insurance plans such as Medicaid and Medicare. Medicare is meant for persons older than 65 or people with special conditions and disabilities. The Medicaid package is meant for people with low incomes. They also offer dental, vision, and supplemental insurance.
8. Liberty Mutual Group
This company is a diversified global insurer. It’s also categorized as the third-largest casualty and property insurer in America. The company, which was founded in 1912, offers a host of products. These include surety, commercial automobile, automobile, global specialty, worker’s compensation, and general liability.
9. Allianz SE
This company has its headquarters in Germany, Munich. It specializes in asset management and insurance. The company is rated as A+ in the Better Business Bureau. This superior rating indicates financial stability. The company offers health, life, travel, casualty, and credit insurance. It also offers asset management through various subsidiaries and brands.
10. Ping An Insurance
Ping An Insurance (Group) Company of China, Ltd. It’s a conglomerate in different sectors. It was initially founded in 1988. It deals with insurance, healthcare, financial services, banking, and asset management. The company is China’s largest insurer. Its net premium was $110 billion as of 2019. At the moment, it has a market capitalization of $217 billion. Making it the biggest insurer in Asia-pacific.
You also like to read: Is It Cheaper to Go Through An Insurance Agent?