Top Insurance Companies in the US



Owning any business in the US will require an investment in insurance; as businesses are expanding and the markets are rapidly changing, it is also often necessary to turn to more than one insurance option. This article will discuss the top Insurance companies in the US as well as the most prominent insurance coverage when starting your LLC.

In 2019, 2.8 million people were employed in the insurance industry, from these 1.6 million people worked for insurance companies and 1.2 million either worked for agencies, brokers or other insurance-related businesses.

The five most common types of insurance coverage in the US are Health, Life, Property, Travel, and Automobile insurance. According to recent statistics, there are around 5,954 insurers in the US; some of the top insurance industries operate in P/C (Property and Casualty), which is usually comprised of auto, home, and commercial insurance, is estimated at about 42%, 15% are in the health industry, and 14% operate in the L&A (Life and Annuity) industry.

Top Insurance Companies in the US

According to statistics released on May 2020, for the time period of 2019, the top five insurance companies in the US, by total assets, were the following (among these were also New York Life, TIAA, Northwestern Mutual, Manulife Financial, and State Farm Group):

Prudential Financial

Part of the Fortune 500, Prudential Financial tops at one of the biggest insurance companies in the US, ranking 1st in Fortune magazine’s 2020 list of ‘Most Admired Companies’ in the ‘Insurance: Life and Health’ category.

Prudential Financial is one of the biggest life and health insurers in the US, their total assets for the quarter (ending March 31, 2020) grossed at $873.712 billion, this increased by 2.87% year-on-year.

Prudential Financial offers services for individuals, advisors, employers, and institutions ranging from Life and Health insurance, Annuities, Investments, Group insurance, and Workplace Benefits, Prudential LINK offers a customer service experience where clients can track their coverage and investments, as well as set goals for their future.

Berkshire Hathaway - GEICO

Berkshire Hathaway is a multinational conglomerate holding company, with various subsidiaries, including insurance companies. For the quarter ending March 31, 2020 Berkshire Hathaway’s assets grossed $760, 448 billion.

Berkshire Hathaway - GEICO

GEICO (Government Employees Insurance Company) is the second largest Auto Insurance company, based in Maryland, United States. GEICO covers around 27 million vehicles; their Private Passenger Auto Insurance is a well-known coverage option, however, their insurance coverage ranges from Flood insurance, Overseas insurance, Business Owners’ insurance, Professional Liability and General Liability insurance and more.

GEICO also provides their clients with a mobile app that allows them to track their car insurance details and offers ‘immediate access’ to important information like ID cards and roadside assistance, in addition to this, the mobile app offers a virtual assistant for any other queries related to payments or particular insurance coverage details.

MetLife

MetLife is a holding corporation for the Metropolitan Life Insurance Company, based in New York, United States and is recognized by Fortune magazine’s ‘Fortunes World Most Admired Companies’. Their total assets for the quarter (ending March 31, 2020) grossed at $737, 741 billion.

MetLife is one of the global insurance coverage companies and offers support ranging from Home, Auto, Life, and Accident and Health insurance, including Long-term care, Annuities, Pet, Vision, and Disability insurance.

Small Business Solutions are also offered by MetLife, with options for employees and for businesses; clients can get in touch with brokers through the website to determine the best insurance coverage strategy and business plan for them, this is offered through the MetLife Simply Smart Bundles and it can be for business group of 10 to 99 employees.

American International Group (AIG)

The American International Group (AIG), based in New York, United States, is a global insurance company (operating in over 80 countries). AIG offers insurance for Individuals and Families, as well as Business and Enterprise. Their total assets for the quarter (ending March 31, 2020) grossed at $510, 48 billion.

For Individuals and Families AIG offers Personal Accident and Health, Life and Travel insurance among others, and for Business and Enterprise AIG boasts a wide range that covers almost all the necessities for a well-run business; from Accident and Health, Cyber, Casualty, Management Liability, Warranties, Professional Liabilities, Mergers and Acquisitions, Property, Trade Credit, Political Risk, Fronting and Captive Service, Surplus Lines, Surety, including Kidnap and Ransom insurance.

Taking a closer look at the subset ‘Professional Liability Insurance’, business owners can be ensured that they will be covered with options like Specialty Professional Liability Insurance (E&O), Technology Services, Robotics Services, Media Content, Publishers and Broadcasters, Reputation Guard, Manufacturers E&O, Employed Lawyers Professional Liability, and Leaders Risk coverage.

Lincoln Financial Group

The Lincoln Financial Group is part of the Lincoln National Corporation (LNC) and its subsidiary companies, located in Pennsylvania, United States; it was nominated in the ‘Forbes JUST 100’ as the leader in insurance companies from a customer perspective. Their total assets for the quarter (ending March 31, 2020) grossed at $318.649 billion.

LFG offers insurance coverage for Individuals, Employers or Organization, and Industry Professionals. Insurance options include Life insurance, Annuities, and Employee benefits, along with these more professionally-based options range from Product and Solutions to Business Insurance.

There are also different insurance options, or products, available for small businesses to choose from; clients can contact a Lincoln Small Business Solutions representative to discuss what option will be more suitable.

A General Liability Insurance is recommended for small business owners, with this insurance your business will be covered for matters like lawsuits or additional costs, not only will this indicate that you are planning ahead for your business, but it will enable you to work with / for certain clients or employers that require liability insurance coverage.

For more information about liability insurance visit TRUiC’s website, including further guidelines about how to set up your LLC and other types of insurances needed to provide the best coverage for your business.