As one of the leading industries within the U.S., over 6,000 companies make up the insurance industry. These companies employ over 2.8 million employees and collect nearly $1 trillion in premiums yearly, showing no signs of slowing down.
With more and more players entering the competition, companies increasingly offer numerous incentives and options to meet the needs of the modern customer base. Most of these companies also offer various types of insurance products and the ability for customers to bundle products together and create truly customized packages.
No doubt, however, many customers looking for policies grow overwhelmed by the sheer number of companies out there and the fact that they seemingly provide similar solutions for coverage.
To help sort through the options, we compiled a list of the top 20 insurance companies in the United States in 2022.
Various metrics exist to rank insurance companies, including customer satisfaction, financial health, profit earned, and value share. However, we based our list on the more straightforward metric of “Direct Premium Earned” by each company. One can assume that if a company brings in a large number of dollars in premiums, it can correlate to satisfaction from their customer base.
We pulled these metrics from the Life/Fraternal and Property/Casualty reports released by the National Association of Insurance Commissioners (NAIC) on March 1, 2022, which consider life insurance, homeowner’s insurance, business liability insurance, and automobile insurance (private and commercial). We also used various reports from Forbes, Statista, Disfold, and S&P. Many of the names on the list the average consumer will recognize. Some are not as immediately well-known or more familiar with the subsidiaries in which they operate.
Here’s our complete list ranking from lowest to highest.
#20 Cincinnati Financial
Headquarters: Cincinnati, Ohio
Direct Premium Earned in 2021: $5.78B
Founded in 1950 by John Jack Schiff and Robert Cleveland Schiff, Cincinnati Financial (NASDAQ: CNF) employs 4,925 people and holds 1.01% of the premium share for property and casualty insurance in the U.S. The company specializes in business, homeowner’s, auto, life, and other types of coverage for specialized personal property.
#19 American Financial Group
Headquarters: Cincinnati, Ohio
Direct Premium Earned in 2021: $6.64B
Founded in 1959 as a business of savings and loans, American Financial Group (NYSE: AFG) has evolved into a holding company with over 30 insurance operations that focus on commercial special property and casualty insurance over various types of industries such as agriculture, aviation, construction, energy, healthcare, and many others.
AFG has a workforce of 7,600 employees and many affiliates and subsidiaries. Currently, the family of financier Carl Linder, Jr. owns the company and has held ownership since 1973.
#18 Markel Corporation Group
Headquarters: Richmond, VA
Direct Premium Earned in 2021: $6.81B
Founded in 1930 by Samuel Markel, Markel Corporation (NYSE: MKL) offers insurance in the Global Market. In the United States, they offer commercial, small business, and personal insurance (including marine, motorcycle, property, events, equine, specialty vehicles, and pet insurance).
The company aspires to be the best global specialty insurer and address various unique client needs across all types of businesses.
#17 Tokio Marine Holdings Inc./Tokio Marine America
Headquarters: Tokyo, Japan
Direct Premium Earned in 2021: $7.17B in the United States.
Tokio Marine Holdings Inc. (listed in the NIKKEI Index) is a multinational insurance company founded in 1879. The company provides property and casualty insurance and is the parent company of Tokyo Marine Group (Mitsubishi), which has 39,000 employees across 38 countries.
In the United States, its subsidiaries include Philadelphia Insurance Companies, First Insurance Company of Hawaii, and Tokio Marine America.
#16 AXA Insurance Group
Headquarters: Stamford, CT
Direct Premium Earned in 2021: $7.37B
As the American subsidiary of the global insurance and reinsurance company AXA, AXAXL has more than 100 offices on six continents and a workforce of 7,400 employees. Its business insurance products cover various industries, including Agriculture, Financial Services, Transportation, Consumer Goods & Services, Healthcare, Aviation, and much more.
They are one of the top 20 global reinsurers for reinsurance and focus on casualty, property, property risk, and specialty products.
#15 Berkshire Hathaway Group
Headquarters: Omaha, NE
Direct Premium Earned in 2021: $7.55B
Berkshire Hathaway (NYSE: BRK.A and BRK.B) began in 1839 as a textile manufacturing company by Oliver Chase in Valley Falls, RI. The company provides a variety of insurance offerings and specializes in property and casualty insurance and reinsurance for businesses and individuals.
Currently run by CEO Warren Buffet, the company continues to grow. In January 1996, it acquired GEICO, and in December 1998, it acquired Gen Re.
#14 W.R. Berkley Corporation
Headquarters: Greenwich, CT
Direct Premium Earned in 2021: $7.64B
W.R. Berkley Corporation (NYSE: WRB) was founded in 1967 by William R. Berkley. It has 7,448 employees across multiple countries across 50 different insurance businesses. Its primary policies focus on commercial insurance, specifically property, casualty, and high net worth personal lines. Their key industries span a broad spectrum and include everything from Life Sciences to Agriculture, Professional and Financial Services, and almost everything in between.
#13 Erie Insurance
Headquarters: Erie, PA
Direct Premium Earned in 2021: $7.72B
Erie Insurance (NASDAQ: ERIE (Class A)) began in 1925 as an automobile insurer. It now provides various insurance services through several subsidiaries, including Erie Property & Casualty, Flagship City Insurance, Erie Insurance Company, Erie Insurance Company of New York, and Erie Family Life Insurance. The company focuses on property, car, and life insurance, selling these products through a network of 13,000 independent insurance agents in 12 states and the District of Columbia.
Headquarters: New York City, NY
Direct Premium Earned in 2021: $8.61B
Assurant Inc. (NYSE: AIZ) is a global provider of risk management products and services and serves a diverse specialty niche. Its offerings include Mobile Device Lifecycle Management, Consumer Goods, Lender-Placed Insurance, Flood Solutions, Multifamily Housing, Vehicle Protection Services (Auto Industry), Prearranged Funeral/Final Expenses, and Financial Services. Currently having 14,250 employees, it can trace its roots to the 1890s, when the La Crosse Mutual Aid Association was established to see disability insurance.
#11 Auto-Owners Insurance Group
Headquarters: Lansing, MI
Direct Premium Earned in 2021: $9.62B
Fortune 500 company, Auto-Owners Insurance Group, was founded in 1916 by Vern V. Moulton and four others. It currently has a workforce of 5,394 employees and provides a variety of home, auto, life, and business insurance offerings. It sells its offerings through a network of 6,301 independent agencies to focus on giving its customers the local support they desire from agents within and familiar with their individual communities.
#10 American Family Insurance Group
Headquarters: Madison, WI
Direct Premium Earned in 2021: $9.8B
Founded in 1927 as Farmers Mutual, American Family Insurance Group (AmFam) provides auto, homeowners, renters, life, business, and farm/ranching insurance. AmFam has a workforce of 11,300 employees. Currently, they make their offerings available through exclusive agency owners, which customers can find in 19 states. They specialize in customized packages and bundles to meet the unique needs of their customer base.
#9 CNA Insurance Group
Headquarters: Chicago, IL
Direct Premium Earned in 2021: $12.02B
Founded in 1897, CNA Insurance Group (NASDAQ: CNA) has provided property and casualty insurance offerings for over 120 years. They focus primarily on business and professional insurance and cover a variety of industries. Their products include Commercial Auto, Marine, General Liability, Worker’s Compensation, Property, and more.
The company has various offices throughout the United States and Canada and works to sell its services through professional independent agents and brokers.
#8 Hartford Financial Services Group
Headquarters: Hartford, CT
Direct Premium Earned in 2021: $13.08B
The Hartford Financial Services Group, Inc. (NYSE: HIG) was founded in 1810 as a fire insurance company and has since expanded to provide a variety of insurance offerings for Homes, Auto, and Businesses. They also offer Employee Benefits plans for small to large companies, including specialized options. They sell their products throughout a network of agents and brokers all over the U.S.
#7 Nationwide Corp Group
Headquarters: Columbus, OH
Direct Premium Earned in 2021: $18.91B
Nationwide Mutual Insurance Company has been around since 1925 and has grown to be one of the world’s largest insurance and financial services companies. It’s made up of numerous affiliated companies and has 25,391 employees. The main product offerings include insurance, investments, and banking. For insurance, they offer Homeowners, Auto/Specialty Auto, Life, Medical/Dental, Pet, Travel, Wedding, and Liability. They sell their products nationally, online, and locally through independent agents.
#6 United Service Automobile
Headquarters: San Antonio, TX
Direct Premium Earned in 2021: $24.89B
United Service Automobile Association (USAA) started in 1922 when 25 Army officers decided to insure each other’s vehicles. At the time, companies considered military officers a high-risk group, and it was not easy to obtain insurance. Since then, it has grown to be one of the only fully integrated financial services organizations (Banking, Insurance, Investment, Retirement) in America. Currently, it offers these banking and insurance services to all military members (past and present) and their families and employs 36,000 people.
#5 Chubb Ltd Group
Headquarters: Zurich, Switzerland
Direct Premium Earned in 2021: $24.89B
Chubb (NYSE: C.B.) was started in New York City in 1882 by Thomas Caldecot Chubb and his son. In 1967 it was incorporated, and in 1984 was listed on the New York Stock Exchange. Currently, it operates in 54 countries and territories and employs 31,000 people. In the United States, it has 44 branch locations, divided among eight regions. Its primary products include commercial and personal property and casualty insurance, personal accident and supplemental health insurance, life insurance, and reinsurance. The client base it serves is diverse, and its bespoke offerings cater to individuals and businesses with unique needs.
#4 Travelers Group
Headquarters: New York City, NY
Direct Premium Earned in 2021: $29.80B
The Travelers Group (NYSE: TRV) began in 1864 in New York City by a businessman who wanted to offer accident insurance within the United States. Since then, it has grown to be one of the largest insurers in the U.S. It offers various products to different individuals and businesses, including Home, Auto, Travelers, Pet, Liability, Umbrella, and much more. The company employs over 30,000 people and works with 13,500 independent brokers in the U.S., Canada, the U.K., and Ireland.
#3 Allstate Group
Headquarters: Northfield Township, IL
Direct Premium Earned in 2021: $40.40B
Allstate Corporation (NYSE: ALL) began in 1931, during the Great Depression, to help Americans that struggled with financial insecurity insure their vehicles for an affordable price. Since then, it has grown to be the most prominent publicly-traded property and casualty insurance company. It offers both individual and business insurance to a vast array of customers with different needs and owns nineteen different companies that employ 42,160 people.
#2 Progressive Group
Headquarters: Mayfield Village, OH
Direct Premium Earned in 2021: $45.64B
The Progressive Corporation (NYSE: PGR) began by specializing in car insurance but now has expanded its offerings to include property, commercial, and personal insurance as well. It was founded in 1937 and has grown to be the number 99 company on the Fortune 500 list. Progressive currently has more than 21 million active policies and is the number 1 commercial auto insurer in the United States. They employ nearly 42,000 people and, as their name suggests, seek to approach insurance innovatively.
#1 State Farm Group
Headquarters: Bloomington, IL
Direct Premium Earned in 2021: $67.86B
State Farm Insurance has been around for 100 years and has locations all around the country. With over 19,000 agents, there is one in almost every geographical area. It is the largest property, casualty, and auto insurance provider. Its products are sold exclusively by agents located around the country, and they stress that the agents are “neighbors” in the location they serve, making them experts in local insurance needs.
The 20 insurance companies ranked here hold the most considerable amount of money from “Direct Premiums” of all insurance companies that do business in the United States. As you can see, the “Direct Premium Earned” spans from $5.78B to $67.86B, showing that the #1 ranked company, State Farm, takes in over ten times more in premiums than the #20 company on the list.
When choosing to give your business to a particular company, consider not only their market share but also the reviews of their customers showing satisfaction and how well they can create an insurance package to meet your personal or business needs. However, for any Americans looking for insurance, these companies make an excellent place to start.