In this article, we will discuss in detail insurances. Their meaning, types, and who to go-to to get one. How do they work? What one should consider before getting insurance etc. We will also see the facts around the world such as Top rich insurance companies, top best insurance companies for different kinds of insurances, and the most revenue-generating companies as well.
What is Insurance?
Insurance is a contract, which is prepared as a policy. In this policy, there are certain rules and conditions following which you can be reimbursed for any losses in your property/ health or anything for which you have taken insurance for. These losses are paid by the insurance company to which you provide a certain amount of premium till a certain time period. This is a formula to secure yourself from financial losses. The company pays the client’s risks more securely for the insured entity.
The insurance company owns only those risk which it can identify, measure, and manage for individuals, institutions, or businesses. The company manages its risk through contracts. The trend of getting insured belongings and property has rapidly increased in recent times. There are numerous types of insurance companies in the market which provide financial assistance to the insured at times of losses, however, all insurance companies follow the basic rule of guarantee the insured to pay the compensation in the event of a loss. For reimbursement, the company pools risk evaluating the costs. Historically, the companies have been successful in pooling risk rightly, this is why the estimated rates have been pretty affordable in many cases. The insurance policy covers the loss of the accident, death, health, property got fire or damage, homeownership, casualty during any incident, suffered through malpractices, professional liability, and other areas.
Below are the lists of the company by 12-month trailing revenue. These lists are limited to publicly traded companies in the U.S. or Canada. Some of them might be traded indirectly through ADRs or directly in another case. Reporting of the profit, in this case, is different as some may do it quarterly while others report semi-annual profits. These companies may or may not work within the U.S. Therefore, for companies reporting revenues semi-annually, the trailing data may be older than the one’s reporting every quarter. This data contains some reports of 2019, while others are collected as recently as September 2020.
Top 10 Insurance Companies for Casualty/Property, 2019
($000)
Rank Group/company Direct premiums Market share
1 State Farm Mutual Automobile Insurance $65,615,205 9.4%
2 Berkshire Hathaway Inc. 46,107,971 6.7
3 Progressive Corp. 39,228,879 5.8
4 Liberty Mutual 35,605,051 5.2
5 Allstate Corp. 35,026,903 5.1
6 Travelers Companies Inc. 28,017,966 4.3
7 USAA Insurance Group 23,484,080 3.4
8 Chubb Ltd. 23,389,385 3.4
9 Farmers Insurance Group of Companies 20,645,559 2.95
10 Nationwide Mutual Group 18,448,145 2.7
Top 10 Direct Premium Insurance Companies Of Annuity/Life, 2019
($000)
| Rank | Group/company | Direct premiums | Market share | |
|---|---|---|---|---|
| — | — | — | — | |
| 1 | MetLife Inc. | $95,080,321 | 13.1% | |
| 2 | Prudential Financial Inc. | 56,208,131 | 7.8 | |
| 3 | Equitable Holdings | 44,724,302 | 6.3 | |
| 4 | New York Life Insurance Group | 33,428,321 | 4.7 | |
| 5 | Massachusetts Mutual Life Insurance Co. | 30,377,127 | 4.4 | |
| 6 | Lincoln National Corp. | 28,472,688 | 3.95 | |
| 7 | Principal Financial Group Inc. | 27,039,400 | 3.8 | |
| 8 | American International Group (AIG) | 25,685,394 | 3.6 | |
| 9 | Jackson National Life Group | 23,056,695 | 3.5 | |
| 10 | Transamerica | 22,361,121 | 3.2 |
It includes all U.S based territories. This company list includes all types of life insurances, annuity considerations, deposit-type contract funds, and other considerations, accidents, and health insurance.
Top 10 Direct Premium Homeowners Insurance Companies, 2019
($000)
| Rank | Group/company | Direct premiums | Market share | |
|---|---|---|---|---|
| — | — | — | — | |
| 1 | State Farm Mutual Automobile Insurance | $18,685,967 | 18.2% | |
| 2 | Allstate Corp. | 8,723,248 | 8.5 | |
| 3 | USAA Insurance Group | 6,8356,804 | 6.7 | |
| 4 | Liberty Mutual | 6,745,894 | 6.6 | |
| 5 | Farmers Insurance Group of Companies | 5,943,834 | 5.9 | |
| 6 | Travelers Companies Inc. | 4,240,953 | 4.3 | |
| 7 | American Family Insurance Group | 4,057,599 | 3.95 | |
| 8 | Nationwide Mutual Group | 3,244,693 | 3.13 | |
| 9 | Chubb Ltd. | 2,989,494 | 3.0 | |
| 10 | Erie Insurance Group | 1,746,590 | 1.9 |
Top 10 Direct Premium Passenger Auto Insurance Companies, 2019
($000)
| Rank | Group/company | Direct premiums | Market share | |
|---|---|---|---|---|
| — | — | — | — | |
| 1 | State Farm Mutual Automobile Insurance | $40,878,881 | 16.3% | |
| 2 | Berkshire Hathaway Inc. | 34,892,204 | 13.9 | |
| 3 | Progressive Corp. | 31,025,872 | 12.3 | |
| 4 | Allstate Corp. | 23,626,943 | 9.5 | |
| 5 | USAA Insurance Group | 15,231,469 | 6.2 | |
| 6 | Liberty Mutual | 11,701,871 | 4.7 | |
| 7 | Farmers Insurance Group of Companies | 10,533,373 | 4.3 | |
| 8 | Nationwide Mutual Group | 6,245,589 | 2.7 | |
| 9 | American Family Insurance Group | 5,776,741 | 2.4 | |
| 10 | Travelers Companies Inc. | 4,903,133 | 2.0 |
Top 10 Direct Premiums Commercial Auto Insurance Companies, 2019
($000)
| Rank | Group/company | Direct premiums | Market share | |
|---|---|---|---|---|
| — | — | — | — | |
| 1 | Progressive Corp. | $5,578,099 | 12.3% | |
| 2 | Travelers Companies Inc. | 2,798,420 | 6.2 | |
| 3 | Liberty Mutual | 1,888,126 | 4.2 | |
| 4 | Nationwide Mutual Group | 1,673,431 | 3.7 | |
| 5 | Old Republic International Corp. | 1,613,671 | 3.6 | |
| 6 | Berkshire Hathaway Inc. | 1,568,586 | 3.5 | |
| 7 | Zurich Insurance Group | 1,426,525 | 3.2 | |
| 8 | Auto-Owners Insurance Co. | 1,116,121 | 2.5 | |
| 9 | Chubb Ltd. | 966,797 | 2.1 | |
| 10 | Allstate Corp. | 917,778 | 2.0 |
Top 10 Direct Premiums Commercial Lines Insurance Companies, 2019
($000)
| Rank | Group/company | Direct premiums | Market share | |
|---|---|---|---|---|
| — | — | — | — | |
| 1 | Travelers Companies Inc. | $18,666,277 | 5.5% | |
| 2 | Chubb Ltd. | 18,567,051 | 5.5 | |
| 3 | Liberty Mutual | 16,794,384 | 5.0 | |
| 4 | Zurich Insurance Group | 12,612,294 | 3.7 | |
| 5 | American International Group (AIG) | 12,220,209 | 3.6 | |
| 6 | CNA Financial Corp. | 10,602,312 | 3.1 | |
| 7 | Berkshire Hathaway Inc. | 10,514,633 | 3.1 | |
| 8 | Hartford Financial Services | 9,686,418 | 2.9 | |
| 9 | Nationwide Mutual Group | 8,381,732 | 2.5 | |
| 10 | Tokio Marine Group | 7,413,819 | 2.2 |
Top 10 Direct Premiums Workers’ Compensation Insurance Companies, 2019
($000)
| Rank | Group/company | Direct premiums | Market share | |
|---|---|---|---|---|
| — | — | — | — | |
| 1 | Travelers Companies Inc. | $4,212,529 | 7.9% | |
| 2 | Hartford Financial Services | 3,366,298 | 6.3 | |
| 3 | Zurich Insurance Group | 2,642,320 | 5.0 | |
| 4 | Liberty Mutual | 2,448,306 | 4.7 | |
| 5 | Chubb Ltd. | 2,432,118 | 4.6 | |
| 6 | Berkshire Hathaway Inc. | 2,321,261 | 4.4 | |
| 7 | AmTrust Financial | 2,175,219 | 4.3 | |
| 8 | Accident Fund Group | 1,746,640 | 3.7 | |
| 9 | American International Group (AIG) | 1,455,477 | 2.8 | |
| 10 | Old Republic International Corp. | 1,409,124 | 2.7 |
Till now we have been seeing and considering the direct and indirect premium data of 2019 for different types of insurances. Let’s see the Top 70 best-rated insurance companies in the past.
World’s Top Insurance Companies
As per total asset following is the list from around the world for companies ranks high. In terms of total assets, Allianz Group is a Germany-based company that ranks first. It deals with property/ casualty insurance, it provides the best health insurance, asset management, life and health insurance, travel insurance, corporate and credit insurance, etc. It has recorded to have over 86.5 million customers around the world and it works in 70 countries. It is known to be a global leader of insurances. In the year 2016, the company’s gross written premiums were recorded to be around EUR 76 billion. Of December 31, 2019, the total asset recorded were EUR 1011.185 Billion. With their presence in 64 countries around the globe, AXA Group is the second-largest international. The world’s top 10 insurance companies have combined assets of about $8.0 trillion as of record in the year 2017.
| Rank | Company | Country | Total assets, US$b | Balance sheet |
|---|---|---|---|---|
| 1 | Allianz | Germany | 1,046.95 | 06/30/2017 |
| 2 | AXA | France | 1,038.07 | 06/30/2017 |
| 3 | Ping An Insurance | China | 925.989 | 09/30/2017 |
| 4 | Prudential Financial | US | 821.121 | 09/30/2017 |
| 5 | Metlife | US | 720.516 | 09/30/2017 |
| 6 | Japan Post Insurance | Japan | 698.668 | 09/30/2017 |
| 7 | Berkshire Hathaway | US | 681.555 | 09/30/2017 |
| 8 | Nippon Life Insurance Company (Nissay) | Japan | 660.717 | 09/30/2017 |
| 9 | Prudential plc | UK | 644.633 | 06/30/2017 |
| 10 | Legal & General | UK | 642.924 | 06/30/2017 |
| 11 | Assicurazioni Generali | Italy | 641.732 | 09/30/2017 |
| 12 | Aviva | UK | 589.542 | 06/30/2017 |
| 13 | Manulife Financial | Canada | 548.261 | 09/30/2017 |
| 14 | Zenkyoren (1) | Japan | 513.210 | 03/31/2017 |
| 15 | American International Group (AIG) | US | 503.074 | 09/30/2017 |
| 16 | Dai-ichi Life Holdings | Japan | 476.107 | 09/30/2017 |
| 17 | CNP Assurances | France | 469.755 | 06/30/2017 |
| 18 | Aegon | Netherlands | 445.659 | 09/30/2017 |
| 19 | China Life Insurance | China | 431.370 | 09/30/2017 |
| 20 | Zurich Insurance Group | Switzerland | 381.174 | 06/30/2017 |
| 21 | Meiji Yasuda Life Insurance Company | Japan | 360.218 | 09/30/2017 |
| 22 | Power Financial Corp | Canada | 338.176 | 09/30/2017 |
| 23 | Sumitomo Life Insurance Company | Japan | 316.357 | 09/30/2017 |
| 24 | Munich Re | Germany | 313.833 | 06/30/2017 |
| 25 | Life Insurance Corporation of India | India | 310.010 | 12/31/2016 |
| 26 | TIAA | US | 294.058 | 03/31/2017 |
| 27 | New York Life | US | 287.197 | 12/31/2016 |
| 28 | Cathay Financial Holding | Taiwan | 287.021 | 09/30/2017 |
| 29 | Lincoln National | US | 276.786 | 09/30/2017 |
| 30 | NN Group NV | Netherlands | 269.852 | 09/30/2017 |
| 31 | Northwestern Mutual | US | 258.233 | 06/30/2017 |
| 32 | State Farm | US | 256.031 | 12/31/2016 |
| 33 | Standard Life Aberdeen | UK | 248.266 | 06/30/2017 |
| 34 | Principal Financial | US | 247.935 | 09/30/2017 |
| 35 | Samsung Life Insurance | South Korea | 245.426 | 09/30/2017 |
| 36 | Massachusetts Mutual | US | 243.419 | 06/30/2017 |
| 37 | Nationwide Mutual Insurance | US | 227.529 | 09/30/2017 |
| 38 | Voya Financial | US | 226.645 | 09/30/2017 |
| 39 | Old Mutual | UK | 226.045 | 06/30/2017 |
| 40 | Hartford Financial Services | US | 224.212 | 09/30/2017 |
| 41 | Brighthouse Financial | US | 223.280 | 09/30/2017 |
| 42 | Fubon Financial | Taiwan | 221.047 | 09/30/2017 |
| 43 | Swiss RE | Switzerland | 213.342 | 06/30/2017 |
| 44 | Swiss Life Holding | Switzerland | 208.518 | 06/30/2017 |
| 45 | Sun Life Financial | Canada | 206.199 | 09/30/2017 |
| 46 | Tokio Marine Holdings | Japan | 202.334 | 09/30/2017 |
| 47 | MS&AD Insurance Group | Japan | 197.631 | 09/30/2017 |
| 48 | AIA Group | Hong Kong | 197.411 | 05/31/2017 |
| 49 | Talanx AG | Germany | 176.281 | 09/30/2017 |
| 50 | China Pacific Insurance Group (CPIC) | China | 172.438 | 09/30/2017 |
| 51 | Chubb Ltd | Switzerland | 167.579 | 09/30/2017 |
| 52 | USAA (United Services Automobile Association) | US | 153.028 | 06/30/2017 |
| 53 | Pacific Mutual Holding Company | US | 143.299 | 12/31/2016 |
| 54 | People’s Insurance Co (Group) of China | China | 140.986 | 06/30/2017 |
| 55 | Liberty Mutual Holding Company | US | 137.963 | 06/30/2017 |
| 56 | Aflac | US | 136.084 | 09/30/2017 |
| 57 | T&D Holdings | Japan | 134.151 | 09/30/2017 |
| 58 | Ageas | Belgium | 122.091 | 09/30/2017 |
| 59 | Achmea | Netherlands | 115.621 | 06/30/2017 |
| 60 | Allstate | US | 113.633 | 09/30/2017 |
| 61 | Covea Mutual Insurance Group | France | 111.529 | 12/31/2016 |
| 62 | Sompo Holdings (2) | Japan | 110.561 | 09/30/2017 |
| 63 | Shin Kong Financial | Taiwan | 109.563 | 09/30/2017 |
| 64 | Hanwha Life | South Korea | 108.588 | 09/30/2017 |
| 65 | New China Life Insurance | China | 107.286 | 09/30/2017 |
| 66 | Unipol Gruppo Finanziario | Italy | 104.999 | 06/30/2017 |
| 67 | Genworth Financial | US | 104.630 | 09/30/2017 |
| 68 | Travelers Companies | US | 104.312 | 09/30/2017 |
| 69 | Groupama | France | 103.729 | 12/31/2016 |
| 70 | Phoenix Group Holdings | UK | 100.477 | 06/30/2017 |
By revenues the recorded best global companies of the year 2019 are:
Best Insurance Companies 2019:
Berkshire Hathaway (BRK.A)
- Revenue (TTM): $237.3 billion
- Net Income (TTM): $10.1 billion
- Market Cap: $476 billion
- 1-Year Trailing Total Return: -4.9%
- Exchange: New York Stock Exchange
It is a top-notch nation’s premier insurance company being the main conglomerate of its various distinct parts, having its broad range of businesses in sectors such as rail transportation, utilities and energy, manufacturing, services, and retailing. Berkshire not only provides primary insurance but it also provides its services in reinsurance of property and casualty risks through companies such as GEICO, Berkshire Hathaway Reinsurance Group, Berkshire Hathaway Primary Group, General Re, National Indemnity Company, and others. These companies work under one umbrella of Berkshire Hathaway (BRK.A).
Ping An Insurance (Group) Co. of China Ltd.
- Revenue (TTM): $144.9 billion
- Net Income (TTM): $18.8 billion
- Market Cap: $194.5 billion
- 1-Year Trailing Total Return: -7.5%
- Exchange: OTC
“Ping An Insurance” primarily works in banking, financial services, and insurance. It is one of the top 50 companies listed on the Shanghai Stock Exchange. Founded in 1988, it was China’s first joint-stock insurance company. Ping An Life is one of the subsidiaries of the Shanghai Stock Exchange. Other subsidiaries include Ping An Property & Casualty, Ping An Annuity, and Ping An Health, among many others.
AXA SA
- Revenue (TTM): $139.6 billion
- Net Income (TTM): $4.5 billion
- Market Cap: $48.4 billion
- 1-Year Trailing Total Return: -17.2%
- Exchange: OTC
AXA ranks third in the world-leading insurance companies. AXA’s major businesses in property and casualty insurance, life insurance, savings, and asset management. Several insurance companies merged to create AXA in the 1990s. It has its business in almost all the major global markets.
China Life Insurance Co. Ltd. (LFC)
- Revenue (TTM): $105.7 billion
- Net Income (TTM): $8.5 billion
- Market Cap: $64.95 billion
- 1-Year Trailing Total Return: -6.32%
- Exchange: New York Stock Exchange
“China Life Insurance” as the name implies is one of the largest state-owned financial services and insurance companies. It works as a key player an “Institutional Investor” in the Chinese capital market. The company was founded in the same year as the People’s Republic of China was founded, that’s the year 1949. The company today has numerous subsidiaries spread across life insurance, pension plans, asset management, investment holdings, and property and casualty insurance.
Allianz SE (ALIZY)
- Revenue (TTM): $101.3 billion
- Net Income (TTM): $8.3 billion
- Market Cap: $85.95 billion
- 1-Year Trailing Total Return: -13.4%
- Exchange: OTC
Allianz is a top leading global insurance and financial services company Its portfolio ranges from providing products and services of insurance to asset management. It offers services in various insurance products like property and casualty policies, health insurance, life insurance for all corporate and individual customers. The company is located in Germany.
Prudential PLC (PUK)
- Revenue (TTM): $93.8 billion
- Net Income (TTM): $0.9 billion
- Market Cap: $37.9 billion
- 1-Year Trailing Total Return: -17.23%
- Exchange: New York Stock Exchange
A London-based investment and insurance company that provides its products and services in life, health, accident, property, and casualty policies and pensions, equity plans, mortgages, and other financial services. Prudential caters to its customers in all major global markets, including in its home market of the United Kingdom.
Aviva PLC (AVVIY)
- Revenue (TTM): $90.6 billion
- Net Income (TTM): $3.3 billion
- Market Cap: $13.8 billion
- 1-Year Trailing Total Return: -27.1%
- Exchange: OTC
Aviva PLC is a U.K - based international insurance company that offers transport, aviation, marine, fire, motor, and life insurance products to its customers, as well as a range of financial services. They are the leaders in their home market UK for Life business and General Insurance business.
Assicurazioni Generali (ARZGY)
- Revenue (TTM): $86.97 billion
- Net Income (TTM): $1.9 billion
- Market Cap: $24.94 billion
- 1-Year Trailing Total Return: -12.7%
- Exchange: OTC
Assicurazioni Generali is an international insurance provider having its headquarters in Italy. The company offers a variety of life, non-life, and reinsurance products. It has it’s larger portion working in Europe and growing rigorously in Asia and Latin America at present.
Legal & General Group PLC (LGGNY)
- Revenue (TTM): $85.97 billion
- Net Income (TTM): $2.45 billion
- Market Cap: $16.9 billion
- 1-Year Trailing Total Return: -4.0%
- Exchange: OTC
A London-based insurance and financial services company that has its customers around the globe. It provides a range of services such as retirement, asset management, general insurance, savings plans, and products.
The People’s Insurance Co. (Group) of China Ltd. (PINXY)
- Revenue (TTM): $76.5 billion
- Net Income (TTM): $3.3 billion
- Market Cap: $14.8 billion
- 1-Year Trailing Total Return: -17.7%
- Exchange: OTC
The People’s Insurance Co. operates with the Chinese central government as its controlling shareholder, several subsidiaries that provide asset management, property insurance, life and health insurance, pension products. The company also offers reinsurance and various other offerings.
FAQs
What are the top 10 best car insurance companies?
TOP 10 rated Car Insurance Companies 2020:
- Geico
- Allstate
- Progressive
- Auto-Owners Insurance
- Esurance
- Liberty Mutual insurance
- Nationwide Insurance
- Travelers Insurance
- Safeco
- USAA
What kind of coverage does your state legally require you to have?
In most states in America, having insurance is compulsory especially bodily injury liability coverage and liability of property damage are necessary to drive, but one has to check with their insurance company for specifics as per their area they live.
What sort of coverage do you want?
Different offers or policies may be offered by insurance companies. some only cover the defined risks and damages so one should get a complete knowledge of what damages and risks do the company cover and then assess according to his/her need and how the company provides compensation.
Which auto insurers are best?
We have provided a complete detail list of the Best Companies in the article to go to
What payment plan is best for you?
There are a variety of ways that you can pay to a company. Some companies prefer annual payments whereas some offer monthly or even some can have with transfer through an electronic fund. One has to see for themselves which suits the most and then reach out to them accordingly.