Top 10 insurance companies in the USA

Owning a new property, such as a brand new car or buying a home, is often the reason to celebrate. Insurance plays a vital role in providing financial security and peace of mind to individuals and businesses that own these properties.

In the United States, various insurance establishments offer a wide range of services that cater to your various needs.

The USA is the biggest insurance market in the world, with the largest volume of up to 40% of the total global market.

There are three types of insurance sectors operating in the USA: property/casualty, life/annuity, and private health insurance.

Property/casualty: This deals with insurance of home, commercial, and auto insurance.

Life/annuity: This deals with life insurance and annuity products.

Private health insurance: This sector is quite interesting in the United States, as it’s the only developed country where employees are tied to private insurance companies instead of the usual government. If you are not insured in the U.S. for health, then only by luck can you survive in most cases. This is because hospitals often overbill their patients.

These show the importance of the insurance industry, especially in the United States.

To help you make the right choice, we have compiled a list of the most efficient top 10 insurance companies in the USA based on their reputation, customer satisfaction, and financial strength.

1: Start Farm

Founded in 1922, with over 53,586 total employees, it’s one of the largest private auto insurers in the United States. They offer a wide range of insurance and financial products, including auto, life, and health insurance.

They have awe-inspiring customer support and are less compliant compared to other companies.

They provide you with a seamless online experience that allows you to make payments online.

State Farm car insurance costs $1,431 per year on average; it has one of the cheapest annual rates compared to other large insurance companies in the United States.

2: USAA (The United Service Automobile Association)

It is an American financial service that was founded by a group of 25 U.S. soldiers in 1922. With a total employee count of 37,335, this company offers various insurance products, investment services, and banking services.

They provide insurance to active military members, veterans, and their families only.

USAA car insurance costs $1,120 per year on average; however, their rate only applies to 35-year-old drivers with a clean driving history and good credit to fully cover their insurance.

Your price may also depend on your driving history, car model, location, and other factors.

3: TIAA (Teachers Insurance and Annuity Association of America-College Retirement Equity Fund)

A privately held organization founded in 1918 by Andrew Carnegie with its headquarters in New York, they provide retirement services that include life insurance, investments, health savings accounts, 529 college savings plans, and many more. It has over 5 million members and serves over 15,000 institutions; it has 15,065 employees.

4: Allstate Corporations

Allstate is a large corporation founded in 1931 with its headquarters in Glenview, Illinois. It’s one of the largest auto insurers in the USA. The company also provides its customers with other financial products that include life, home, and renter insurance. There are a total of 54,00 employees in the company. Allstate car insurance costs $3,110 per year on average.

5: Liberty Mutual Insurance Group

A diversified global insurer and the sixth-largest property and casualty insurer in the United States, founded in 1912, is a private insurance organization with its headquarters in Boston, Massachusetts. The company provides a wide range of services that include auto insurance, fire insurance, home insurance, and many more.

Liberty has a standard car insurance policy that includes new car replacement, deductible fund, gap insurance, and original part replacement.

Liberty Mutual provides auto insurance discounts that vary by state. They also have a website and app that are robust and useful in allowing users to manage policies, pay bills, report, and track their claims.

Liberty also sells the following types of insurance: condo, motorcycle, business, flood, landlord, and many more.

6: Travelers Insurance

It’s the second-largest writer of U.S. commercial property casualty insurance and the sixth-largest writer of U.S. personal insurance. It was founded in 1853 with its headquarters in New York City. Travelers offer a broad range of insurance options that include personal insurance, auto policies, home insurance, and many more. The average traveler's auto insurance rate per year is $1,595, which is 26% cheaper than the national average rate. Travelers also provide their customers with discounts on multi-policy, multi-car, home ownership, safe drivers, continuous insurance, and a lot more.

With a total of 30, 492 employees and over 170 years of establishment, Traveler is one of the most trusted insurance companies in the United States.

7: The Progressive Corporation

The Progressive Corporation became the largest motor insurance carrier in the U.S. by 2022; it was co-founded in 1937 by Jack Green and Joseph M. Lewis with its headquarters in Mayfield Village, Ohio. They insure passengers, vehicles, motorcycles, boats, commercial vehicles, pets, homes, lives, and other types of insurance. Progressive car insurance costs $2,075 per year. Progressive car drivers can take advantage of the company's discounts, which include multi-policy and teen driver policies. The company has a total asset of 71,132 (in millions) and about 49,077 employees.

8: Nationwide Insurance

Founded in 1926 with its headquarters in Ohio, it offers several types of insurance and financial products but is most popular for its car insurance. They offer everything expected from car insurance with a few additional options that include gap insurance, vanishing deductible, accident forgiveness, and others. Nationwide insurance costs an average of $1,473 per year, and Nationwide has a wide variety of discounts for customers who want to buy more from their company.

9: Humana Inc.

Humana Inc. is a for-profit American health insurance company and the fourth largest health provider in the U.S. It was founded in 1961 with headquarters in Louisville, Kentucky, and a total employee base of 95,500. A human health insurance plan depends on your geographic location and your health needs. Humana offers several kinds of medical plans, including dental, vision, emergency care, fitness, drug coverage, and many more.

10: AIG (American International Group)

AIG is a multinational finance and insurance corporation with operations in over 80 countries and 26,000 employees. The company was founded in 1919. The company has three businesses, general insurance, life insurance, and retirement. AIG life insurance costs depend on the customer’s age, health, and lifestyle. AIG policies are competitively priced and often cheaper than their competitors.

When choosing an insurance provider, it’s important to know your specific budget, needs, and level of coverage. Doing research about these top companies can help you make the right decision and also find the right policy that best suits your requirements.