There are a number of companies, such as A.M. Best and Standard & Poor’s, who rate insurance providers on various financial strength aspects in order to help consumers make more informed decisions (insurance company ratings).
If you’re in the market for insurance, you should look for an organization that’s been around a while, with a proven ability to repay claims if you’re involved in an accident.
After all, it’s a lot more likely an insurer will pay your insurance claim if they’re still in business…
Each state also has a department of insurance that monitors the financial status of insurance companies and regulates their practices.
That said, here are the the top insurance companies in the United States, according to TopRatedInsuranceCompanies.com:
1. Allstate Insurance Company
2. State Farm Insurance Company
3. Prudential Insurance Company
4. Travelers Insurance Company
5. Fidelity Insurance Company
6. MetLife Insurance Company
7. Farmers Insurance Company
8. AIG Insurance Company
9. MassMutual Insurance Company
10. The Hartford Insurance Company
By “top,” they mean the largest insurance companies, not necessarily the best insurance companies. Remember, bigger isn’t always better, and in many cases, could mean more red tape and hassle when dealing with them.
The insurance companies listed above may offer a combination of property, casualty, life, and/or health insurance coverage, along with an array of financial products as well.
Insurance companies, much like other large corporations, don’t always specialize in just one thing. However, they do tend to stick to insurance and financial services.
There are thousands of insurance companies out there to choose from; some focus on only one type of insurance or one specific region of the United States.
It’s not necessary to purchase an insurance policy from one of the companies listed above to ensure you receive adequate coverage or service.
Related: Top 10 U.S. car insurance companies.