Top Ten Insurance Companies in the United States

January 4, 2010 11 Comments »

allstate

There are a number of companies, such as A.M. Best and Standard & Poor’s, which 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 being said, here are the the top insurance companies in the United States by market share (not necessarily quality), according to the NAIC.com:

Top 10 Insurance Companies

1. State Farm Insurance Group
2. Liberty Mutual Insurance Group (also owns Safeco)
3. Allstate Insurance Group (also owns Esurance)
4. Berkshire Hathaway Group (also owns Geico)
5. Travelers Insurance Company
6. Farmer’s Insurance Group (also owns 21st Century Insurance)
7. Nationwide Insurance Company
8. American International Group (AIG)
9. Progressive Insurance Group
10. AAA Insurance Company

*This list is based on data from 3/31/2014.

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.  And even a higher price!

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.

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.  But the rankings are based on property and casualty lines only.

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.  For those reasons, they may not be on this list, despite being great companies.

It’s certainly not necessary to purchase an insurance policy from one of the companies listed above to ensure you receive adequate coverage and service.

In fact, it’s recommended that you obtain insurance quotes online and consult with an independent insurance agent so you can compare your options and get the best possible price.

Related: Top 10 U.S. car insurance companies.

Compare Top Insurance Providers:

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11 Comments

  1. julian (Jay) Papp December 11, 2013 at 9:16 am -

    If you searched “Best Insurance Companies” and ended up here, STOP! Now, do a search for the “Worst Insurance Companies” and you will see Allstate at the top of the list there. Allstate offered me 2,036.28 for smoke damage that was in the multi hundred thousands. After close to 4 years of fighting Allstate’s representatives agreed the damage was well over $60,000. We ended up loosing a small fortune because we insured with Allstate. What Allstate does GOOD is advertising and marketing, what they do BAD is to pay claims fairly and promptly. Sure, everyone knows someone with an Allstate claim, but they are small claims. Have a major multi hundred thousand dollar loss and Allstate puts on the Boxing Gloves and will beat you into the ground. Allstate is a public company that exists to pay its CEO multi millions and to keep its stock prices up.

  2. Patrick March 21, 2014 at 7:03 pm -

    How is Geico not on the list? They’re huge.

  3. Adam March 21, 2014 at 8:39 pm -

    The author makes it clear that top means largest, not best. If you rely on a list to get your insurance then you’ve got bigger problems. I use Mercury which is like 50% less than Allstate and the other big names.

  4. Rick Mikolasek March 22, 2014 at 9:47 am -

    They are, listed under their parent company Berkshire Hathaway.

  5. Spin May 13, 2014 at 10:30 pm -

    Surprised to see Liberty Mutual above Allstate and Geico, but apparently they own Safeco too so it’s two insurance companies for the price of one.

  6. James August 11, 2014 at 10:01 am -

    If you read this list and wonder why each name is listed. The insurance industry, These 10 companies, have compiled themselves into many different insurance companies. These are the players in the risk financing

  7. Nalini Reddy August 24, 2014 at 6:42 pm -

    I had Allstate insurance in 2006 and due to my husband’s bad health I had to be out of town for his health care, and left heated home in winter listed with realtor to sell. Due to subzero temperatures, plumbing pipe was frozen and burst on 2nd floor and destroyed the house with severe structural problem. Allstate hired some one and fixed covering up all the structural damage to my house. I also lost hundreds of thousand dollars. I tried to have them fix through hiring attorneys. For 7 years my attorneys were paid their bills with no results. I could not afford anymore. I am trying to fix every thing from my own pocket.
    With my masters in public health, I have an obligation to request the public stay away from Allstate please at any cost.
    Please search for better company. No one should go through the same depression and troubles as I had to go through. Stay away from Allstate please! Please! Please!

  8. Michael Friedman September 5, 2014 at 3:19 pm -

    State Farm has just raised my rates 20% four years in a row…
    My agent says rising costs…. I did goggle and note that the president of State Farm got a 1.7 million dollar bonus for record breaking profits… guess he is trying to out do himself…

  9. vic September 13, 2014 at 5:40 pm -

    ALLSTATE is the WORST insurance EVER! I own a body shop and none of my Allstate customers have ever been happy. They dont care that they are terrible because they make it up with all the commecrials they have. Using the money that was rightfully the customers.

  10. Ken October 9, 2014 at 11:30 am -

    I have had American Family for over twenty years and the past few they keep raising my home insurance by 30 to 80 dollars a year. And I have had my agent change three times. It’s ridiculous how they punish the people with no claims to line there pockets…

  11. Rick Mikolasek October 10, 2014 at 12:11 pm -

    Ken,

    Might be time to replace loyalty with shopping around…

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