Top 10 Insurance Companies of USA In 2023

Insurance companies are the essential players in the U.S. economy, hedge risk, and cover accident costs. In contrast, U.S. insurance companies, both across the U.S. and abroad, engage in life, health, property, motor, accident, business, commercial insurance, and reinsurance. 

America’s top insurance companies are the key players in the financial sector and play an important role in the economy through risk management. Still, they are fiercely competing with the U.S. for overseas market share. Competition with foreign insurance companies to expand their foothold in the domestic market and other financial companies such as financial services companies and banks also challenges their insurance and risk management activities in the financial market.

Which is the largest insurance company in the USA? 

Prudential Financial was the largest insurance company in the U.S. in 2019. Total assets were nearly $900 billion. Berkshire Hathaway and Metlife came in second and third, respectively.

How many insurance companies are in the U.S.?

According to the USA’s National Association of Insurance Commissioners report, there are 5965 insurance companies in the United States.

Nonetheless, insurance companies are still the pillars of the U.S. economy and will maintain this position. The U.S. is a great business area for insurance companies to thrive enough to allow them to take advantage of their national strongholds to expand overseas and conquer new markets. Either they provide a variety of insurance like life, health, property, casualty insurance, and many more and become capable of conquering the rest of the world.

10. Travelers

Stock symbol:TRV
Founded:1853; 168 years ago (as St. Paul Fire & Marine), 2004 (as The Travelers Companies)
Founder:James G. Batterson
Headquarters:New York City, U.S.
Chairman and CEO:Alan D. Schnitzer
Vice-Chairman:Jay S. Benet
Net income:US$2.67 B 
Total assets:US$116.764 B
Number of employees:30,800+

Travelers Companies, Inc., well-known as Travelers, is an insurance company headquartered in New York City, mainly involved in property damage insurance. It has spread to the United Kingdom, Ireland, Singapore, China, Canada, and Brazil. 

Travelers Companies, Inc is currently holding a market share of 3.41% and annual revenue of around the U.S. $31.981 billion.

Recently, the performance shown by Travelers Companies can be open to many analyses. Even it appears to be retaining most of its proceeds, and given the mean Return On Equity, investors may not be abet from all that reinvestment after all. 

9. Prudential Financial

Stock symbol:PRU
Founded:1875; 146 years ago Newark, New Jersey, U.S.
Founder:John F. Dryden
Headquarters:Prudential Plaza, Newark, New Jersey, U.S.
Chairman and CEO:Charles Lowrey
Vice-Chairman:Robert Falzon
Net income:US$4.14 B
Total assets:US$911.589 B 
Number of employees:51511+

Through its subsidiaries, Prudential Financial, Inc. is involved in insurance, investment management, and other financial products and services for individual and institutional customers. Prudential Financial, Inc is currently holding a market share of 1.36% and annual revenue of around the U.S. $56.080 billion.

 It particularly provides life insurance, annuities, mutual funds, pension, retirement-related investments, administration, and assets: management, securities brokerage services. Their business operates in United States, Asia, Europe, and Latin America.

Recently, Prudential Financial, Inc. has appointed Caroline Feeney as CEO of its U.S. Insurance & Retirement Businesses. Feeney assumes this newly created role effective and will be responsible for driving growth across the consolidated portfolio of U.S. businesses while ensuring alignment with (PGIM) Prudential Investment Management.

8. Aflac

Stock symbol:AFL
Founded:November 17, 1955; 65 years ago(as American Family Life Insurance Company of Columbus)
Founder:John Amos, Paul Amos, Bill Amos
Headquarters:Aflac Building, Columbus, Georgia, U.S.
Chairman and CEO:Dan Amos
Vice-Chairman:Frederick J. Crawford (CFO)
Net income:US$4.77 B
Total assets:Increase US$160.955 B
Number of employees:11,729+

Aflac Inc. As an insurance company, especially about supplemental insurance. Aflac offers insurance withholding wages for accidents or illnesses. It helps to ease the financial load associated with hospital stays due to a covered accident or illness by providing cash benefits. Aflac Inc is currently holding a market share of 1.22% and annual revenue of around the U.S. $22.147 billion.

Recently, Aflac was named one of the World’s Most Ethical Companies by Ethisphere, a global leader in defining and advancing ethical business practices standards. This year is the 15th successive year that Aflac has turned up on the prestigious ethics list, making it the alone insurance company to hold this distinction every year since the inception of the honor in 2007.

7. Allstate

Stock symbol:ALL
Founded:April 17, 1931; 89 years ago
Founder:Robert E. Wood
Headquarters:Northbrook, Illinois, U.S.
Chairman and CEO:Thomas J. Wilson
Vice-Chairman:Steven E. Sheik
Net income:US$5.461 B
Total assets:US$122.750 B
Number of employees:46290+

Allstate Corporation is one of the top insurance companies headquartered in Northfield Township, Illinois. Founded in 1931, Allstate Corporation has grown to become the largest public real estate. U.S. non-life insurance. Allstate Corporation is currently holding a market share of 4.96% and annual revenue of around the U.S. $44.791 billion. 

Allstate’s property and casualty operations’ affirmation reflects Allstate’s very favorable business profile with market-leading underwriting expertise and significant operating scale, strong risk-based capital position, and very strong financial performance with consistently favorable underwriting margins and operating returns. 

Recently, the company announced the deal would result in a $3.1 billion GAAP loss, and the diversification benefit of the life operations will be lost.

6. American International Group

Stock symbol:AIG
Founded:December 19, 1919; 101 years ago
Founder:Cornelius Vander Starr
Headquarters:The New York City, New York, U.S.
Chairman and CEO:Douglas Steenland
Vice-Chairman:Peter Zaffino
Net income:US$3.326 B
Total assets:US$577.230 B
Number of employees:46,000 
American International Group

American International Group, Inc., well known as AIG, is an international financial institution and insurance company headquartered in New York City. It applies to general insurance, health and retirement, and an independent technology company empowered with 80 countries and authorities. 

American International Group, Inc is currently holding a market share of 3.71% and annual revenue of around the U.S. $49.75 billion.

Despite being one of the largest underwriters with a wide range of operations, giant American International Group (NYSE: AIG) continues to stumble with its shrinking operations. 

Growth remains stagnant despite its acquisitions since 2018, while recovery seems to be a long and winding journey. Furthermore, the pandemic’s impact did not help, given its decreased viability and liquidity despite many companies’ thriving in the financial sector.

5. MetLife

Stock symbol:MET
Founded:March 24, 1868; 152 years ago
Founder:Joseph F. Knapp
Headquarters:MetLife Building, New York, United States
Chairman and CEO:Michel A. Khalaf
Vice-Chairman:Glenn Hubbard
Net income:US$5.909 B
Total assets:US$780.492 B
Number of employees:49,000+

MetLife, Inc. is one of the biggest global insurance givers, and annuity, offering employee benefits programs through its subsidiaries, like Metropolitan Life Insurance Company and sovereign debt. 

It does business throughout the United States, Japan, Latin America, the Asia Pacific, Europe, and the Middle East. MetLife, Inc currently holds a market share of 4.63% and annual revenue of around the U.S. $67.842 billion.

MetLife will act as the driven administrator for the monthly profits for approximately 9,000 retirees and their payee in the Philips North America Pension Plan. The principal will have financial responsibility for a portion of these monthly benefits and settle such obligations directly with MetLife. The principal will have sole responsibility for the approximately 2,000 deferred participants.

4. Progressive

Stock symbol:PGR
Founded:March 10, 1937; 83 years ago
Founder:Jack Green and Joseph M. Lewis
Headquarters:Mayfield Village, Ohio
Chairman and CEO:Lawton W. Fitt
Vice-Chairman:Tricia Griffith
Net income:US$5.678 B
Total assets:US$62.891 B
Number of employees:41571+

Progressive Corporation is an insurance company specifically related to cars, motorcycles, boats, R.V.s, commercial vehicles, and home insurance in the United States. It has expanded car insurance offers in Australia.

Progressive Corporation currently holds a market share of 5.54% and annual revenue of around the U.S. $42.658 billion.

Recently, The Progressive Corp. is getting Indiana-based trucking industry insurer Protective Insurance Corp. in a move that will raise its stake in the commercial lines insurance market.

Progressive has agreed to pay $23.30 per share in cash for a total transaction value of approximately $338 million. The per-share price represents a 49.1% premium and 63.2% premium, respectively, to Protective’s share prices as measured on February 12, 2021.

3. Aon

Stock symbol:AON
Founded:1982; 39 years ago
Founder:Patrick Ryan
Headquarters:London, United Kingdom
Chairman and CEO:Lester B. Knight
Vice-Chairman:Greg Case
Net income:US$1.969 B
Total assets:Decrease $31.359 B
Number of employees:50,000+

Aon plc is a global insurance services company providing health, retirement, and risk solutions, headquartered in London, UK. Founded in 1982 with the Ryan Insurance Group merging with the U.S. Joint Insurance Company, Aon is specifically involved in the commercial risk brokerage and reinsurance industry and operates in the industries of outsourcing business, real estate investment, and management. Currently, the annual revenue of Aon plc is around the U.S. $11.066 billion.

The new Aon platform in France offers more than ten insurance products from Chubb and lowers the time it takes for a business holder to get insurance from days to minutes. A business proprietor goes to the online application, answers a few questions about their business, receives instant quotes and can buy coverage online, including Multipro, General Liability, and Professional Liability.

2. Marsh & McLennan

Stock symbol:MMC
Founded:1905; 116 years ago, in Chicago, Illinois, U.S.
Founder:Henry Marsh and Donald McLennan
Headquarters:1166 Avenue of the Americas, New York City, New York, U.S.
Chairman and CEO:Dan S. Glaser
Vice-Chairman:Stacy M. Mills
Net income:20.016 B
Total assets:Increase US$ 33.049 B
Number of employees:76,000 
Marsh & McLennan

Marsh & McLennan Companies, Inc. is a global services company working in insurance companies, disaster management, reassurance services, talent management, investment advice, and management consultation. 

The company operates through its subsidiaries, Marsh, Guy Carpenter, Jardine Lloyd Thompson, and in consultation with Mercer and Oliver Wyman Group. Marsh & McLennan Companies, Inc currently holds a market share of 2.3% and annual revenue of around U.S. $17.224B billion.

Recently, Marsh & McLennan Cos. MMC shares rose 1.13% to $118.39 last Monday, which showed a mixed commercial business for the stock market, with the DJIA rising 0.09% to 31,521.69. The S&P 500 Index SPX fell 0.77% to 3,876.50—also closed $2.58 short of its 52-week high ($120.97), which the company achieved on September 3’2020.

1. Chubb

Stock symbol:C.B.
Founded:Hamilton, Bermuda (1985)
Founder:Thomas Caldecot Chubb
Headquarters:Zurich, Switzerland
Chairman and CEO:Evan G. Greenberg
Vice-Chairman:John Lupica
Net income:US$ 3.533 B
Total assets:US$ 187.786 B 
Number of employees:33,000

Chubb Limited is a parent company of Chubb Limited, a global provider of insurance products for sale and personal property and injury, risk and health, reassurance, and life insurance to international companies and local businesses, individuals, and insurers seeking re-protection. Chubb Limited currently holds a market share of % and annual revenue of around the U.S. $35.994 billion.

Recently, Chubb announced the launch of BLINKS by Chubb, a new brand focused on delivering easy, effortless, and affordable insurance products for digitally-savvy consumers.

Blink is an entourage of Chubb-backed consumer insurance policies that the company’s affinity and digital broker partners will be capable of offering to their customers—also supplementing their products and facilities with relevant offerings that can increase customer connections and loyalty. The first Blink result, available now in 25 states, is personal cyber protection.


There are several ways to rank the size of an insurance company. A company can be measured using sales such as market capitalization (the company’s value on the stock exchange) or sales year or number of insurances sold. So, this is all about a quick overview of the largest American insurance companies estimated by 2023. 

Sophia Wadke
Sophia Wadke
I am Shopia, a movie enthusiastic and I read lot of books, mostly of science fiction, thrillers and biography. Content writing is just my profession but my passion too.

Related Articles

Latest Articles