Top Insurance Companies in the USA:
Top 10 Accident & Health Insurers
These are the largest Accident & Health (A&H) insurers in the U.S. market, ranked by their 2023 written premium volume.
| Rank | Group/Company Name | 2023 Premium (USD) | Market Share |
|---|---|---|---|
| 1 | UnitedHealth Group | 248,877,879,024 | 16.37 % |
| 2 | Elevance Health Inc. | 107,650,449,800 | 7.08 % |
| 3 | Centene Corp | 102,711,951,802 | 6.76 % |
| 4 | Humana Group | 100,521,046,979 | 6.61 % |
| 5 | CVS Group | 97,756,584,454 | 6.43 % |
| 6 | Kaiser Foundation Health Plan | 94,124,863,877 | 6.19 % |
| 7 | HCSC Group | 55,500,353,206 | 3.65 % |
| 8 | Cigna Health Group | 40,098,292,879 | 2.64 % |
| 9 | Molina Healthcare Inc. | 30,942,107,198 | 2.04 % |
| 10 | Guidewell Mutual Holding Group | 28,974,630,050 | 1.91 % |
Top 10 Property & Casualty Insurers
This list represents the largest Property & Casualty (P&C) insurers, covering auto, home, and liability insurance, ranked by scale of written premium.
| Rank | Insurance Group | 2023 Premium (USD) | Market Share |
|---|---|---|---|
| 1 | State Farm Group | $ 93,788,131,000 | 9.66 % |
| 2 | Progressive Group | $ 62,711,707,000 | 6.46 % |
| 3 | Berkshire Hathaway Group | $ 59,668,420,000 | 6.14 % |
| 4 | Allstate Insurance Group | $ 50,041,693,000 | 5.15 % |
| 5 | Liberty Mutual Group | $ 45,794,528,000 | 4.72 % |
| 6 | Travelers Group | $ 38,596,540,000 | 3.97 % |
| 7 | United Services Automobile Association (USAA) | $ 32,002,400,000 | 3.30 % |
| 8 | Chubb Ltd. Group | $ 31,873,268,000 | 3.28 % |
| 9 | Farmers Insurance Group | $ 27,220,677,000 | 2.80 % |
| 10 | Nationwide Corporation Group | $ 19,766,499,000 | 2.04 % |
State-Level Breakdown: Alabama P&C
Below are the Alabama direct written premiums and market shares for national Top 10 groups that also rank in Alabama’s Top 10 P&C All-Lines list.
| Group Name | AL Premium (USD 000) | AL Market Share |
|---|---|---|
| Travelers Group | 396,028 | 10.33 % |
| State Farm Group | 245,699 | 4.92 % |
| Nationwide Corp | 242,801 | 4.61 % |
| Liberty Mutual | 235,478 | 3.82 % |
Key Takeaways & Analysis
1. Market Concentration Signals Stability
- Health/Accident: The top 5 companies control almost 43% of the market, with UnitedHealth Group alone holding over 16%.
- Property & Casualty: The three largest P&C companies (State Farm, Progressive, Berkshire Hathaway) command over 22% of all premiums.
- Takeaway: Domination by a few carriers often implies brand recognition and financial stability. However, this can also create opportunities for smaller, niche players to offer specialized products or more personalized service.
2. Regional Leaders Can Outperform Nationals
- Example: In Alabama's P&C market, Travelers Group leads with a 10.3% share, significantly outpacing the nationwide leader, State Farm, which holds just 4.9% in that state.
- Takeaway: The national leader isn't always the leader in your state. It's crucial to check top carriers locally, as they often have stronger provider networks, better geographic knowledge, and more efficient claims services.
3. Fast Growth Warrants Scrutiny
- Warning Sign: A drastic year-over-year increase in a company's market share might indicate a recent merger or potentially aggressive underwriting that could lead to future issues.
- Actionable Insight: If a carrier's share jumps 3-5% in a single year, perform due diligence. Check their financial strength ratings from agencies like AM Best or S&P and look for news on mergers or regulatory actions.
