Insurance

Top 50 Insurance Companies

Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
Top 50 Insurance Companies

Below are the top 50 insurance companies and best insurance companies in the United States ranked by total assets. Metlife is the largest insurer in the U.S. based on assets and direct premiums written. The company offers a wide array of insurance products and services including life and health insurance, accident insurance, auto insurance, home insurance as well as annuities and retirement and savings products. Prudential, based in Newark, is the second largest insurance company in America with total assets of $812.6 billion, $3.7 trillion of gross life insurance in force and more than 49,000 employees.

Rank Company Total assets, US$b Balance sheet
1 Metlife 925.199 06/30/2017
2 Prudential Financial 812.590 06/30/2017
3 Berkshire Hathaway 665.590 06/30/2017
4 American International Group 499.762 06/30/2017
5 TIAA 294.057 03/31/2017
6 New York Life 287.196 12/31/2016
7 Lincoln Financial Group 271.651 06/30/2017
8 Manulife Financial (U.S. Division) 262.630 03/31/2017
9 Northwestern Mutual 258.232 06/30/2017
10 State Farm Group 256.030 12/31/2016
11 Aegon Americas (Transamerica) (1) 250.202 06/30/2017
12 Jackson National Life (2) 249.800 06/30/2017
13 MassMutual 243.418 06/30/2017
14 Principal Financial Group 240.154 06/30/2017
15 Hartford Financial 225.863 06/30/2017
16 Brighthouse Financial 224.328 06/30/2017
17 Voya Financial (3) 219.839 06/30/2017
18 AXA Equitable Life Insurance 214.941 06/30/2017
19 Nationwide Mutual Insurance Company 209.777 12/31/2016
20 United Services Automobile Association 153.027 06/30/2017
21 Pacific Mutual Holding Company 143.298 12/31/2016
22 Liberty Mutual Holding Company 137.962 06/30/2017
23 Aflac Inc 135.394 06/30/2017
24 Allianz Life Insurance Co of North America 130.682 12/31/2016
25 Allstate Corp 110.865 06/30/2017
26 Genworth Financial 105.016 06/30/2017
27 Travelers Companies 102.669 06/30/2017
28 Thrivent Financial for Lutherans 88.561 12/31/2016
29 Protective Life Corp (4) 77.049 06/30/2017
30 Unum Group 63.382 06/30/2017
31 American Equity Investment Life 59.636 06/30/2017
32 American Financial Group 58.618 06/30/2017
33 Reinsurance Group of America 58.138 06/30/2017
34 CNA Financial 56.205 06/30/2017
35 Guardian Life Insurance Co of America 54.375 06/30/2017
36 Western & Southern Financial Group 45.500 03/31/2017
37 Securian Financial Group 44.267 12/31/2016
38 Symetra Financial Corp 41.984 06/30/2017
39 Ohio National Mutual Holdings 41.800 12/31/2016
40 Mutual of Omaha 39.753 03/31/2017
41 Progressive Corp 36.690 06/30/2017
42 OneAmerica Financial Partners 36.110 12/31/2016
43 CNO Financial Group 32.842 06/30/2017
44 Assurant Inc 30.059 06/30/2017
45 National Life Group 28.889 06/30/2017
46 Penn Mutual Life Insurance Company 28.757 12/31/2016
47 Fidelity & Guaranty Life 28.402 06/30/2017
48 Markel Corporation 27.203 06/30/2017
49 American National Insurance Company 25.448 06/30/2017
50 AmTrust Financial Services 25.328 06/30/2017
51 Alleghany Corporation 24.529 06/30/2017

There are however, four insurances that most financial experts recommend that all of us have: life, health, auto and long-term disability. Each one of these covers a specific aspect of your life, and each one is very important to your financial future.

Life Insurance
The greatest factor in having life insurance is providing for those you leave behind. This is extremely important if you have a family that is dependent on your salary to pay the bills. Industry experts suggest a life insurance policy should cover “ten times your yearly income.” This sum would provide enough money to cover existing expenses, funeral expenses and give your family a financial cushion. That cushion will help them re-group after your death.

When estimating the amount of life insurance coverage you need, remember to factor in not only funeral expenses, but also mortgage payments and living expenses such as loans, credit cards and taxes, but also child care, and future college costs.

LIMRA, formerly known as the Life Insurance Marketing & Research Association, says that if the primary wage earner dies in a family with dependent children that family will only be able to cover their living expenses for a few months, and four in 10 would have difficulty immediately.

The two basic types of life insurance are Traditional Whole Life and Term Life. Simply explained, Whole Life is a policy you pay on until you die and Term Life is a policy for a set amount of time. You should seek the advice of a financial expert when planning your life insurance needs. There are considerable differences between the two policies. In deciding between these two, consumers should consider their age, occupation, number of dependent children and other factors to ensure they have the coverage necessary to protect their families. (For additional reading,

Health Insurance
A recent Harvard study noted that statistically, “your family is just one serious illness away from bankruptcy.” They also concluded that, “62% of all personal bankruptcies in the U.S. in 2007 were caused by health problems and 78% of those filers had medical insurance at the start of their illness.”

Those numbers alone should urge you to obtain health insurance, or increase your current coverage. The key to finding adequate coverage is shopping around. While the best option and the least expensive is participating in your employer’s insurance program, many smaller businesses do not offer this benefit.

Finding affordable health insurance is difficult, particularly without an employer-sponsored program or if you have a pre-existing condition. According to the Kaiser/HRET survey, the average premium cost to the employee in an employer sponsored health care program was around $4,100. With rising co-payments, yearly deductibles and dropped coverage’s, health insurance has become a luxury less and less can afford, yet even a minimal policy is better than having no coverage. The cost for a day in the hospital can range from $985 to $2,696. Even if you have minimal coverage, it can provide some monetary benefit for your hospital stay.

As the health care debate continues in Washington, approximately 48 million Americans are without insurance coverage. Check with your employer regarding health care benefits, inquire of any occupational organizations that you belong to regarding possible group health coverage. If you are over age 50, AARP has some health insurance offers available.

Long-Term Disability Coverage
This is the one insurance most us think we will never need, as none of us assumes we will become disabled. Yet, statistics from the Social Security Administration show that three in 10 workers entering the workforce will become disabled, and will be unable to work before they reach the age of retirement. Of the population, 12% are currently disabled in some form, and nearly 50% of those workers are in their working years.

Even those workers that have great health insurance, a nice nest egg and a good life insurance policy never prepare for the day when they might not be able to work for weeks, months or may not ever be able to return to the job. While health insurance pays for your hospitalization and medical bills, where is money coming from to pay those daily expenses that your paycheck covers? Here are a few very sobering statistics regarding disability:

  • Disability Causes Nearly 50% of all Mortgage Foreclosures, 2% are Caused by Death.
  • Close to 90% of Disabling Accidents and Illnesses Are not Work Related.
  • In the Last 10 Minutes, 498 Americans Became Disabled.

If you are injured and off work for even three months, would you have enough in savings to cover your living expenses? Consider what you might face financially if you suffer a major medical condition such as cancer and were unable to work for over a year.

Many employers offer both short-term and long-term disability coverage as part of their benefits package. This would be the best option for securing affordable disability coverage. If they don’t, seek out a private insurer. If you aren’t sure how much coverage you need, AARP offers a very good disability insurance calculator to help you.

A policy that guarantees income replacement is the optimal policy; more usual terms are replacement of 50 to 60% of your income. The cost of disability insurance is based on many factors including age, lifestyle and health. For group or employer coverage, the average rate in 2009 was about $238 per year or approximately $5 per week. A small price to pay if you are faced with a devastating illness or injury. Disability insurance will guarantee that you will have some income when you can’t work.

Auto Insurance
There were over 10-million traffic accidents in the U.S. in 2009 (latest available data) and 33,808 people died in motor vehicle crashes in those accidents, according to data released by the Fatality Analysis Reporting System (FARS). The number one cause of death for American’s between the ages of 5 and 34 were auto accidents. Over 2.3 million drivers and passengers received treatment in emergency rooms in 2009, and the costs of those accidents including deaths and disabling injuries was around $70 billion.

While all states do not require drivers to have auto insurance, most do have requirements regarding financial responsibility in the event of an accident. Many states do periodic random checks of drivers for proof of insurance. If you do not have coverage, the fines can vary by state and can range from the suspension of your license, to points on your driving record, to fines from $500 to $1,000.

If you drive without auto insurance and have an accident, the fines will probably be the least of your financial burden. Your car, like your home is a valuable asset you use every day. If your car is damaged in an accident and you have no auto insurance, you will have no way to replace that vehicle unless you have a large savings account, and you don’t really want to tap into that savings when auto insurance could cover the cost.

If you, a passenger or the other driver is injured in the accident, your auto insurance will pay those expenses, and help guard you against any litigation that might result from the accident. Auto insurance also protects your vehicle against theft, vandalism or a natural disaster such as a tornado or other weather related incidents.

Again, as with all insurances, your individual circumstances will determine the price of your auto insurance. The best advice is to seek out several rate quotes, read the coverage provided carefully and check periodically to see if you qualify for lower rates based on age, driving record or the area where you live.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close