The 10 largest insurance companies in the US are very valuable, with a total value of $1.05 trillion. This is almost one-third of the global insurance industry’s total value of $3.231 trillion. Market capitalization, or market cap, is a measure often used by investors to assess whether a company is a safe or risky investment.
In the insurance industry, the United States leads globally, making up 45% of the world’s market cap. This is significantly more than China, the second-largest player in the industry. For investors looking to diversify their portfolios, the US is the top choice in the insurance sector.
Whether you’re an investor seeking to add insurance companies to your portfolio or a consumer/insurance agent looking for a stable place for insurance or work, you’ve come to the right place.
In this article, we’ll rank the 10 largest publicly traded insurers in the US based on market cap. Keep reading to discover the biggest insurance companies in the US.
Top Insurance Company in US
UnitedHealth Group
UnitedHealth Group, located in Minnetonka, Minnesota, is the biggest insurance company in the US. With a market capitalization of $443.30 billion, they specialize in health insurance. They have a large team of 85,000 physicians and nurses, providing medical and dental benefits to 7.5 million clients in 150 countries.
This is accomplished by the health insurance behemoth’s two business segments, namely:
UnitedHealthcare
UnitedHealthcare, the group’s insurance division, provides clients with a variety of healthcare coverages and services through its global network of 6,200 hospitals and over 1.5 million medical and healthcare professionals. These are some examples:
Medical Products from UnitedHealthcare: offers low-cost coverage through the group’s extensive network of clinics and medical experts.
Oxford University Health: Clients in New York, New Jersey, and Hartford now have access to low-cost healthcare items.
Wellness at UnitedHealthcare: The health-related programs and services offered by the firm.
Virtual Visits: Allows customers to use mobile devices to receive healthcare services.
Online Services: Provides consumers with easy-to-use online resources via the myuhc.com website.
Insurance for Business Travel: medical, travel, and personal assistance services offered by the company.
Optum
Optum is UnitedHealth Group’s technology division, which provides consumers with information and technology-enabled services across three platforms:
Optum Health: Offers medical and healthcare services to over 102 million customers.
Optum Insight: Provides medical professionals, governments, and life sciences corporations with research, analytics, and consulting services.
Optum Rx: Provides clients with access to low-cost pharmaceutical goods and services.
Sir Andrew Witty is the CEO of the corporation.
Cigna
Cigna, located in Bloomfield, Connecticut, is a major health insurance company in the US. With a market capitalization of $85.78 billion, they have expertise in health insurance.
Cigna employs a workforce of 70,000 health and insurance professionals, serving over 190 million clients in 30 countries. They provide various health and dental policies, including Medicare plans and international healthcare coverage.
Cigna operates through two business units: Cigna Healthcare focuses on improving clients’ health throughout their lives, and Evernorth Health Services makes treatment and prevention more accessible by offering a range of pharmaceutical and healthcare products and services.
Elevance Health
Elevance Health, headquartered in Indianapolis, Indiana, is a significant health insurance provider in the United States. They specialize in health insurance and have a market value of $111.37 billion.
Elevance Health, formerly Anthem, will rebrand in June 2022. As the biggest for-profit managed healthcare firm in the Blue Cross Blue Shield Association, they serve over 32 million clients through a network of 1.7 million doctors and hospitals.
Elevance provides a variety of health plans, including medical, dental, and vision care, to people, employers, and their families through subsidiaries such as Anthem Blue Cross Blue Shield and Wellpoint.
Marsh McLennan Companies
Marsh McLennan Companies, located in New York, New York, is a large company valued at $80.12 billion. They specialize in insurance broking and risk management, employing 85,000 professionals globally.
With operations in 130 countries, Marsh McLennan comprises four business units, two of which rank among the largest insurance companies in the US and around the world.
MetLife
MetLife, headquartered in New York, New York, is a major insurance company with a market capitalization of $55.52 billion. Specializing in life and health, as well as property and casualty insurance, MetLife is the largest life insurance provider in the US.
It serves over 100 million clients across 40 countries, offering various financial products, including annuities, endowments, and retirement and savings plans. MetLife operates not only in the US but also in Asia, Latin America, Europe, the Middle East, and Africa.
Humana
Humana, located in Louisville, Kentucky, is a significant health insurance company with a market capitalization of $62 billion. They specialize in providing health insurance services.
Humana is a managed healthcare organization that offers a variety of inexpensive healthcare coverage choices to individuals, workplace groups, and those searching for government-sponsored programs, including:
- Medicaid programs
- Plans for Medicare
- Plans for group health care
- Dental insurance plans
- Plans for the future
- Pharmaceutical strategies
These items are available through point-of-service (POS) plans, health maintenance organizations (HMOs), and administrative services.
Humana is divided into three business units. They are as follows:
Retail: Products marketed to individual customers, such as Medicare and Medicaid programs.
Group & specialized: This category includes commercial medical insurance and specialized healthcare coverage for individuals and organizations.
Health Services: Provides healthcare and wellness solutions to people, companies, and other Humana organizations, including clinical care, pharmaceutical services, and predictive modeling and analytics.
Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co., headquartered in Rolling Meadows, Illinois, has a market cap of $39.82 billion. Known as Gallagher, it is one of the world’s largest insurance brokers and risk managers, specializing in insurance broking, consulting, and third-party claims settlement.
With subsidiaries, Gallagher serves businesses globally across various industries, providing coverages from property to management liability. The company also offers benefits consulting and has a strong presence in over 150 countries.
Travelers
Travelers, headquartered in New York, New York, with a market cap of $42.71 billion, specializes in property and casualty insurance. The company provides a variety of insurance coverages for both individuals and businesses.
Travelers, started in 1853, got its name from covering steamboat and railroad passengers. Over the years, it achieved many industry firsts, like providing the first car and commercial airline policies. In 1969, it insured the first manned moon mission. Travelers keeps growing, and in 2019, it created The Travelers Institute for public policy.
Who is the number 1 home insurance company in America?
State Farm
State Farm is the largest home insurance company in the country and offers policies in all 50 states. According to J.D. Power’s overall customer satisfaction study, State Farm is “better than most” when it comes to overall customer satisfaction.
Final Post Wrap
In conclusion, the insurance industry in the USA is vast and diverse, with several key players dominating the market. These top insurance companies offer a range of coverage, from health and life insurance to property and casualty insurance. Each company has its unique strengths, whether it’s market capitalization, expertise in a specific type of insurance, or a global reach.