Top 5 Best Insurance Companies in USA.
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.
You’ll also want to consider customer service, which might not be reflected in the financial strength of an insurance company, along with price. There are plenty of solid insurance companies to choose from, so you certainly don’t need to overpay for a particular brand name.
When it comes down to it, no one will ask or care who you’re insured with, it’s definitely not something one shows off. I’ve never heard of a conspicuous insurance consumer. But it’s nice to know you’re insured with a reliable company.
All that said, here are the top 5 Best Insurance Companies in USA , according to the National Association of Insurance Commissioners (NAIC).
1 State Farm
State Farm operates as a mutual insurance company, meaning that it’s owned by its policyholders. State Farm is the largest insurance company in the U.S. and possesses 18% of the total available market share. Nearly one in five dollars spent on private passenger auto premiums in the U.S. is paid to State Farm. The company currently employs approximately 70,000 employees and has nearly 19,000 agents. In accordance with its large market share, State Farm’s latest annual report shows a net gain of over $1.7 billion.
Progressive was established in 1937. The company offers the ability to purchase insurance directly, online or by phone. Alternatively, customers can sign up through independent insurance agents. The company employs over 33,000 people and has over 400 offices. Progressive is a publicly traded company.
Established in 1931, Allstate is the second largest publicly traded property and casualty insurance company in America. Similar to State Farm, Allstate has a roster of local agents ready to serve your needs. The company currently employs over 79,000 people. Esurance, a subsidiary of Allstate, operates in the same space. According to Allstate, the Esurance brand is targeted towards self-directed and brand-sensitive customers while Allstate is geared for customers who enjoy local and personal service.
USAA was founded by 25 Army officers. ho decided to insure each other’s vehicles in 1922. Today, the company serves millions of members associated with the U.S. military, including:
- Current Military Members
- Former Military Members
- Family of Military Members
- Cadets or Midshipmen
USAA is headquartered in San Antonio, Texas. The corporate campus’ length extends three-quarters of a mile. USAA is the largest private company located in San Antonio.
5 Liberty Mutual
Liberty Mutual is one of the top insurance companies in the U.S. and has been around for over 100 years. Liberty Mutual also has large international presence—with operations in 17 countries. The international companies sell property and casualty, health and life insurance policies. The auto insurance industry is a large part of Liberty Mutual’s business. Representing 36% of their net written premium from insurance as of their latest annual report.