Insurance is a crucial part of the American economy since it ensures the smooth functioning of businesses and individuals by protecting from unforeseen circumstances. Since the insurance industry comprises a large part of the financial sector, there are numerous companies in the USA offering diverse insurance products.
Top 10 Insurance Companies in the USA
When it comes to choosing an insurance company, it is essential to research and compare different companies to make an informed decision. Here is a list of the top 10 insurance companies in the USA by market capitalization, revenue, and customer satisfaction.
Rank |
Company |
Market Capitalization ($ billion) |
Revenue ($ billion) |
Customer Satisfaction (out of 100) |
|---|---|---|---|---|
1 |
UnitedHealth Group |
386.19 |
257.1 |
72 |
2 |
Anthem Inc. |
87.79 |
122.4 |
67 |
3 |
Humana Inc. |
41.55 |
77.2 |
77 |
4 |
CVS Health Corporation |
98.71 |
268.7 |
70 |
5 |
Aetna Inc. |
76.35 |
69.2 |
61 |
6 |
Hartford Financial Services Group Inc. |
24.15 |
20.4 |
86 |
7 |
Progressive Corporation |
57.34 |
27.1 |
75 |
8 |
The Travelers Companies Inc. |
36.01 |
31.6 |
80 |
9 |
Cigna Corporation |
77.69 |
126.8 |
56 |
10 |
Molina Healthcare Inc. |
12.75 |
22.4 |
68 |
1. UnitedHealth Group
UnitedHealth Group is the largest health insurance company in the USA by market capitalization and revenue. The company offers health insurance, dental insurance, vision insurance, and pharmacy benefit management services to individuals and businesses.
The company has a vast network of providers and offers its members access to over 1.3 million physicians and healthcare professionals. It also offers innovative healthcare solutions, such as virtual visits, telehealth consultations, and personalized wellness programs.
UnitedHealth Group has been widely recognized for its customer service and has consistently received high ratings from J.D. Power and Associates.
The company’s revenue in 2020 was $257.1 billion, and it has a market capitalization of $386.19 billion as of August 2021.
2. Anthem Inc.
Anthem Inc. is the second-largest health insurance company in the USA by market capitalization and revenue. The company offers health insurance, dental insurance, vision insurance, and pharmacy benefit management services to individuals and businesses.
The company has a vast network of providers and offers its members access to over 1.5 million physicians and healthcare professionals. It also offers innovative healthcare solutions, such as telehealth consultations and personalized wellness programs.
Anthem has received high ratings from J.D. Power and Associates for its customer service and has been recognized for its commitment to diversity and inclusion.
The company’s revenue in 2020 was $122.4 billion, and it has a market capitalization of $87.79 billion as of August 2021.
3. Humana Inc.
Humana Inc. is a leading health insurance company in the USA that offers health insurance, dental insurance, vision insurance, and pharmacy benefit management services to individuals and businesses.
The company has a vast network of providers and offers its members access to over 1.8 million physicians and healthcare professionals. It also offers innovative healthcare solutions, such as telehealth consultations and personalized wellness programs.
Humana has been recognized for its commitment to customer service and has received high ratings from J.D. Power and Associates.
The company’s revenue in 2020 was $77.2 billion, and it has a market capitalization of $41.55 billion as of August 2021.
4. CVS Health Corporation
CVS Health Corporation is a diversified healthcare company that offers health insurance, pharmacy benefits management, retail pharmacy, and healthcare services.
The company operates over 9,900 CVS Pharmacy stores across the USA and offers its members access to over 68,000 pharmacies nationwide. It also offers innovative healthcare solutions, such as MinuteClinic, a retail medical clinic that provides walk-in medical exams and treatments.
CVS Health Corporation has been recognized for its commitment to healthcare innovation and has received high ratings from J.D. Power and Associates.
The company’s revenue in 2020 was $268.7 billion, and it has a market capitalization of $98.71 billion as of August 2021.
5. Aetna Inc.
Aetna Inc. is a health insurance company that offers health insurance, dental insurance, vision insurance, and pharmacy benefit management services to individuals and businesses.
The company has a vast network of providers and offers its members access to over 1.2 million physicians and healthcare professionals. It also offers innovative healthcare solutions, such as telehealth consultations and personalized wellness programs.
Aetna has been recognized for its commitment to customer service and has received high ratings from J.D. Power and Associates.
The company’s revenue in 2020 was $69.2 billion, and it has a market capitalization of $76.35 billion as of August 2021.
6. Hartford Financial Services Group Inc.
The Hartford Financial Services Group Inc. is an insurance company that offers property and casualty insurance, group benefits, and mutual funds.
The company has been in business for over 200 years and has a strong reputation for its financial stability and customer service. It operates in all 50 states in the USA and has a vast network of agents and brokers.
The Hartford Financial Services Group Inc. has received high ratings from J.D. Power and Associates for its commitment to customer service.
The company’s revenue in 2020 was $20.4 billion, and it has a market capitalization of $24.15 billion as of August 2021.
7. Progressive Corporation
Progressive Corporation is an insurance company that offers auto insurance, home insurance, and other property and casualty insurance products.
The company has a strong online presence and offers customers the ability to purchase insurance policies online. It also offers innovative insurance solutions, such as usage-based insurance and pay-as-you-go insurance.
Progressive Corporation has received high ratings from J.D. Power and Associates for its commitment to customer service.
The company’s revenue in 2020 was $27.1 billion, and it has a market capitalization of $57.34 billion as of August 2021.
8. The Travelers Companies Inc.
The Travelers Companies Inc. is an insurance company that offers property and casualty insurance, surety bonds, and other insurance products.
The company has a vast network of agents and brokers and operates in all 50 states in the USA. It also offers innovative insurance solutions, such as cyber insurance and identity fraud protection.
The Travelers Companies Inc. has received high ratings from J.D. Power and Associates for its commitment to customer service.
The company’s revenue in 2020 was $31.6 billion, and it has a market capitalization of $36.01 billion as of August 2021.
9. Cigna Corporation
Cigna Corporation is a global health services company that offers health insurance, dental insurance, vision insurance, and pharmacy benefit management services.
The company has a vast network of providers and offers its members access to over 1.5 million physicians and healthcare professionals. It also offers innovative healthcare solutions, such as health and wellness coaching and disease management programs.
Cigna Corporation has been recognized for its commitment to customer service and has received high ratings from J.D. Power and Associates.
The company’s revenue in 2020 was $126.8 billion, and it has a market capitalization of $77.69 billion as of August 2021.
10. Molina Healthcare Inc.
Molina Healthcare Inc. is a health insurance company that offers health insurance, Medicaid, and Medicare plans to individuals and families.
The company has a vast network of providers and offers its members access to over 1.5 million physicians and healthcare professionals. It also offers innovative healthcare solutions, such as telehealth consultations and digital health coaching.
Molina Healthcare Inc. has received high ratings from J.D. Power and Associates for its commitment to customer service.
The company’s revenue in 2020 was $22.4 billion, and it has a market capitalization of $12.75 billion as of August 2021.
Types of Insurance Companies in the USA
There are various types of insurance companies in the USA that offer different types of insurance products. Here are some of the most common types of insurance companies in the USA.
1. Health Insurance Companies
Health insurance companies offer health insurance products that cover medical expenses and other healthcare-related costs. These insurance products can be purchased by individuals or provided by employers as part of an employee benefits package.
Health insurance companies can be further classified into managed care organizations (MCOs) and fee-for-service (FFS) companies. MCOs provide healthcare services through a network of providers, while FFS companies reimburse patients for healthcare services they receive.
2. Auto Insurance Companies
Auto insurance companies offer insurance products that cover damage to automobiles and liability for bodily injury or property damage resulting from auto accidents.
Auto insurance is mandatory in most states in the USA, and there are different types of coverage options available, such as liability insurance, collision insurance, and comprehensive insurance.
3. Homeowners Insurance Companies
Homeowners insurance companies offer insurance products that cover damage to homes and personal property resulting from perils such as fire, theft, and natural disasters.
Homeowners insurance is mandatory if you have a mortgage, and there are different types of coverage options available, such as dwelling coverage, personal property coverage, and liability coverage.
4. Life Insurance Companies
Life insurance companies offer insurance products that provide financial support to beneficiaries in the event of the policyholder’s death.
There are different types of life insurance products available, such as term life insurance, whole life insurance, and universal life insurance.
5. Disability Insurance Companies
Disability insurance companies offer insurance products that provide financial support to policyholders in the event they become disabled and are unable to work.
There are different types of disability insurance products available, such as short-term disability insurance and long-term disability insurance.
FAQ
What are the benefits of having insurance?
Having insurance provides financial protection and peace of mind in the event of unforeseen circumstances. Insurance can help cover medical expenses, property damage, liability claims, and other costs that may arise.
How do I choose an insurance company?
When choosing an insurance company, it is essential to research and compare different companies to make an informed decision. Consider factors such as the company’s financial stability, customer service reputation, coverage options, and pricing.
What types of insurance products are available?
There are various types of insurance products available, such as health insurance, auto insurance, homeowners insurance, life insurance, and disability insurance.
What is the difference between MCOs and FFS companies?
MCOs provide healthcare services through a network of providers, while FFS companies reimburse patients for healthcare services they receive.
Is insurance mandatory in the USA?
Insurance is mandatory in some cases, such as auto insurance and homeowners insurance if you have a mortgage. However, other types of insurance, such as health insurance and life insurance, are not mandatory but are highly recommended.
How can I file a claim with my insurance company?
To file a claim with your insurance company, contact them directly and provide details about the incident or issue. Follow their instructions for submitting supporting documentation and other information.
What is the best insurance company?
The best insurance company depends on individual needs and priorities. Consider factors such as financial stability, coverage options, customer service reputation, and pricing when choosing an insurance company.
Conclusion
In conclusion, there are numerous insurance companies in the USA offering diverse insurance products to individuals and businesses. It is crucial to research and compare different companies to make an informed decision when choosing an insurance provider. The top 10 insurance companies in the USA by market capitalization, revenue, and customer satisfaction are UnitedHealth Group, Anthem Inc., Humana Inc., CVS Health Corporation, Aetna Inc., Hartford Financial Services Group Inc., Progressive Corporation, The Travelers Companies Inc., Cigna Corporation, and Molina Healthcare Inc.