In this article, we will take a look at the 10 most liberal insurance companies in America.
Politics, as Rebecca Solnit famously noted, is everywhere. Every aspect of life is political. As a result, Suralta says, most individuals are uncomfortable discussing matters such as politics or religion because they are unable to confront their own biases. While people may be too preoccupied with other aspects of their lives to notice the political side of insurance firms, this can be an overlooked scenario when choosing an insurance provider. And insurance companies may be political too, just like other businesses. They also advocate for various political beliefs. While some may ignore it, the other half recognizes the interplay between politics and insurance. Common businesses such as multinational firms, exporters, banks, and infrastructure projects would obtain political risk insurance. Political risk insurance is a sort of insurance that protects investors, financial institutions, and enterprises from financial loss caused by political events. Expropriation, political violence, sovereign debt default, and acts of terrorism or war are all examples of political events covered by political risk insurance.
The insurance business is a major participant in state politics. The ability to make corporate campaign donations helps a state’s insurance industry. A research that looked at the impacts of corporate political donations and specifically looked at the possible impact of the insurance sector on state politics in the US, some findings imply that the opportunity to make campaign donations may assist insurance companies in states with elected insurance commissioners, although campaign contributions appear to have a little distortionary effect even in the most likely case.
According to insurancebusinessmag.com, while property and casualty businesses spend more on political parties, Political Action Committees (PACs), and individual politicians, health and life insurers appear to spend the most on lobbying activities. The industry as a whole gives the most during election years. In 2016, insurance industry executives have already donated more than $47.1 million.
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Our Methodology
The contributions of several insurance companies from 2013–2022 (1, 2, 3, 4, 5) election cycle were examined. The Federal Election Commission made all these public, and opensecrets.com gathered them. OpenSecrets is the nation’s leading research group dedicated to the study of money in American politics and its influence on elections and public policy. It is nonpartisan, independent, and nonprofit. The insurance companies with the highest proportion of donations were chosen first. Initially, there were 15 companies. To get to the top ten insurance companies in the USA, they were rated according to the total amount of their donations from the relevant election cycles. The sum was calculated by dividing the percentage provided to the Democrats by the total amount donated. However, Opensecrets.com reported that in many cases, the money came from the organization’s (Political Action Committee) PAC, individual members, workers, or owners, and those persons’ immediate families rather than the organizations themselves. Subsidiaries and affiliates are included in the organization’s totals. These companies can also be labeled as the top 10 insurance companies in the world.
So without further ado, let’s now examine our list of insurance companies in the USA.
10 Most Liberal Insurance Companies in America
10. The American Council of Life Insurers
Donation to the Democrats: $572,653.12
The Democrats received a $572,653.12 donation from the American Council of Life Insurers during the 2021–2022 election cycle, as reported by opensecrets.com. This is 52% of their overall donation to candidates and parties of $1,101,256.
The American Council of Life Insurers (ACLI), a trade group with headquarters in Washington, D.C., has around 290 members that conduct business both domestically and overseas. ACLI works to promote public policy that benefits the industry market and the American families who depend on life insurers’ products for their financial and retirement security in state, federal, and international forums.
9. Allstate Insurance
Donation to the Democrats: $691,980.72
According to opensecrets.com, Allstate Insurance gave $691,980.72 to Democrats during the 2019–2020 election cycle. This is 53% of their entire donation to candidates and parties of $1,305,624.
Since 2022, the Allstate Corporation has been headquartered in Glenview, Illinois. It was originally established in 1931 as part of Sears, Roebuck & Co. It was separated in 1993 but continued to be under Sears’ partial supervision until June 1995, when it became totally autonomous.
8. Metlife Inc. (NYSE:MET)
Donation to the Democrats: $761,745.391572
MetLife Inc. contributed $761,745.391572 to Democrats during the 2019-2020 election cycle, as noted by opensecrets.com. This is 63% of their total donation to candidates and parties of $1,250,992.
MetLife, Inc. is the holding company for the Metropolitan Life Insurance Company, also known as MetLife, and its subsidiaries. With 90 million customers in more than 60 countries, MetLife is one of the largest providers of insurance, annuities, and employee benefit programs in the world.
7. Liberty Mutual
Donation to the Democrats: $1,403,875.5
Liberty Mutual donated a total of $1,403,875.5 to the Democrats. It made donations both in the 2013–2014 and 2015–2016 election cycles, as per opensecrets.com. Based on 2022 gross written premium, Boston-based Liberty Mutual, which has been around since 1912, is the fifth-largest property and casualty insurer globally. Liberty Mutual also ranks 86 on the Fortune 100 list of the top firms in the United States based on 2022 revenue. It had $50.0 billion in yearly consolidated revenue as of December 31, 2022.
6. The Cigna Group (NYSE:CI)
Donation to the Democrats: $1,758,070.67
The total donation to the Democrats from Cigna Corp. was $1,758,070.67. According to opensecrets.com, it contributed throughout both the 2019–2020 and 2021–2022 elections.
The Cigna Group, located in Bloomfield, Connecticut, is a for-profit American global healthcare and insurance company.
ClearBridge Value Equity Strategy made the following comment about The Cigna Group (NYSE:CI) in its first quarter 2023 investor letter:
“At the same time, we exited health insurance company The Cigna Group (NYSE:CI), whose strong outperformance over the last year has resulted in shares trading at a significant premium relative to competitor CVS Health. Additionally, we view CVS Health’s underperformance as driven by temporary issues and believe it has a good likelihood of succeeding in its improvement initiatives following upgrades to the management team and its acquisition of Oak Street Health. As a result, we elected to swap our position in Cigna into CVS Health to capitalize on the valuation gap while maintaining similar exposure within the sector.”
5. Incorporated (NYSE:AFL)
Donation to the Democrats: $1,922,032
AFLAC Inc. contributed $1,922,032 to Democrats during the 2021–2022 election cycle, as noted by opensecrets.com. This is 56.1% of their total donation to candidates and parties of $1,922,032.
According to opensecrets.com, during the 2021–2022 election season, he gave $1,922,032 to Democrats. This is 56.1% of their overall donation to candidates and political parties of $1,922,032. Aflac Inc. is an American insurance company that is the country’s leading supplier of supplementary insurance. The corporation was established in 1955 and is headquartered in Columbus, Georgia. The history of the organization dates back more than 60 years to the key founder, John Amos, and his brothers, Paul and Bill Amos, who recognized the necessity for monetary security in the case of a medical emergency.
Adam Gregor/Shutterstock.com
4. USAA
Donation to the Democrats: $1,193,958.294
According to the website opensecrets.com, the United Services Automobile Association (USAA) gave $1,193,958.294 to Democrats during the 2019–2020 election cycle. This is 59.1% of their total donation to candidates and parties, which was $2,035,578. Military personnel, veterans, and their families are the only customers of the USSA, a financial services provider based in the United States. The primary goal of the United Services Automobile Association (USAA), the ultimate parent of Federal Savings Bank (FSB), is to guarantee the financial security of its members, who include those who are serving in the United States military today or who have rendered honorable service in the past, as well as their eligible family members. USAA Capital Corporation (CapCo), which is a wholly-owned subsidiary of USAA, owns all of the stock of FSB.
Iakov Filimonov/Shutterstock.com
3. New York Life Insurance
Donation to the Democrats: $1,361,405.122
New York Life Insurance gave Democrats $1,361,405.122 during the 2019–2020 elections, per the website opensecrets.com. This is 53.9% of their overall donation to candidates and parties of $2,536,347. Through a nationwide network of financial advisors, New York Life and its affiliates provide insurance, investment, and retirement options to clients at all stages of life. According to the 2019 edition of Fortune magazine’s “Fortune 500 ranked within Industries: Life, Health (Mutual),” New York Life Insurance Company is the biggest mutual life insurance business in the United States and one of the top life insurance companies in the world based on revenue.
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2. Prudential Financial Inc. (NYSE:PRU)
Donation to the Democrats: $2,483,959.305
From the 2014 elections until the 2021 elections, Prudential Financial has been the most consistent donor to the Democrats. Using the data from opensecrets.com, the Democrats received a total of $2,483,959.305 from all of those election cycles. Insurance, investment management, retirement planning, and other products and services are offered by subsidiaries of Prudential Financial, Inc., an American Fortune Global 500 and Fortune 500 company, to both retail and institutional customers across the United States and in more than 40 other countries.
1. Blue Cross Blue Shield
Donation to the Democrats: $9,373,979.542
Blue Cross Blue Shield is at the top of the list. It has been the most substantial and consistent donor to the Democrats, giving them $9,373,979.542 during the course of the 2015–2016, 2019–2020, and 2021–2022 election cycles, as noted by opensecrets.com. Blue Cross and Blue Shield (BCBS) companies have offered healthcare coverage to members since 1929, allowing them to live without worry or fear. Blue Cross Blue Shield provides a customized approach to healthcare in each ZIP code that meets the requirements of the areas where its members live and work. They collaborate with hospitals and medical professionals in the areas they serve to deliver high-quality, low-cost healthcare.
Pixabay/Public Domain
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Disclosure: None. 10 Most Liberal Insurance Companies in America is originally published on Insider Monkey.
