In this article, we will discuss the 15 best building insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to 5 Best Building Insurance Companies Heading into 2024.
Is Artificial Intelligence Changing the Insurance Landscape?
Like most industries, the insurance industry is also constantly changing to adapt to new technologies. Similarly, there are a range of companies working to integrate technology into their systems. One such startup is Kin Insurance. Kin Insurance is a leading insurance tech company based in Chicago, Illinois. The company leverages property data points using artificial intelligence to provide coverage to customers with a few simple clicks. The company provides insurance coverage for homeowners, landlords, condos, and mobile homeowners. The company not only saves time for clients but also saves them an immense amount of money by providing them with coverage that exactly matches their needs.
On September 13, Kin Insurance received a staggering $33 million investment in a new funding round from certain QED Investors including Geodesic Capital, Allegis Capital, Hudson Structured Capital Management, and Alpha Edison. The new funding round brings Kin Inusrance’s funding to a total of $265 million. By the end of 2023, the company is expected to execute over $370 million in premiums. The direct-to-consumer business model of the company is highly attractive to investors.
The company’s popularity is also partially due to its active marketing strategies. On October 30, Kin Insurance announced a partnership with Ty Pennington, a popular designer and carpenter. Pennington will be a prominent face in the marketing campaigns of Kin Insurance. The two entities will together promote the need for human insurance and care in a catchy yet modern way.
Prominent Names in the Building Insurance Industry
Nationwide Mutual Insurance, American International Group, Inc. (NYSE:AIG), and State Farm Insurance are some of the prominent names in the building insurance industry. Let’s discuss some recent updates from these companies. You can also take a look at the best manufactured home insurance companies heading into 2024.
Nationwide Mutual Insurance is an insurance and financial services company based in Ohio. The company provides car insurance, motorcycle insurance, homeowners insurance, pet insurance, farm insurance, life insurance, and commercial insurance. On October 24, Nationwide Mutual Insurance announced a partnership with Resideo Technologies, Inc. (NYSE:REZI). Resideo Technologies, Inc. (NYSE:REZI) is a prominent name in the security industry, and this partnership will guarantee greater protection for homes. The company provides Honeywell Home smart thermostats and First Alert Solutions. The partnership will allow homeowners across the United States to acquire tech-based prevention tools against damage and expenses. The device packages are expected to be released early in 2024.
American International Group, Inc. (NYSE:AIG) is a leading finance and insurance multinational. The company provides its services in property insurance, casualty insurance, and finance across the globe. The large footprint of the company explain its solid financial results. On November 1, American International Group, Inc. (NYSE:AIG) reported earnings for the fiscal third quarter of 2023. The company reported earnings per share of $1.61, beating estimates by $0.13. The company also posted revenue worth $12.77 billion during the quarter, ahead of market consensus by $212.60 million.
State Farm Insurance is a mutual insurance company based in Illinois, United States. The company provides a range of insurance services including property insurance, casualty insurance, and auto insurance. State Farm Insurance is also committed to enhancing its technological footprint. On September 14, the company introduced a new application for its life insurance customers. The Life Enhanced application allows users to track their personal health and wellness, access planning tools, and donate to charities. Users can also connect the app with a wearable device or a fitness application to earn rewards. Moreover, users will be able to plan their life insurance with “FreeWill,” one of the largest planning tools in the United States.
While the companies we just discussed are notable names in the industry, some of the biggest companies in the building insurance space include Allianz SE (OTC:ALIZY), Chubb Limited (NYSE:CB), and The Progressive Corporation (NYSE:PGR). Let’s take a look at the 15 best building insurance companies heading into 2024. You can also take a look at the states with the most expensive home insurance.
15 Best Building Insurance Companies Heading into 2024
Our Methodology
We employed a consensus approach to come up with the 15 best building insurance companies heading into 2024. We sifted through 5 industry reports including Allied Market Research, GM Insights, Straits Research, Verified Market Research, and Maximize Market Research. This thorough process enabled us to list the 20 best building insurance companies heading into 2024. We then sourced the market cap for publicly listed companies or the latest annual revenue for private companies to identify the 15 best building insurance companies heading into 2024. We sourced market caps from Yahoo Finance, and annual revenue from official company reports.
For some private companies, we were unable to source the reported annual revenue. For such companies, we decided to rank them based on the number of employees or associates, which we sourced from companies’ official websites, as it reflects the size and position of a company in the industry. The number of employees may not be entirely accurate to quantify a company’s valuation, but a close depiction of the company’s position in the industry.
The list of the 15 best building insurance companies heading into 2024 is in ascending order of the market capitalization as of December 16, 2023, or annual revenue for the latest year available.
15 Best Building Insurance Companies Heading into 2024
15. Farmers Insurance
Number of Employees: 21,000
Farmers Insurance is a leading building insurance company heading into 2024. The American insurer provides coverage across multiple insurance lines. Under its building insurance policy, the company provides comprehensive coverage for damages caused by fire, smoke, theft, vandalism, lightning, water, and falling objects. Farmers Insurance is home to 21,000 employees and 48,000 exclusive agents.
Some of the best insurance stocks to buy according to hedge funds include Allianz SE (OTC:ALIZY), Chubb Limited (NYSE:CB), and The Progressive Corporation (NYSE:PGR).
14. Admiral Group plc (OTC:AMIGY)
Market Capitalization as of December 16, 2023: $10.33 Billion
Admiral Group plc (OTC:AMIGY) is an insurance company based in the United Kingdom and ranks among the best building insurance companies heading into 2024. The company provides coverage for auto insurance, car insurance, and home insurance. For its buildings insurance policy, the company insures the entire building, pays for replacement locks and alternative accommodation, and provides property owners liability. The company offers its insurance policy in three plans including the Admiral Cover, Admiral Gold Cover, and Admiral Platinum Cover. Admiral Group plc (OTC:AMIGY) boasts a market cap of $10.33 billion, as of December 16.
13. The Hartford Financial Services Group, Inc. (NYSE:HIG)
Market Capitalization as of December 16, 2023: $24.01 Billion
The Hartford Financial Services Group, Inc. (NYSE:HIG) has a market cap of $24.01 billion, as of December 16, and is one of the best building insurance companies heading into 2024. The company is based in the United States and provides a range of insurance policies across business, home, and car insurance lines. Under its business insurance policy, The Hartford Financial Services Group, Inc. (NYSE:HIG) provides coverage for property, attached structures, and personal belongings. The company also pays for repairing and rebuilding costs
12. The People’s Insurance Company (Group) of China Limited (OTC:PINXF)
Market Capitalization as of December 16, 2023: $32.17 Billion
The People’s Insurance Company (Group) of China Limited (OTC:PINXF) is one of the best building insurance companies heading into 2024. The company is based in Beijing, China, and provides a range of coverage including travel insurance, accident insurance, home insurance, health insurance, business insurance, and life insurance. Under its building insurance policy, the company provides coverage for damages to property and physical assets. The People’s Insurance Company (Group) of China Limited (OTC:PINXF) has a market cap of $32.17 billion, as of December 16.
11. The Allstate Corporation (NYSE:ALL)
Market Capitalization as of December 16, 2023: $36.39 Billion
The Allstate Corporation (NYSE:ALL) ranks among the best building insurance companies heading into 2024. The company provides a range of insurance services across vehicle, property, life, and business insurance lines. Under its building insurance policy, the company provides coverage against damages caused by theft, fire and smoke, windstorms, hail, falling objects, and water damage from plumbing. The Allstate Corporation (NYSE:ALL) has a market cap of $36.39 billion, as of December 16.
10. The Travelers Companies, Inc. (NYSE:TRV)
Market Capitalization as of December 16, 2023: $41.75 Billion
With a market cap of $41.75 billion, as of December 16, The Travelers Companies, Inc. (NYSE:TRV) ranks among the best building insurance companies heading into 2024. The company provides coverage across auto, home, renters, condo, umbrella, boat, travel, pet, and motorcycle insurance lines. Under its building insurance policy, the company protects personal property and belongings against damages. The Travelers Companies, Inc. (NYSE:TRV) also offers compensation for any injuries on the property and provides compensation for replacement, temporary building, and legal costs.
9. American International Group, Inc. (NYSE:AIG)
Market Capitalization as of December 16, 2023: $46.34 Billion
American International Group, Inc. (NYSE:AIG) is one of the best building insurance companies heading into 2024. The company was founded in 1919 and provides insurance coverage for property and casualty insurance across 80 countries. Under its building insurance policy, the company protects commercial property against theft, storms, and disasters. American International Group, Inc. (NYSE:AIG) has a market cap of $46.34 billion, as of December 16, 2023.
8. Liberty Mutual Insurance
Annual Revenue (2022): $50.00 Billion
Liberty Mutual Insurance reported annual revenue worth $50 billion in 2022 and ranks among the best building insurance companies heading into 2024. The company provides customized insurance policies across auto, home, and life insurance lines. Under its building or homeowners insurance policy, the company provides coverage for homes and personal belongings in case of damage due to theft, fire, or severe weather. Liberty Mutual Insurance also covers injuries happening on the property in case of damages.
7. Nationwide Mutual Insurance
Annual Revenue (2022): $56.80 Billion
Nationwide Mutual Insurance is one of the largest groups of insurers and financial service providers in the United States. The company was founded in 1926 and provides insurance for cars, motorcycles, homeowners, pets, and farms. Under its building insurance policy, the company provides coverage for the entire home in case of damages and provides compensation for alternative accommodation and replacement. Nationwide Mutual Insurance reported annual revenue worth $56.8 billion in 2022.
6. AXA SA (OTC:AXAHY)
Market Capitalization as of December 16, 2023: $71.68 billion
AXA SA (OTC:AXAHY) is a leading building insurance company heading into 2024. The company is based in Paris, France. The company provides insurance coverage for multiple lines of insurance in 51 countries. The company provides three building insurance plans including AXA Premier Home Insurance, AXA Plus Home Insurance, and AXA Home Insurance. These packages provide coverage for accidental damage and compensation for emergency expenses and replacement. AXA SA (OTC:AXAHY) boasts a market cap of $71.68 billion, as of December 16.
Some of the top stocks that are on the radars of Wall Street analysts include Allianz SE (OTC:ALIZY), Chubb Limited (NYSE:CB), and The Progressive Corporation (NYSE:PGR).
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Disclosure: None. 15 Best Building Insurance Companies Heading into 2024 is originally published on Insider Monkey.
