15 Largest Insurance Companies In The US by Market Cap

Published on January 22, 2024 at 6:50 am by Ali Ahmed in Business, Industries, Lists, News

In this article, we will cover the 15 largest insurance companies in the US by market cap. If you want to skip our detailed analysis of the US insurance industry, you can go directly to 5 Largest Insurance Companies In The US by Market Cap.

The insurance industry in the US is made up of various types of players operating in various spaces. Life insurance companies provide insurance policies that pay a death benefit as a lump sum upon the policyholder’s death. Health insurance providers provide coverage for medical costs. Property and casualty insurance companies offer insurance policies that cover damages to property, such as homes, valuables, and cars. You can also take a look at the best car insurance companies of 2023.

Insurance Industry in the US: Key Trends

Providing protection and risk management solutions to individuals and businesses, both non-life and life insurance sectors play a crucial role in the financial industry. While non-life insurance covers risks other than death, life insurance covers an individual’s life and may also offer benefits for critical illnesses such as cancer and heart ailments. On the other hand, non-life assets include houses, vehicles, health, valuables, travel, and more.

According to a report by Mordor Intelligence, the US life and non-life insurance market has reached a size of $2.02 trillion in 2024 in terms of net written premiums value. The market is expected to grow at a compound annual growth rate (CAGR) of 6.95% during 2025-2029, pushing the life and non-life insurance market to reach a value of $2.83 trillion by the end of the forecasted period. The insurance market in the US is one of the largest in the world in terms of employee numbers, high premium volumes, and insurance company revenues. There is a growing awareness of the importance of financial security, and this has led to an increased demand for insurance policies as well as related products and services. More people are aware of the risks associated with life events, property damage, and health issues, which is driving the demand for both life and non-life insurance.

Insurance companies and providers are offering comprehensive coverage, innovative policies, and special discounts, especially in the non-life insurance segment, which is expected to augment market growth. The development of technologies and the rise of insurtech are further driving growth in the insurance market. Technology is changing how insurance companies provide insurance policies, engage with customers, and process claims. Insurance companies are leveraging digital technologies to promote innovation, launch new products and services, streamline operations, and drive growth.

Major Players in the US Insurance Market

The insurance market in the US is one of the largest in the world in terms of employee numbers, high premium volumes, and insurance company revenues. Some of the most prominent names in the US insurance market are Elevance Health Inc. (NYSE:ELV), The Progressive Corporation (NYSE:PGR), and UnitedHealth Group Inc. (NYSE:UNH).

UnitedHealth Group Inc. (NYSE:UNH) is an American multinational health insurance and services company. It also ranks high among the best health insurance companies heading into 2024. On January 12, UnitedHealth Group Inc. (NYSE:UNH) reported strong earnings for the fiscal fourth quarter of 2024, reflecting strong demand for health insurance products and services. The company reported earnings per share (EPS) of $6.16, surpassing EPS estimates by $0.17. UnitedHealth Group Inc.’s (NYSE:UNH) revenue for the quarter grew by 14.06% year-over-year and amounted to $94.43 billion, ahead of market consensus by $2.25 billion.

The insurance sector is undergoing a digital transformation and some of the biggest insurance companies are investing in the development of new digital tools, products, and services. Elevance Health Inc. (NYSE:ELV) is another one of the top health insurance companies in the US. On January 10, Elevance Health Inc. (NYSE:ELV) revealed at the 2024 Consumer Electronics Show that it will be launching a first-of-its-kind program, which will provide free high-quality smartphones with unlimited data, talk, and texting services at no cost to eligible individuals enrolled in some of its affiliated Medicaid health plans. These smartphones will be preloaded with a customized experience and provide easy access to digital and virtual healthcare tools. The smartphones will help individuals connect with their Medicaid health plan care team, who can help address their whole health needs. Program participants will also have access to educational materials on how to use and navigate the device as well as a dedicated customer service call center for support when needed.

The Progressive Corporation (NYSE:PGR) is an American insurance company that offers auto home, pet, and life insurance as well as other related products and services. It ranks among the best home insurance companies heading into 2024. The Progressive Corporation (NYSE:PGR) is also one of the largest providers of auto insurance in the US. On November 1, 2023, The Progressive Corporation (NYSE:PGR) announced that it would be holding its 11th annual Keys to Progress vehicle giveaway on November 8, 2023. This event, which takes place ahead of Veterans Day, will see 82 veterans, military-related organizations, and veteran-owned small business owners across the US receive the keys to vehicles to provide them with reliable transportation. The vehicles, sourced from Enterprise Rent-A-Car’s US fleet of high-quality, used cars, vans, and SUVs, will be purchased and given away with funds provided by The Progressive Corporation (NYSE:PGR). Moreover, the vehicles will come with six months of insurance paid for by Enterprise. The insurance policies are written by The Progressive Corporation (NYSE:PGR). This will bring the total number of donated vehicles through the Keys to Progress program to more than 1,000 since its inception in 2013.

John Murphy, The Progressive Corporation (NYSE:PGR) Claims President, said:

“Throughout the years, the Keys to Progress program has provided reliable transportation to veterans and veteran organizations. Our hope is to offer a little relief and improve the lives of military men and women facing tough personal circumstances.”

Now that we have discussed what’s going on in America’s insurance industry, let’s take a look at the 15 largest insurance companies in the US by market cap.

15 Largest Insurance Companies In The US by Market Cap

An aerial view of a metropolitan skyline with the offices of the insurance company in the center.

Methodology

In this article, we have listed the 15 largest insurance companies in the US by market cap. To find the biggest insurance companies in America, we sifted through various sources including industry reports and consulted stock screeners from Yahoo Finance and Finviz. In our list of the largest insurance companies by market cap, we excluded the companies that are not headquartered in the United States. We then used Yahoo Finance to find each company’s market capitalization as of January 19, 2024. The 15 largest insurance companies in the US by market cap are listed below in ascending order.

15 Largest Insurance Companies In The US by Market Cap

15. Prudential Financial Inc. (NYSE:PRU)

Market Capitalization: $37.34 Billion

Prudential Financial Inc. (NYSE:PRU) is an American company that provides insurance, retirement planning, investment management, and other products and services to both individual and institutional customers. With a market capitalization of $37.34 billion as of January 19, 2024, it ranks among the 15 largest insurance companies in the US by market cap. While Prudential Financial Inc. (NYSE:PRU) only offered burial insurance in the beginning, it is now one of the largest insurance companies with 50 million customers in over 50 countries around the world.

14. Centene Corporation (NYSE:CNC)

Market Capitalization: $39.61 Billion

Centene Corporation (NYSE:CNC) is a managed care company and an intermediary for government-sponsored and privately insured healthcare programs. It offers a wide range of healthcare and insurance products and services, primarily through Medicaid, Medicare, and commercial products. Centene Corporation (NYSE:CNC) has a market capitalization of $39.61 billion as of January 19, 2024.

13. The Allstate Corporation (NYSE:ALL)

Market Capitalization: $40.53 Billion

The Allstate Corporation (NYSE:ALL) is an American insurance company. It also has personal lines insurance operations in Canada. As one of the biggest insurance companies in the US, it offers a wide range of life, non-life, and health insurance products and services to individuals and institutional clients. The Allstate Corporation (NYSE:ALL) has a market capitalization of $40.53 billion as of January 19, 2024.

12. Travelers Companies Inc. (NYSE:TRV)

Market Capitalization: $48.3 Billion

Travelers Companies Inc. (NYSE:TRV), or simply Travelers, is an American insurance company that ranks 12th on our list of largest insurance companies in the US by market cap. It is one of the biggest providers of property casualty insurance for auto, home, and business. The company’s diverse business lines provide a wide range of coverage sold mainly through independent agents and brokers. As of January 19, 2024, Travelers Companies Inc. (NYSE:TRV) has a market capitalization of $48.3 billion.

11. American International Group Inc. (NYSE:AIG)

Market Capitalization: $48.32 Billion

American International Group Inc. (NYSE:AIG) is an American multinational finance and insurance corporation that provides a wide range of property casualty insurance and other financial services. It offers expertise and products to individuals and businesses in around 70 countries and jurisdictions around the world. American International Group Inc. (NYSE:AIG) has a market capitalization of $48.32 billion as of January 19, 2024.

10. Aflac Inc. (NYSE:AFL)

Market Capitalization: $49.3 Billion

Aflac Inc. (NYSE:AFL) is an American insurance company that ranks among the top 10 largest insurance companies in the US by market cap. As the leading provider of supplemental insurance in the US, it provides financial protection to millions of Americans and their families in the event of a serious accident or illness. Aflac Inc. (NYSE:AFL) also offers cancer and medical insurance policies in Japan. The company has a market capitalization of $49.3 billion as of January 19, 2024.

9. Humana Inc. (NYSE:HUM)

Market Capitalization: $49.43 Billion

Humana Inc. (NYSE:HUM) is an American health and well-being company. As one of the biggest health insurance companies in the US, it offers Medicare plans and a variety of health insurance coverage options to individuals, families, and employers. As of January 19, 2024, Humana Inc. (NYSE:HUM) has a market capitalization of $49.43 billion.

8. Metlife Inc. (NYSE:MET)

Market Capitalization: $50.99 Billion

Metlife Inc. (NYSE:MET) is one of the world’s largest providers of insurance, annuities, and employee benefit programs. It offers life, accident, and health insurance, retirement and savings products through agents, brokers, third-party distributors, and direct marketing channels. With a market capitalization of $50.99 billion as of January 19, 2024, Metlife Inc. (NYSE:MET) ranks 8th on our list of largest insurance companies in the US by market cap.

7. Arthur J. Gallagher & Co. (NYSE:AJG)

Market Capitalization: $51.56 Billion

Arthur J. Gallagher & Co. (NYSE:AJG) is an American multinational insurance brokerage and risk management services firm. It is one of the world’s largest property and casualty third-party claims administrators. The firm also has product offerings in benefits and HR consulting, reinsurance, and captives and alternative risk transfer. Arthur J. Gallagher & Co. (NYSE:AJG) has a market capitalization of $51.56 billion as of January 19, 2024.

6. Cigna Corporation (NYSE:CI)

Market Capitalization: $88.39 Billion

Cigna Corporation (NYSE:CI) is an American multinational managed healthcare and insurance company that ranks high among the largest insurance companies in the US by market cap. Through its subsidiaries, it provides dental, medical, disability, life and accident insurance and related products and services. As of January 19, 2024, Cigna Corporation (NYSE:CI) has a market capitalization of $88.39 billion.

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