Top 10 Insurance Brokers in the USA






Introduction

tags: top insurance brokers, what are the top 10 insurance brokers in the US

In the current era, insurance brokers are a necessity. Insurance companies provide different types of coverage for different types of risks and there are many types of risks that we face in our day-to-day lives. Hence, it is very important to find an insurance broker who can understand your needs and offer you the best possible solution.

This article will list the top 10 insurance brokers in the US based on their market share and annual revenue.


But 1st...What is an insurance Broker Anyway?

Just as a broker in any other industry, an insurance broker is someone who is knowledgeable about the market and can provide advice to people in need. Insurance brokers are often not working directly on a company’s payroll but rather sell insurance products on behalf of different insurance companies beforehand. Not all insurance brokers are out to make money, they also have clients they must take care of and those clients expect them to be knowledgeable about the industry.


Now that we know what an insurance brokerage is, let's take a look at some of the biggest players in the market:


The table below presents the list of top 10 insurance brokers in the United States. The list is based on market share and annual revenue.


Top 10 Insurance Brokers in the USA

1) Allstate Corporation: Allstate is one of the largest providers of personal property and casualty insurance in North America. They insure more than 16 million households as well as more than 2 million businesses through its various subsidiaries. The company has a market share of 6% in North America with $1,8 billion in annual revenue. It also ranks #5 on the list of Fortune 500 Companies.


2) Progressive Corporation: Progressive is the second-largest insurance company in North America. They have more than 20 million households insured and approximately 11 million businesses as well. The company has a market share of 9% in North America with $1,8 billion in annual revenue. It also ranks 7 on the list of Fortune 500 Companies. Best Enterprise-Level Insurance Brokerages

3) State Farm Insurance Company: State Farm is the third-largest insurance company in North America. They have more than 16 million households insured and approximately 12 million businesses as well. The company has a market share of 8% in North America with $3,6 billion in annual revenue. It ranks 13 on the list of Fortune 500 Companies.

4) Travelers Companies, Inc: Travelers Companies, Inc. is a company that provides insurance and financial services to individuals and businesses. It was founded in 1864 and has been listed on the New York Stock Exchange since 1996. The company has a market capitalization of around $71 billion USD. They have over 50 million customers across North America, Europe, Asia, and South America.

The company was ranked as one of the top 10 insurance brokers in the US by Forbes magazine based on their annual revenue and market share for the 2017-2018 fiscal year.

5) Geico General Agency, Incorporated: Geico General Agency is one of the top 10 insurance brokers in the US, and is listed as number 5 on this list, based on their market share and annual revenue. The company was founded in 1936 and has been on the list of Fortune 500 companies since 2001.

Geico has a long history of providing affordable auto insurance to American drivers and is the second-largest private passenger auto insurer in the United States. In 2016, GEICO had over 30 million policies in force with more than 22 million policies sold through independent agents, at a rate of about 1 policy every 3 seconds. GEICO also offers home insurance through select carriers in 14 states and commercial auto coverage for businesses through more than 400 independent agents nationwide.

6) Liberty Mutual Group: Liberty Mutual Group is the sixth-largest insurer in the United States. They provide a full range of property, casualty, life, and retirement products to over 50 million customers.

The company operates in more than 900 cities and towns in the US and provides its products to customers in all 50 states. Liberty Mutual Group was founded back in 1912 by a guy named James Ritchie. Today, it employs more than 61,000 people and has $4 trillion worth of assets under management.

7) Farmers Insurance Group of Companies: Farmers Insurance Group of Companies is an American insurance company that was founded in 1928. Farmers offer insurance for homes, autos, life, health, and business.

Farmers is one of the top 10 largest insurance brokers in the United States. They are ranked number 7 on the list based on their market share and annual revenue. Farmers provide coverage to more than 11 million households and 3 million businesses in 20 states.

8) Nationwide Mutual Insurance Company: The Nationwide Mutual Insurance Company is one the largest mutual insurance company in the US. It is headquartered in Columbus, Ohio and was founded in 1925. It provides a range of personal and commercial property and casualty insurance products to customers through its subsidiaries (Nationwide Life Insurance Company, Nationwide Retirement Solutions, etc.).

The company has a market share of 18% with annual revenue of $28 billion.

9) Chubb Limited: Chubb Limited is a multinational property and casualty insurance company. It is one of the largest insurance brokers in the world with revenues of $32.2 billion in 2016 and a market share of about 10%.

Chubb Limited has been a top insurer for more than 150 years, offering personal, commercial, and specialty lines of insurance to businesses, individuals, and families. In 2016, Chubb had a global net earned premium income of $32.2 billion, with an operating margin of 21.8%.

In 2017 Chubb was ranked number 1 on Forbes' list of the world's "Most Admired Companies" for the seventh time in eight years. The company also ranked number 1 on Fortune's list of "The World's Most Admired Companies" for the fifth consecutive year.

10) Nationwide Mutual Insurance Company of New York: The Nationwide Mutual Insurance Company of New York is one of the top insurance brokers in the United States. They are one of the most trusted and largest insurance companies in the nation.

The company has an estimated market share of 1.6% and annual revenue of $3.2 billion. The company is ranked number 10 on the list, with a ranking of 8th place in terms of market share and 12th place in terms of revenue.