In 2022, American multinational holding company Berkshire Hathaway was the largest global insurance company, with revenues over 302 billion U.S. dollars.
The insurance industry
Insurance is the transfer of the risk of a potential loss from one entity to another in exchange for payment. It is a form of risk management used to ensure some degree of financial security in the face of uncertain loss. The individual or institution that purchases the insurance policy from the supplying company is known as the insured or the policy holder. The amount of money charged to the organization or person for the insurance coverage is known as the premium.
The practice which determines the level of risk that exists, and therefore the value of premium for the coverage, is carried out as part of the risk management processes. If a major event occurs, natural catastrophic events for example, then insurers must cover the cost. It may be the case the insurer has a number of insured entities, and has a high level of exposure. This is why insurance involves pooling funds from many different sources in order that funds are sufficient to pay for the losses that could be incurred in some cases. In order that risk may be shared out, and some of the financial burden may be divided, insurance companies often transfer some of the risk to reinsurance companies, who purchase insurance from the insurance company. This passing of the risk allows insurers to issue policies with higher limits than would otherwise be allowed, making it able to take on more risk because of the displacement of the risk that has been passed on to the reinsurer.
FAQs
Revenue of key players
- U.S. revenue of Berkshire Hathaway from insurance. 74.65bn USD. Revenue of Berkshire Hathaway by source 2016-2023. ...
- U.S. revenue of State Farm. 46.59bn USD. Earned premiums of State Farm 2011-2023. ...
- U.S. revenue of MetLife. 35.55bn USD. ...
- U.S. revenue of UnitedHealth Group from insurance. 290bn USD.
Ranking of the 20 largest insurance companies according to Forbes
| Rank | Company | Country |
|---|
| 1 | Berkshire Hathaway | United States |
| 2 | UnitedHealth Group | United States |
| 3 | Ping An Insurance Group | China |
| 4 | Allianz | Germany |
16 more rowsJun 21, 2024
In 2024, UnitedHealthcare Group was the largest healthcare company in the United States by revenue with over 371 billion U.S. dollars, followed by CVS Health and McKesson. This statistic shows the ten largest healthcare companies in the U.S. in 2024, by revenue.
Which insurance company makes the most money? ›
Top 10 Most Profitable Insurance Companies in 2020
- Berkshire Hathaway. $81.4B.
- MetLife. $5.9B.
- State Farm. $5.6B.
- Allstate. $4.8B.
- Prudential. $4.2B.
- USAA. $4B.
- Progressive. $4B.
- MassMutual. $3.7B.
In the United States, MetLife is consistently the largest life insurer, followed by AIG, Prudential Financial, and Aflac.
Who is the richest person in insurance? ›
1. Warren Buffett. Buffett once again secures the top spot on the list of the country's wealthiest insurance tycoons. The man known as the “Oracle of Omaha” currently sits in the tenth spot of Forbes' overall rankings with a net worth of $103.6 billion.
What is the #1 insurance in America? ›
The largest P&C insurers in the United States
| Ranking | P/C insurance company name | 2023 Net premiums written (US $ 000) |
|---|
| 1 | State Farm Group | 92,601,744 |
| 2 | Berkshire Hathaway Ins | 77,192,100 |
| 3 | Progressive Ins Group | 61,494,243 |
| 4 | Allstate Ins Group | 47,398,840 |
96 more rowsWhat are the three biggest life insurance companies in the U.S.? The three largest life insurance companies in the U.S., as per the latest data from the National Association of Insurance Commissioners (NAIC), are New York Life Group, Northwestern Mutual and Metropolitan Group.
What is the strongest insurance brand in the world? ›
Life Insurance Company (LIC) from India has emerged as the world's strongest insurance brand, according to a report titled 'Brand Finance Insurance 100 2024' by London-based consultancy firm Brand Finance.
What are the US top 5 health insurance companies? ›
The five largest health insurance companies by revenue are UnitedHealth Group, Anthem, Kaiser Permanente, Centene (mostly Ambetter) and Humana. They make up about half of the total market share in the health insurance industry. UnitedHealthcare has the highest revenue, earning $215 billion.
The Bottom Line
Among the top healthcare companies by TTM revenue are UnitedHealth Group, CVS Health, and McKesson, each having a significant role in the health and lives of Americans.
Which insurance sales makes the most money? ›
While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.
Who is State Farm's biggest competitor? ›
Considering State Farm and Geico are the two biggest auto insurance companies in the U.S., most drivers can find what they need from either company, whether that's minimum or full coverage. However, there are a few key differences between State Farm vs. Geico when it comes to auto insurance options.
What is the biggest insurance company to fail? ›
Executive Life Insurance Company is regarded to be the biggest bankruptcy of an insurance company in the United States in the course of recent years. Based in California, the life company had to file for bankruptcy in 1991 following disastrous investments in junk bonds.
Who is the largest health insurance company in the US? ›
50 Largest Health Insurance Companies in the U.S. Overall
| Rank | Health insurance company | Total health plan enrollment in 2021 |
|---|
| 1 | Kaiser Permanente | 8,228,765 |
| 2 | Elevance Health (Anthem) | 4,670,236 |
| 3 | HCSC (including BCBS plans) | 4,419,293 |
| 4 | UnitedHealth Group | 4,306,492 |
47 more rowsFeb 26, 2024
While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.
What is the highest revenue company? ›
American retail corporation Walmart has been the world's largest company by revenue since 2014.
Is Lloyd's of London the biggest insurance company? ›
Lloyd's is the largest commercial (re)insurance marketplace in the world. Offering unparalleled value to clients through choice, expertise, partnerships and our insurance ecosystem.
