State Farm Group is once again the largest health insurance company in the US, representing $65.6 billion in direct premiums – nearly $20 billion more than its nearest competitor, Berkshire Hathaway ($46.1 billion), the name behind GEICO.
Further down the top 10 rankings, Chubb dropped from seven to eight, despite its direct premiums written increasing from $21.2 billion in 2017 to $23.3 billion in 2019. It switched places with USAA Insurance Group.
The 15 biggest groups are:
Direct Premiums Written: $65.6 billion
Market Share: 9.27%
Direct Premiums Written: $46.1 billion
Market Share: 6.51%
Direct Premiums Written: $39.2 billion
Market Share: 5.54%
Direct Premiums Written: $35.6 billion
Market Share: 5.03%
Direct Premiums Written: $35 billion
Market Share: 4.95%
Direct Written Premiums: $28 billion
Market Share: 3.96%
Direct Written Premiums: $23.4 billion
Market Share: 3.32%
Direct Written Premiums: $23.3 billion
Market Share: 3.30%
Direct Written Premiums: $20.6 billion
Market Share: 2.92%
Direct Written Premiums: $18.4 billion
Market Share: 2.60%
Direct Written Premiums: $14 billion
Market Share: 1.98%
Direct Written Premiums: $12.8 billion
Market Share: 1.82%
Direct Written Premiums: $12.6 billion
Market Share: 1.79%
American Family Insurance
Direct Written Premiums: $11.5 billion
Market Share: 1.63%
Direct Written Premiums: $11 billion
Market Share: 1.56%
According to the Information Institute (III), health insurance marketplace. industry and the net premiums written total $1.32 trillion in 2019, with premiums recorded by life/health accounting for 52%, and premiums by property/casualty insurers accounting for 48%, according to S&P Global Market Intelligence.
P/C insurance includes auto, homeowners and commercial. Net premiums written for the sector totalled $637.7 billion in 2019. Meanwhile, the life/annuity sector includes annuities, accident and health, and life insurance with net premiums for the sector totalling $678.7 billion in 2019. Both figures are taken from the Information Institute.
The US in industry employed 2.8 million people in 2020. Of those, 1.6 million worked for companies, including life and health (923,000 workers), P/C insurers (647,000 workers), and reinsurers (28,500 workers). The remaining 1.2 million people worked for agencies, brokers, and other related enterprises.