These Are The Ten Biggest Property And Casualty Insurers

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These Are The Ten Biggest Property And Casualty Insurers
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Property and Casualty (P&C) Insurance is a massive industry that includes auto, home and commercial insurance. The market size of P&C and Direct insurance was at an all-time high in 2020, according to the data from Statistica. Property and Casualty insurers account for about 48% of written premiums in the U.S. Let’s take a look at the ten biggest Property and Casualty insurers.

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Ten Biggest Property And Casualty Insurers

We have used the latest available revenue numbers to come up with the ten biggest Property and Casualty insurers. We have used only Fortune 1000 companies for our list. Below are the ten biggest Property and Casualty insurers:

  1. American Family Insurance (>$12.63 billion)

Founded in 1927 and headquartered in Madison, Wis., it is a private mutual company that offers property, casualty, and auto insurance, as well as commercial insurance, life, health, homeowners coverage, investment and retirement-planning products. American Family Insurance employs over 13,000 people.

  1. Loews (>$14.93 billion)

Founded in 1954 and headquartered in New York, it is primarily an oil and gas business but does offer property and casualty insurance services as well. Loews Corporation (NYSE:L) has the following business segments: Boardwalk Pipeline, CNA Financial, Diamond Offshore, Loews Hotels and Corporate. Its shares are up almost 7% YTD and almost 8% in the last three months. The company reported a net loss of over $900 million in 2020, compared to a net income of over $930 million in 2019.

  1. Hartford Financial Services Group (>$20.74 billion)

Founded in 1810 and headquartered in Hartford, Conn., this company offers life insurance, automobile and homeowners insurance, business insurance, group and employee benefits, as well as financial services, including annuities, mutual funds, college savings plans and more. Hartford Financial Services Group Inc (NYSE:HIG) has the following business segments: Property & Casualty, Personal Lines, Commercial Lines, Group Benefits and Hartford Funds. Its shares are up almost 5% YTD and over 1% in the last three months. The company reported a net income of over $1.70 billion in 2020, compared to over $2 billion in 2019.

  1. Travelers Companies (>$31.58 billion)

Founded in 1853 and headquartered in New York, this company offers commercial and personal property and casualty insurance products and services. Travelers Companies Inc (NYSE:TRV) has the following business segments: Bond and Specialty Insurance, Business Insurance, and Personal Insurance. Its shares are up over 4% YTD and almost 7% in the last three months. The company reported a net income of over $2.60 billion in 2020, compared to over $2.50 billion in 2019.

  1. USAA (>$35.61 billion)

USAA was founded in 1922 and headquartered in San Antonio. It was founded by a group of U.S. Army officers when they were unable to get auto insurance because military officers were believed to be a high-risk group. The company now offers banking and insurance services to past and present family members, as well as their families. It is a private company.

  1. Progressive (>$39.02 billion)

Founded in 1937 and headquartered in Mayfield Village, Ohio, this company offers personal and commercial auto insurance, residential property insurance, property-casualty insurance and related services. Progressive Corp (NYSE:PGR) has the following business segments: Personal Lines, Commercial Lines and Property. Its shares are up almost 7% YTD and over 21% in the last three months. The company reported a net income of over $5.60 billion in 2020, compared to over $3.90 billion in 2019.

  1. Liberty Mutual Insurance (>$43.22 billion)

Founded in 1912 and headquartered in Boston, this company offers auto, home, life and business insurance products and services in the U.S. The company employs more than 45,000 people in more than 900 locations globally. Liberty Mutual Insurance is a private company that operates through four strategic business units: Global Consumer Markets, US Consumer Markets, Commercial Insurance, and Global Specialty.

  1. Allstate (>$44.67 billion)

Founded in 1931 and headquartered in Northbrook, Ill., this company offers property and casualty insurance services, as well as sells life, accident, and health insurance products. Allstate Corp (NYSE:ALL) has the following business segments: Allstate Benefits, Discontinued Lines and Coverages, Allstate Protection, Allstate Annuities, Protection Services, Allstate Life, and Corporate and Other. Its shares are up more than 5% YTD but are down over 1% in the last three months.

  1. American International Group (>$49.74 billion)

Founded in 1919 and headquartered in New York, this company offers property and casualty insurance, retirement products, life insurance and other financial services. American International Group Inc (NYSE:AIG) has the following business segments: General Insurance, Life and Retirement and Other Operations. Its shares are up almost 9% YTD and almost 7% in the last three months. The company reported a net loss of over $5.90 billion in 2020, compared to a net income over $4.10 billion in 2019.

  1. Berkshire Hathaway (>$254.61 billion)

Founded in 1839 and headquartered in Omaha, Neb., this company offers property and casualty insurance and reinsurance services. Also, the company offers freight rail transportation, utilities and energy, finance, manufacturing, and retailing services. Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) shares are up almost 8% YTD and almost 14% in the last three months. The net income for the company was over $42 billion in 2020, compared to over $81 billion in 2019.

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Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@valuewalk.com
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