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15 Largest Private Crops Insurance Companies in United States of America (USA)
15 Largest Private Crops Insurance Companies in United States of America (USA)- According to National Association of Insurance Commissioners (NAIC) report entitled with “2022 Market Share Reports for Property/Casualty Groups and Companies by State and Countrywide”, there are 15 Largest Private Crops Insurance Companies in United States of America (USA). This rank was arranged based on the Direct premium Written of insurance companies in 2022.
Private crop insurance is a type of insurance that is offered by insurance companies to protect farmers against financial losses due to crop unpredictable failure or damage. Commonly, this private crop insurance is not subsidized by the federal administration. The insurance companies can decide their program freely. Practically, in the USA, Private crop insurance policies can vary in terms of the coverage, the premiums, and other aspects. However, most private crop insurance policies cover a wide range of perils, including biotic disruption (pest and fungi infestation) and abiotic disruption (drought, flood, storm, frost).
Here is the rank of 15 Largest Private Crop Insurance Companies in the United States of America (USA). This rank was arranged based on the Direct premium Written of insurance companies in 2022. All the data came from the report of National Association of Insurance Commissioners (NAIC) entitled “2022 Market Share Reports for Property/Casualty Groups and Companies by State and Countrywide”.
The Rank of 15 Largest Private Crop Insurance Companies in United States of America (USA)
| Rangk | Name of Private Crop Insurance Companies | Direct Premium Written in 2022 | Direct Premium Earned in 2022 | Market Share |
|---|---|---|---|---|
| (Thousand US Dollar ($)) | (Thousand US Dollar ($)) | (%) | ||
| 1 | Zurich Insurance | 333,377 | 333,265 | 22.65% |
| 2 | Qbe Insurance Group | 230,683 | 230,467 | 15.67% |
| 3 | Sompo Group | 204,149 | 202,440 | 13.87% |
| 4 | Chubb Ltd | 179,072 | 179,072 | 12.17% |
| 5 | Farmers Mutual Hail | 164,898 | 164,842 | 11.20% |
| 6 | American Financial Group | 121,814 | 121,860 | 8.28% |
| 7 | American International Group | 108,683 | 108,683 | 7.39% |
| 8 | Tokio Marine Holdings Inc Grp | 47,530 | 48,160 | 3.23% |
| 9 | Fairfax Financial | 30,464 | 30,464 | 2.07% |
| 10 | Country Financial | 22,383 | 22,383 | 1.52% |
| 11 | Iowa Farm Bureau Group | 14,256 | 14,256 | 0.97% |
| 12 | Church Mutual Group | 4,045 | 1,315 | 0.27% |
| 13 | Nodak Insurance Group | 3,182 | 3,182 | 0.22% |
| 14 | State Farm Insurance | 2,474 | 1,322 | 0.17% |
| 15 | Axa Insurance | 1,927 | 1,927 | 0.13% |
| Source : 2022 Market Share Reports For Property/Casualty Groups and Companies (NAIC), 2023 | ||||
Brief Description of 15 Largest Private Crop Insurance Companies in United States of America (USA)
1. Zurich Insurance
As one of the biggest insurance companies in Switzerland and World, Zurich has a long journey of more than 150 years to achieve this result. Operationally, Zurich Insurance Group Ltd has a primary office in Zürich. Historically, this company was founded in 1872 with the name of Versicherungs-Verein (insurance associations).
Financially, in 2021, along with business development, the assets of Zurich insurance reached 435 billion US Dollars. Furthermore, the revenue of the company reached 69 billion with net income of 5.4 billion US Dollar. In private crop industries Zurich Insurance successfully collected the direct Premium Written USD 333,377 thousand with Direct Premium Earned USD 333,265 thousand. In the US, Zurich Insurance has a market share of 22.65% in 2022.
2.QBE Insurance Group
QBE Insurance Group Limited is an insurance company that was founded in January 1886. Operationally, this company has a primary office in Sydney, New South Wales, Australia. Along with business insurance development, QBE has more than 11 thousand employees as of 2020, financially, in 2021, based on the balance sheet, the company has assets around 49 billion US Dollar. Based on the business performance in 2021, the company can generate revenue around USD 17 billion with Net income around USD 527 million.
In the private crop insurance industry, QBE gained a direct premium written around USD 230,683 thousand with Direct Premium Earned USD 230,467 thousand. In total, QBE has a market share of 15.67%.
3.Sompo Group
SOMPO Holdings, Inc. is a Japanese insurance company that has a primary office in Shinjuku, Tokyo, Japan. Historically, this company was founded on April 1st, 2001. Financially, in 2022, according to its balance sheet, Sompo Holdings has assets around 13,787 billion Yen / 93 billion USD. In terms of business performance, the company can generate revenue approximately 4,167 billion Yen / 28.3 billion USD and net income approximately 226 billion Yen / 1.5 billion USD.
In the private crop industry, Sompo Group has direct premiums written around USD 204,149 thousand with Direct Premium Earned USD 202,440 thousand. Financially, Sompo Group has market share around 13.87%.
4.Chubb Ltd Grp
Chubb is one of the world’s Property and Casualty (P&C) insurance companies in the U.S.A. Operationally, Chubb has executive offices in Zurich, New York, London, Paris, and other locations, and employs approximately 40,000 people worldwide. In the financial ratings, Chubb has financial ratings of AA from Standard & Poor’s and A++ from A.M. Best.
Financially, in the report of National Association of Insurance Commissioners (NAIC), Chubb gained a direct premium written around USD 179,072 thousand US Dollar with direct premium earned around USD 179,072 thousand US Dollar. In the USA of private crop insurance, Chubb has market share around 12.17%.
5. Farmers Mutual Hail
Farmer Mutual Hail is America’s Crop Insurance Company which was founded 1893 by W.A. Rutledge. Operationally, Farmer Mutual Hail has a primary office in Westown Parkway, West Des Moines, Iowa. Financially in 2022, Farmers mutual Hail has Direct Premium Written of USD 164,898 thousand with Direct Premium Earned around USD 164,842. Overall, in private crop, Farmer Mutual Hail gained market share of 11.20%.
6.American Financial Group
American Financial Group is an insurance and financial company which was founded in 1872. Operationally, along with business development, American Financial Group has more than 7,500 employees in 120 locations worldwide. Financially, American Financial Group gained direct premium written around USD 121,814 thousand with direct premium earned around USD 121,860 thousand US Dollar. Overall, in the Private crop industry, American Financial Group has market share of 8.28%.
7.American International Group
American International Group, Inc., also known as AIG, is an American multinational insurance corporation. Historically, it was founded by Cornelius Vander Starr on December 19, 1919. Based on the financial structure on the Balance sheet in 2021, AIG has assets around 596 billion US Dollar and gained revenue around 52 billion US Dollar. According to the report of National Association of Insurance Commissioners (NAIC), the American International Group (AIG) gained a direct premium written around USD 108,683 thousand US Dollar with direct premium earned around USD 108,683 thousand. Overall, American International Group has a market share of 7.39%.
8.Tokio Marine Holdings Inc
Tokio Marine Holdings, Inc. is a multinational insurance holding company that has a central office in Tokyo. Historically, this company was founded in 1879 with the name of Tokio Marine Insurance. Along with business development of the company, Tokio Marine has 41 thousand employees across the nations. Financially, in 2021, based on the balance sheet of the Tokio Marine, this company has assets around 27,245 billion Yen / 185 billion USD with Liabilities around 23,173 billion Yen / 157 billion USD. Financially, based on the business performance 2022, the company can generate revenue around 5,863 billion Yen / 39.8 billion USD with reaping Net Income around 410 billion Yen / 2.788 billion USD.
According to the report of National Association of Insurance Commissioners (NAIC), Tokio Marine Holdings gained a direct premium written around USD 47,530 thousand US Dollar with direct premium earned around USD 48,160 thousand. Overall, American International Group has a market share of 3.23%.
9.Fairfax Financial
Fairfax is a financial and insurance company which was founded in 1985 by Prem Watsa. Operationally, Fairfax has a primary office in Toronto, Ontario, Canada. Financially, in private crop, according NAIC report of 2022, Fairfax Financial has Direct Premium Written USD 30,464 thousand US Dollar with Direct Premium Earned USD 30,464 thousand. Furthermore, Fairfax Financial has market share 2.07%.
10. Country financial
Country finance was founded in 1925 by a group of farmers. Along with business development, Country Financial now has more than 3,000 employees and 2,000 representatives. In the year of 2022, specifically in the private crops industry, Country Insurance in 2022 gained direct premium written at USD 22,383 thousand with Direct premium earned around USD 22,383 thousand US Dollar. In 2022, Country insurance has a Market Share of 1.52%.
11.Iowa Farm Bureau Group
The Iowa Farm Bureau Group started the activity in 1918. Financially, in 2022, according to the NAIC report, Iowa Farm Bureau gained a direct premium written of USD 14,256 thousand with direct premium USD 14,256 thousand US Dollar. This company has market share of 0.97% in 2022.
12.Church Mutual Group
Church Mutual Insurance Company is the insurance company which was founded in 1897. Operationally, this company has a central office in Merrill, Wisconsin. Financially, in private crop insurance in 2022, Church Mutual gained direct premium written of 4,045 thousand US Dollar with direct premium earned of USD 1,315 thousand. Overall, in 2022, Church Mutual has a market share of 0.27%.
13.Nodak Mutual Group
Nodak Insurance Company is an insurance company which was founded in 1946. Operationally, this company has a primary office in Fargo, North Dakota. Financially, in 2022, according to the NAIC report, Nodak Mutual Group has a direct premium written of USD 3,182 thousand with direct premium earned of USD 3,182 thousand. Overall, Nodak Mutual has a market share of 0.22%.
14.State Farm Insurance
State Farm Insurance is one of the largest Property and casualty (P&C) insurance companies based in Bloomington, Illinois, USA. Historically, George J. Mecherle built this corporation in June 1922. Based on the Report of National Association of Insurance Commissioners (NAIC) in 2023, In 2022, the State Farm Insurance gained direct premium written around USD 2,474 thousand and direct premium earned around USD 1,322 thousand. Overall, State Farm has a market share of 0.17% in the Private Crops insurance industry.
15.Axa Insurance Group
AXA insurance is a French insurance company which was founded in 1816 by Claude Bébéar. Operationally, Axa still has a central office in Paris, France. In the private crop industry, financially, in 2022, AXA has direct premium written of 1,927 thousand US Dollar with direct premium earned of 1,927 thousand US Dollar. Overall, in the crop insurance industry, Axa has a market share of 0.13%.
The Summary of 15 Largest Private Crops Insurance Companies in The United States of America (USA)
Bibliography of 15 Largest Private Crops Insurance Companies in United States of America (USA)
NAIC. 2023. 2022. Market Share Reports for Property/Casualty Groups and Companies by State and Countrywide. Accessed via https://content.naic.org/article/naic-releases-2022-market-share-data on September 14th, 2023.
Zurich Insurance. 2023. About Us. Accessed via https://www.zurich.com/en/about-us on September 17th, 2023.
Qbe Insurance Group. 2023. Accessed via https://www.qbe.com/au on September 17th, 2023.
Sompo Group. 2023. Accessed via https://www.sompo-intl.com/ on September 17th, 2023.
Chubb Ltd. 2023. Accessed via www.chubb.com/ on September 17th, 2023.
Farmers Mutual Hail. 2023. About Us. Accessed via https://www.fmh.com/about/about-us on September 17th, 2023.
American Financial Group. 2023. About Us. Accessed via https://www.afginc.com/about-us/company-overview on September 17th, 2023.
American International Group. 2023. About Us. Accessed via https://www.aig.com/home/about on September 17th, 2023.
Tokio Marine Holdings Inc Group. 2023. About Us. Accessed via www.tokiomarine.com/ on September 17th, 2023.
Fairfax Financial. 2023. About Fairfax Financial. Accessed via https://www.fairfax.ca on September 17th, 2023.
Country Financial. 2023. Accessed via https://www.countryfinancial.com/ on September 17th, 2023.
Iowa Farm Bureau Group. 2023. About Us. Accessed via https://www.iowafarmbureau.com/about on September 17th, 2023.
Church Mutual Group. 2023. About Church Mutual. Accessed via https://www.churchmutual.com/3/About-Us on September 17th, 2023.
Nodak Insurance Group. 2023. Accessed via https://www.nodakins.com on September 17th, 2023.
State Farm Insurance. 2023. Accessed via https://www.statefarm.com on September 17th, 2023.
AXA Insurance. 2023. Accessed via https://www.axa.com on September 17th, 2023.