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15 Largest Private Flood Insurance Companies in The United States ofAmerica (USA)
15 Largest Private Flood Insurance Companies in The United States of America (USA)- According to the published report of National Association of Insurance Commissioners (NAIC) entitled with “2022 Market Share Reports for Property/Casualty Groups and Companies by State and Countrywide”, there are 15 Largest Private Flood Insurance Companies in The United States of America (USA). This rank was arranged based on the Direct premium Written of insurance companies in 2022.
Private flood insurance is basically an insurance product that covers and protects the insurance customers from unpredictable natural flood disasters. The private flood insurance was the private insurance product that is not subsidized by the federal government. So, this is the program / contract between customers and insurance companies. Furthermore, with these insurance products, it can offer more flexibility and broader coverage options than standard FEMA/NFIP policies.
Basically, these companies are insurance and financial companies that provide the private flood insurance products to their customers in the United States of America (USA). Maybe some people in the United States of America (USA) knew these insurance companies. Here is the rank of 15 Largest Private Flood Insurance Companies in The United States of America (USA). All of 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 Flood Insurance Companies in The United States of America (USA)
| Rank | Name of Private Flood Insurance | Direct Premium Written | Direct Premium Earned | Market Share |
|---|---|---|---|---|
| (Thousand USD) | (Thousand USD) | (%) | ||
| 1 | American International Group | 173,252 | 170,511 | 13.71% |
| 2 | Zurich Insurance | 147,951 | 159,199 | 11.71% |
| 3 | Assurant Inc | 120,948 | 111,036 | 9.57% |
| 4 | Axa Insurance | 117,303 | 94,872 | 9.28% |
| 5 | Berkshire Hathaway Grp | 101,895 | 89,024 | 8.06% |
| 6 | Swiss Re | 72,924 | 60,012 | 5.77% |
| 7 | Sompo Grp | 71,006 | 62,876 | 5.62% |
| 8 | Liberty Mutual | 70,914 | 67,705 | 5.61% |
| 9 | Chubb Ltd | 48,238 | 45,921 | 3.82% |
| 10 | Allstate Insurance | 44,280 | 39,913 | 3.50% |
| 11 | Arch Insurance | 42,291 | 44,589 | 3.35% |
| 12 | Transverse Insurance | 39,379 | 27,610 | 3.12% |
| 13 | Allianz Insurance Group | 36,937 | 35,429 | 35,429 |
| 14 | Trisura Group | 26,072 | 17,456 | 2.06% |
| 15 | Mapfre Insurance | 14,652 | 14,894 | 1.16% |
| Source : National Association of Insurance Commissioners (NAIC), 2023 | ||||
Brief Description of 15 Largest Private Flood Insurance Companies in The United States of America (USA)
1. 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), in the private flood insurance industry, the American International Group (AIG) gained a direct premium written around USD 173,252 thousand US Dollar with direct premium earned around USD 170,511 thousand. Overall, in 2022, American International Group (AIG) has a market share of 13.71 %.
2. Zurich Insurance
As one of the biggest insurance companies in Switzerland, Zurich has a long journey of more than 150 years to achieve incredible performance in the insurance industry. 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, based on the business performance, the revenue of the company reached 69 billion with net income of 5.4 billion US Dollar. In private flood industries, Zurich Insurance successfully gained the direct Premium Written USD 147,951 thousand with Direct Premium Earned USD 159,199 thousand. In the US, Zurich Insurance has a market share of 11.71% in 2022.
3. Assurant Inc
Assurant is an insurance company which started the business since 1892. Along with business development, this company has more than 13,600 employees around the world. Operationally, this company has a main office in Atlanta. Furthermore, as of 2022, Assurant has total assets around USD 33 billion. In private flood industries, Assurant Insurance successfully gained the direct Premium Written USD 120,948 thousand with Direct Premium Earned USD 111,036 thousand. In the US, Assurant Inc has a market share of 9.57 % in 2022.
4. Axa Insurance
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 flood insurance industry, financially, in 2022, AXA collected a direct premium written of 117,303 thousand US Dollar with direct premium earned of 94,872 thousand US Dollar. Overall, in the crop insurance industry, AXA has a market share of 9.28 %.
5. Berkshire Hathaway
Founded in 1839 in Cumberland, Rhode Island by Oliver Chace and built by Warren E. Buffet, The Berkshire Hathaway has developed into large holding companies with diversified investment portfolios from miscellaneous sectors including insurance companies. Commonly, in insurance industries, the insurance companies that owned by Berkshire Hathaway, namely Government Employees Insurance Company (GEICO), General Re, Berkshire Hathaway Homestate Companies, Berkshire Hathaway Specialty (BHSI), Berkshire Hathaway GUARD Insurance Companies, MLMIC Insurance Companies, National Indemnity Primary Group, United States Liability Insurance Companies, Central States Indemnity. Along with business development, according to the NAIC report, in 2022, Berkshire Hathaway successfully collected a direct premium written of 101,895 thousand US Dollar with a direct premium earned of USD 89,024 thousand US Dollar. Overall, in the crop insurance industry, Berkshire Hathaway has a market share of 8.06 %.
6. Swiss Re
Swiss Reinsurance Company Ltd known as Swiss Re is the insurance company that has a main office in Zurich, Switzerland. Historically, this company was founded on December 19th, 1863. Along with business development of the company, Swiss Re has employed around 15 thousand people. Financially, in 2021, the company has assets around 181 billion US Dollars and successfully generated revenue around 46.7 billion US Dollars with net income and Net Income 1.4 billion US Dollars. According to the NAIC report, in 2022, Swiss Re successfully collected a direct premium written of 72,924 thousand US Dollar with a direct premium earned of USD 60,012 thousand US Dollar. Overall, in the private flood insurance industry, Swiss Re has a market share of 8.06 %.
7. Sompo Group
SOMPO Holdings, Inc. is a Japanese insurance company that has a primary office in Shinjuku, Tokyo, Japan. Historically, this company started the business activity since April 1st, 2001. Financially, in 2022, according to its balance sheet, Sompo Holdings has assets around 13,787 billion Yen / 93 billion USD. In the private flood industry, Sompo Group has direct premiums written around USD 71,006 thousand with Direct Premium Earning USD 62,876 thousand. Financially, Sompo Group has a market share around 5.62 %.
8. Liberty Mutual
Liberty Mutual Insurance is an insurance company headquartered in Berkeley Street, Boston, Massachusetts. Historically, the establishment of this company was on July 1, 1912. In terms of business developments, Liberty Mutual Insurance company has employed over 50,000 people in 29 countries across the continent. Based on its operational business products, Liberty Mutual Insurance operates three business units namely, Personal Insurance Lines, Commercial Insurance Lines, and Liberty Mutual Investments (LMI).
In the private flood industry of 2022, liberty mutual gained direct premiums written of USD 70,914 thousand with direct premiums earned of USD 67,705 thousand. Based on its business position in the commercial auto insurance industry, Liberty Mutual got a market share of 5.61 %.
9. Chubb Ltd
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 private flood insurance industry, according to the report of National Association of Insurance Commissioners (NAIC), Chubb gained a direct premium written around USD 48,238 US Dollar with direct premium earned around USD 45,921 thousand US Dollar. In the USA of private flood insurance, Chubb has market share around 3.82 %.
10. Allstate Insurance
Allstate was formed on April 17, 1931. Operationally, in its business, this company has some products in insurance industries. Officially, this company still has a main office in Northbrook, Illinois, U.S. Based on its position as insurance company in private flood industries, Allstate got direct premiums written USD 44,280 thousand with direct premiums earned of USD 39,913 thousand. In private flooding, Allstate has a market share of 3.50 %.
11. Arch Insurance
Arch Insurance Group Inc., a division of Arch Capital Group Ltd. (ACGL), which has some products in insurance. Founded in 2022, this company still has a main office in Jersey City, New Jersey. According to NAIC, Arch Insurance got direct premiums written USD 42,291 thousand with direct premiums earned of USD 44,589 thousand. In private flood, Arch Insurance has a market share of 3.35 %.
12. Transverse Insurance
Transverse Insurance Company is an insurance company which has a main office in Warren, New Jersey. Historically, it was founded in 2018 by Erik Matson. According to NAIC, Arch Insurance got direct premiums written at USD 39,379 thousand with direct premiums earned of USD 27,610 thousand. In private flood, Transverse Insurance has a market share of 3.12 %.
13. Allianz Insurance Group
Allianz still becomes one of the largest insurance companies in the world. Historically, this company was founded in 1890 by Carl von Thieme and Wilhelm von Finck. Along with business development from time to time, Allianz has employed 159,000 people worldwide. According to the report of National Association of Insurance Commissioners (NAIC), Allianz gained a direct premium written around USD 36,937 thousand US Dollar with direct premium earned around USD 35,429 thousand US Dollars.
14. Trisura Group
Trisura is an insurance company which was founded in 2006. Operationally, this company was founded in Toronto, Ontario, Canada. Financially, according to the NAIC Report in 2022, Trisura gained a direct premium written around USD 26,072 thousand US Dollar with direct premium earned around USD 17,456 thousand US Dollar. In private flood, Trisura Insurance has a market share of 2.06 %.
15. Mapfre Insurance
MAPFRE Insurance is an insurance company which is headquartered in Webster, Massachusetts, United States. Historically, this company was founded in 1972. Financially, according to the NAIC Report in 2022, Mapfre Insurance gained a direct premium written around USD 14,652 thousand US Dollar with direct premium earned around USD 14,894 thousand US Dollar. In private flood, Mapfre Insurance has a market share of 1.16 %.
The Summary of 15 Largest Private Flood Insurance Companies in The United States of America (USA)
Bibliography of 15 Largest Private Flood Insurance Companies in The 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.
American International Group. 2023. About Us. Accessed via https://www.aig.com/home/about on September 18th, 2023.
Zurich Insurance. 2023. About Us. Accessed via https://www.zurich.com/en/about-us on September 17th, 2023.
Assurant Inc. 2023. . Accessed via https://www.assurant.com on September 18th, 2023.
AXA Insurance. 2023. Accessed via https://www.axa.com on September 17th, 2023.
Swiss Re. 2023. . Accessed via https://www.swissre.com/about-us.html on September 18th, 2023.
Sompo Group. 2023. Accessed via https://www.sompo-intl.com/ on September 17th, 2023.
Liberty Mutual. 2023. Financial Reports 2015-2022. Accessed via https://www.libertymutualgroup.com/about-lm/investor-relations/overview on July 19th, 2023.
Chubb Ltd. 2023. Accessed via www.chubb.com/ on September 17th, 2023.
Berkshire Hathaway. 2021. Annual Report 2021. Accessed via https://www.berkshirehathaway.com/reports.html on May 18th, 2023.
The Allstate Corporation. 2022. Allstate Annual Report. Accessed via https://www.allstatecorporation.com/about/annual-report.aspx on May 8th, 2023.
Arch Insurance. 2023. Accessed via https://insurance.archgroup.com on September 18th, 2023.
Transverse Insurance. 2023. Accessed via https://transverseinsurance.com on September 18th, 2023.
Allianz Insurance Group. 2023. Accessed via https://www.allianz.com/en.html on September 18th, 2023.
Trisura Group. 2023. Accessed via https://www.trisura.com/investors/ on September 18th, 2023.
Mapfre Insurance. 2023. About Us. Accessed via https://www.mapfreinsurance.com/ on September 18th, 2023.
