){kind=link}
20 Largest Earthquake Insurance Companies in The United States of America (USA)
20 Largest Earthquake 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 20 Largest Earthquake Insurance Companies in The United States of America (USA). This rank was arranged based on the Direct premium Written of insurance companies in 2022.
Commonly, many people always face unpredictable natural disasters. It can happen to everyone. One of the natural disasters that can make people suffer are earthquakes. With unpredictable natural shaking or tremors, it can destroy or damage the people’s properties or threaten the people’s life.
To respond to these conditions, earthquake insurance is some of the alternative products to cover and protect from unpredictable losses from earthquakes. In the United States of America (USA), there are some earthquake insurance products. Maybe some of the people in the USA knew about this earthquake insurance product.
Here is the rank of 20 Largest Earthquake Insurance Companies in the United States of America (USA). All the data came from the report of National Association of Insurance Commissioners (NAIC).
The Rank of 20 Largest Earthquake Insurance Companies in The United States of America (USA)
| Rank | Name of Earthquake Insurance Companies | Direct Premium Written | Direct Premium Earned | Market Share |
|---|---|---|---|---|
| (Thousand USD ($)) | (Thousand USD ($)) | (%) | ||
| 1 | Fm Global Grp | 495,794 | 486,365 | 11.81% |
| 2 | Palomar Holdings | 360,454 | 300,656 | 8.59% |
| 3 | State Farm Insurance | 324,356 | 315,746 | 7.73% |
| 4 | Zurich Insurance | 304,606 | 301,672 | 7.26% |
| 5 | Berkshire Hathaway Grp | 204,183 | 181,072 | 4.86% |
| 6 | Travelers | 183,693 | 176,492 | 4.38% |
| 7 | Chubb Ltd | 180,380 | 180,817 | 4.30% |
| 8 | Sompo Grp | 141,750 | 143,491 | 3.38% |
| 9 | Liberty Mut Grp | 134,186 | 131,996 | 3.20% |
| 10 | American International Group | 108,979 | 117,529 | 2.60% |
| 11 | Geovera Holdings Inc | 103,071 | 101,436 | 2.46% |
| 12 | Everest Insurance | 99,103 | 91,167 | 2.36% |
| 13 | American Family Insurance | 86,437 | 73,936 | 2.06% |
| 14 | Golden Bear Insurance Company | 85,909 | 78,807 | 2.05% |
| 15 | Axa Insurance | 84,925 | 85,043 | 2.02% |
| 16 | United Services Automobile Association (USAA) | 79,181 | 75,747 | 1.89% |
| 17 | Swiss Re | 77,457 | 76,387 | 1.85% |
| 18 | CNA Insurance | 74,873 | 63,826 | 1.78% |
| 19 | Tokio Marine Holdings Inc Grp | 64,965 | 61,192 | 1.55% |
| 20 | ICW Group Assets Inc Grp | 61,842 | 63,024 | 1.47% |
Source : 2022 Market Share Reports for Property/Casualty Groups and Companies by State and Countrywide (NAIC), 2023 | ||||
Brief Description of 20 Largest Earthquake Insurance Companies in United States of America (USA)
1.Fm Global Group
FM Global is an American financial company based in Johnston, Rhode Island, United States. Historically, FM Global started the business in 1835 and the founder of the company is Zachariah Allen. In the earthquake insurance industries of 2022, FM Global has collected a direct premium written of USD 495,794 thousand with direct premium earned of USD 486,365 thousand. Furthermore, in the USA earthquake insurance Market, FM Global has a market share of 11.81%.
2.Palomar Holdings
Palomar Holding is one of the leading insurance companies in providing insurance coverage for earthquakes, hurricanes, floods, and other perils. Historically, Palomar Holding started the business in 2014. As of business development, Palomar Holdings gained net income around USD 52 million in 2022 according to its annual report. Furthermore, in the report of NAIC, Palomar Holdings gained a direct premium written around USD 360,454 thousand with direct premium earned around USD 300,656 thousand. In addition, Palomar Holdings has market share around 8.59% in earthquake insurance industries.
3.State Farm Insurance
State Farm Insurance is one of the largest insurance companies in the U.S. Historically, this company was founded by George J. Mecherle in June 1922. According to the report of The National Association of Insurance Commissioners (NAIC) in 2022, especially in the earthquake insurance industry, State Farm Insurance has collected direct premiums written around USD 324,356 thousand and USD 315,746 thousand of Direct Premiums Earned. Statistically, in the earthquake insurance industry, State Farm Insurance has market share around 7.73% in 2022.
4.Zurich Insurance
Zurich insurance is one of the largest insurance companies in Switzerland. Basically, the business journey of Zurich has lasted more than 150 years and operationally, Zurich Insurance Group Ltd still has a primary office in Zürich. Financially, in 2022, along with business development, the assets of Zurich insurance reached USD 377 billion. Furthermore, based on the business performance, the revenue of the company reached USD 41.7 billion with net income of USD 4.9 billion. In earthquake industries, Zurich Insurance successfully gained the direct Premium Written USD 304,606 thousand with Direct Premium Earned USD 301,672 thousand. In the USA, Zurich Insurance has a market share of 7.26 %.
5.Berkshire Hathaway Group
Berkshire Hathaway Grp was founded in 1839 in Cumberland, Rhode Island by Oliver Chace. This company achieved the golden era when Warren E. Buffet with the help of Charlie Munger managed this company. Commonly, in earthquake insurance industries, according to the NAIC report, in 2022, Berkshire Hathaway successfully collected a direct premium written of 204,183 thousand US Dollar with a direct premium earned of USD 181,072 thousand US Dollar. Overall, in the earthquake insurance industry, Berkshire Hathaway has a market share of 4.86 %.
6.Travelers
Historically, the Travelers insurance company was formed in 2004 by the merger between The St. Paul Companies, Inc., and Travelers. Historically, the founder of Travelers is James G. Batterson meanwhile St. Paul Fire and Marine Insurance Company was founded by Alexander Wilkin and 16 other St. Paul businessmen. Along with business development, until 2022, Travelers has more than 30,000 employees, 13,500 independent agents and brokers in the United States, Canada, the United Kingdom, and Ireland. Financially, in 2022, in the earthquake insurance industry, Travelers has successfully collected Direct Premiums Written around USD 183,69 thousand with Direct Premiums Earned around USD 176,492 thousand. In the earthquake insurance industry, Travelers has a market share around 4.38 %.
7.Chubb Group
Chubb is one of the largest 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. To date, this company has employed approximately 40,000 people worldwide. Financially, in the earthquake insurance industry, according to the report of National Association of Insurance Commissioners (NAIC), Chubb gained a direct premium written around USD 180,380 Thousand with direct premium earned around USD 180,817 Thousand. Overall, in terms of the earthquake insurance industry, Chubb has a market share around 4.30%.
8.Sompo Group
Sompo Holdings, Inc. is an insurance company from Japan which was founded in 1887. According to NAIC, Sompo Holding gained a direct premium written around USD 141,750 thousand US Dollar with direct premium earned around USD 143,491. In the earthquake insurance market, Sompo Holdings has market share around 3.38%.
9.Liberty Mutual Insurance
Liberty Mutual Insurance still became one of the biggest property and casualty (P&C) in the USA. Operationally, the headquarters of Liberty Mutual Insurance located in Berkeley Street, Boston, Massachusetts. Because of its development in insurance, Liberty Mutual Insurance company has employed over 50,000 people in 29 countries. Financially, according to the Annual Report in 2022, the assets of the Liberty Mutual was about $ 32,808 million in 2022 with the net income was $ 419 million. According to the National Association of Insurance Commissioners (NAIC) in 2023, especially in the earthquake insurance industry, The Liberty Mutual Insurance gained a direct premium written around USD 134,186 thousand with direct premium earned around USD 131,996 thousand.
10.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 earthquake insurance industry, the American International Group (AIG) gained a direct premium written around USD 108,979 Thousand with direct premium earned around USD 117,529 thousand. Overall, in 2022, American International Group (AIG) has a market share of 2.60%.
11.Geovera Holdings Inc
Geovera Insurance Group is headquartered in Fairfield, California. According to NAIC market data report in 2022, Geovera Holdings has collected direct premiums written around USD 103,071 thousand with Direct Premium Earning around USD 101,436 thousand. In the USA Market, Geovera Holding has a market share of 2.46%.
12. Everest Insurance
Everest Insurance is an insurance company which was founded in 1973. Operationally, Everest Insurances has a main office in Hamilton, Bermuda. According to NAIC market data report, Everest Holdings collected a direct premium written of USD 99,103 thousand with direct premium earned around USD 91,167 thousand. Overall, in 2022, Everest Holdings has a market share 2.36%.
13.American Family Insurance Grp
American Family Insurance, also abbreviated as AmFam, is an American insurance company which has a main office in Wisconsin USA. Historically, American Family Insurance was founded in 1927. In the earthquake insurance industry, American Family Insurance has collected direct premiums written around USD 86,437 thousand with direct premiums earned around USD 73,936 thousand. Overall, in the US Market, American Family Insurance has market share around 2.06%.
14.Golden Bear Insurance Company
Golden Bear Insurance Company was founded in 1978 and the founder of Golden bear insurance was Michael J. Hall. According to NAIC market data report, in the earthquake industry, Golden Bear insurance company gained a direct premium written of USD 85,909 thousand with direct premium earned around USD 78,807 thousand. In the USA Market, Golden Bear Insurance has market share around 2.05%.
15.Axa Insurance Company
AXA is a France-based insurance company that was founded in 1816 by Claude Bébéar. In 2021, financially, based on its published annual report, the company has assets around 775 billion Euro / 776 billion US Dollar. In 2022, the report of NAIC showed that AXA gained a direct premium written around USD 84,925 thousand US Dollar and a direct premium earned around USD 85,043 thousand. Overall, Axa insurance has a market share around 2.02% in the earthquake insurance industry.
16.United Services Automobile Association (USAA)
United Services Automobile Association (USAA) is one of the biggest Property and Casualty (P&C) insurance companies in the United States of America (USA). USAA is headquartered in San Antonio, Texas, United States. Until 2022, this company will employ 37,000 people. Financially, according to the Income statement in 2022, the revenue of USSA reached USD 36 billion. Furthermore, in 2022, The USAA gained a direct premium written around USD 79,181 thousand and a direct premium earned around USD 75,747 thousand. Overall, in 2022, USAA has market share around 1.89%.
17.Swiss Re Group
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. According to the NAIC report, in 2022, Swiss Re successfully collected a direct premium written of USD 77,457 thousand with a direct premium earned of USD 76,387 thousand. Overall, in the crop insurance industry, Swiss Re has a market share of 1.85 %.
18.CNA Insurance
CNA is one of the largest commercial property and casualty insurance companies in the USA. With more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada, and Europe. Historically, CAN was founded in 1897 with its main office in Chicago, Illinois. In the earthquake insurance industry, CNA has collected a direct premium written of USD 74,873 thousand with a direct premium earned of USD 63,826 thousand. Furthermore, in the earthquake insurance industry, CNA has a market share of 1.78 % in the USA market.
19.Tokio Marine Holdings Inc Grp
Tokio Marine Holdings, Inc. is a Japanese 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. Financially, based on the business performance 2022, the company can generate revenue around 5,863 billion Yen / 39.8 billion USD while gaining Net Income around 410 billion Yen / 2.788 billion USD.
According to the report of National Association of Insurance Commissioners (NAIC), in the earthquake insurance industry, Tokio Marine Holdings gained a direct premium written around USD 64,965 thousand US Dollar with direct premium earned around USD 61,192 thousand. Overall, Tokio Marine Holding has a market share of 1.55%.
20.ICW Group
Historically, ICW Group was incorporated in 1972 and operationally, this company has a main office in San Diego, California. According to the NAIC report, the ICW group successfully collected a direct premium written of 61,842 thousand with direct premium earned of 63,024. Overall, ICW group has a market share around 1.47%.
The Summary of 20 Largest Earthquake Insurance Companies in United States of America (USA)
Bibliography of 20 Largest Earthquake 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 20th, 2023.
Fm Global Grp.2023. About Us. Accessed via https://www.fmglobal.com on September 20th, 2023.
Palomar Holdings.2023. Annual Report 2022. Accessed via https://ir.palomarspecialty.com on September 20th, 2023.
State Farm Insurance.2023. Accessed via https://www.statefarm.com on September 20th, 2023.
Zurich Insurance.2023. Accessed via https://www.zurich.com/en/investor-relations/results-and-reports on September 20th, 2023.
Berkshire Hathaway Grp.2023. Annual Report 2022. Accessed via https://www.berkshirehathaway.com/reports.html on September 20th, 2023.
Travelers Grp.2023. Annual Report 2022. Accessed via https://investor.travelers.com/home/default.aspx on September 20th, 2023.
Chubb Ltd Grp.2023. Annual Report 2022. Accessed via https://investors.chubb.com/home/default.aspx on September 20th, 2023.
Sompo Grp.2023. Annual Report 2022. Accessed via https://www.sompo-hd.com/en/ir/data/annual/ on September 20th, 2023.
Liberty Mutual Group.2023. Annual Report 2022. Accessed via https://www.libertymutualgroup.com/about-lm/investor-relations/overview on September 20th, 2023.
American International Group.2023. Accessed via https://www.aig.com/home/investor-relations/annual-report on September 20th, 2023.
Geovera Holdings Inc Grp.2023. Who We Are. Accessed via https://geovera.com/who-we-are/ on September 20th, 2023.
Everest Reins Holdings Grp.2023. About Us. Accessed via https://www.everestholdings.com/about/ on September 20th, 2023.
American Family Insurance. 2023. About Our Company. Accessed via https://www.amfam.com/about on September 20th, 2023.
Golden Bear Insurance Company. 2023. About Us. Accessed via https://www.goldenbear.com/about-us/ on September 20th, 2023.
AXA Insurance. 2023. Annual Report 2022. Accessed via https://www.axa.com/en/investor/annual-and-interim-reports on September 20th, 2023.
United Services Automobile Association (USAA). 2023. About the US. Accessed via https://www.usaa.com/about/ on September 20th, 2023.
Swiss Re Grp. 2023. Annual Report 2022. Accessed via https://www.swissre.com/investors.html on September 20th, 2023.
CNA Insurance. 2023. Annual Report 2022. Accessed via https://investor-relations.cna.com/home/default.aspx on September 20th, 2023.
Tokio Marine Holdings Inc Grp. 2023. Annual Report 2022. Accessed via https://www.tokiomarinehd.com/en/ir/ on September 20th, 2023.
ICW Group Assets Inc Grp. 2023. About Us. Accessed via https://www.icwgroup.com/about/ on September 20th, 2023.