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2022 AMERICA’S BEST INSURANCE COMPANIES

Apr 30, 2022
2022 AMERICA’S BEST INSURANCE COMPANIES

2022 AMERICA’S BEST INSURANCE COMPANIES

 

The insurance industry in the United States employs more than 2.8 million people across nearly 6,000 companies with net premiums written totaling $1.28 trillion in 2020 according to S&P Global Market Intelligence. Like much of the global economy, the insurance industry in the United States was drastically altered by Covid-19.

From increased digitalization to a heightened awareness of mortality, the industry was forced to adapt as firms and their workforces look to serve consumers across a wide breadth of offerings, including auto, homeowners, renters, pet, dental and term and permanent life. The last year and a half has increased the importance of these companies’ technological offerings while insurers still aim to keep customers satisfied with traditional services like financial advice, customer service and benefits.

In order to determine which companies qualify as America’s Best Insurance Companies Forbes partnered with Statista to survey more than 16,000 customers and get their feedback on insurance company performance across eight metrics including overall satisfaction and whether they would recommend them to family and friends.

We also evaluated five different subdimensions including: financial advice; customer service; price/performance ratio; transparency; and damage/benefit ratio. Out of some 4,200 insurance companies that offer either property and casualty coverage, life and annuity coverage or health insurance, only 90 were awarded.

For most sectors of the economy, the last 12 months have been tumultuous. The lingering Covid-19 pandemic continues to challenge healthcare systems and businesses worldwide, and the effects of climate change have only made matters worse. Despite these challenges, insurers, companies that are employed to protect clients against major risks, have had a good year, especially when it comes to the stock market. Over the last 12 months, iShares U.S. Insurance company ETF has had a total return of 45% versus a robust 32% return for the S&P 500.

“On an absolute basis it’s been a great performance this year,” says Piper Sandler’s senior insurance industry analyst Paul Newsome.

The biggest change brought about by Covid-19, for insurers, has been an increased reliance on digital tools in sales and claims processing, in the absence of face to face interactions as well as a deeper awareness of mortality from consumers who have sat on their couches and watched news coverage of devastating death tolls.

Frank Spencer, vice president of life insurance sales for Nationwide Mutual Insurance Company has seen the massive loss of life translate to the biggest year of life insurance premiums for his company in 2020 with 2021 set to surpass that high watermark.

“Sadly, because of the pandemic the United States population is very much aware of mortality,” Spencer says. A run on life insurance hasn’t been the only major shift during the pandemic as the in person interactions that used to be a major part of the insurance industry have been increasingly replaced by app-based claims, online billing and other virtual replacements that have become a necessity in a time of social distancing.

“We probably got five years worth of digital adoption in 2020,” Spencer adds. That change was less a product of technological innovations by the companies and more so consumers opting to use tools developed well before lockdowns and mask mandates, according to Beth Riczko, president of property and casualty personal lines at Nationwide. “In the industry, there was a strong focus on building digital capabilities, pre-Covid, but adoption was somewhat slow,” she adds.

 

America’s Best Insurance Companies 2022
Company
Headquarters
Year Founded
Employees
AAA
Heathrow, Florida
1902
AAA Life
Livonia, Michigan
1969
450
Aflac
Columbus, Georgia
1955
6,239
AKC Pet
Raleigh, North Carolina
2003
Alfa
Montgomery, Alabama
1946
2,600
AllCare Health
Grants Pass, Oregon
1994
250
Allianz
Munich, Germany
1890
150,269
Allstate
Northbrook, Illinois
1931
42,160
American Family
Madison, Wisconsin
1927
13,225
American International Group
New York, New York
1919
45,000
American Modern
Amelia, Ohio
1949
1,200
American National
Galveston, Texas
1905
4,600
Amica
Lincoln, Rhode Island
1907
3,832
Anthem
Indianapolis, Indiana
2004
70,600
Auto-Owners
Lansing, Michigan
1916
6,329
Blue Cross Blue Shield of Alabama
Birmingham, Alabama
1936
3,300
Blue Cross Blue Shield of Illinois
Chicago, Illinois
1936
10,845
BlueCross BlueShield of South Carolina
Columbia, South Carolina
1946
16,000
Blue Cross and Blue Shield of Texas
Richardson, Texas
1929
BlueCross and BlueShield of Kansas City
Kansas City, Missouri
1938
BlueCross BlueShield of Tennessee
Chattanooga, Tennessee
1945
6,000
Capital Blue Cross
Harrisburg, Pennsylvania
1938
1,500
CareSource
Dayton, Ohio
1989
4,500
Chubb
Zurich, Switzerland
1882
31,000
Cincinnati Insurance Company
Fairfield, Ohio
1950
4,925
COUNTRY Financial
Bloomington, Illinois
1925
3,000
Embrace Pet
Cleveland, Ohio
2003
220
Erie
Erie, Pennsylvania
1925
6,000
Farm Bureau Financial Services
West Des Moines, Iowa
1939
5,600
Farm Bureau Insurance of Tennessee
Columbia, Tennessee
1948
350
Farmers Alliance
McPherson, Kansas
1888
800
Farmers
Woodland Hills, California
1928
21,000
Farmers Mutual of Nebraska
Lincoln, Nebraska
1891
265
Fidelity & Guaranty Life Insurance
Des Moines, Iowa
1959
267
Florida Blue
Jacksonville, Florida
1944
6,500
Geico
Chevy Chase, Maryland
1936
40,000
Globe Life
McKinney, Texas
1951
2,974
GoAuto
Baton Rouge, Louisiana
2009
143
Grange Insurance Association
Seattle, Washington
1894
Guardian Life Insurance Co of America
New York, New York
1860
9,500
Hanover Insurance Group
Worcester, Massachusetts
1852
4,300
Humana
Louisville, Kentucky
1961
48,700
Indiana Farm Bureau Insurance
Indianapolis, Indiana
1934
1,200
John Hancock Financial
Boston, Massachusetts
1862
6,700
Kentucky Farm Bureau
Louisville, Kentucky
1919
700
Knight of Columbus
New Haven, Connecticut
1882
750
Legal & General Group
Frederick, Maryland
1981
13,876
Lemonade
New York, New York
2015
567
LIBERTY Dental Plan
Santa Ana, California
2001
Liberty Mutual Insurance
Boston, Massachusetts
1912
45,000

 

EDITED BY JASON BISNOFF

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