Visualizing America’s $1.7 Trillion Insurance Industry

This graphic, via Visual Capitalist’s Marcus Lu, breaks down the total market capitalization of America’s insurance industry, using data from Companiesmarketcap.com.

As of Jan. 7, 2025, UnitedHealth Group is the country’s most valuable insurance company, with a market cap of $473 billion.

Data and Key Takeaways

The data we used to create this graphic is listed in the table below. Note that this ranking includes publicly traded companies only.

Rank
Name
Market Cap
1
UnitedHealth
$473,256,000,000
2
Progressive
$141,930,000,000
3
Marsh McLennan
$103,126,000,000
4
Elevance Health
$88,304,689,152
5
Cigna
$77,863,362,560
6
Gallagher
$69,887,385,600
7
MetLife
$56,875,376,640
8
Travelers
$54,865,952,768
9
Allstate
$49,263,951,872
10
AIG
$45,279,391,744
11
Prudential
$42,419,859,456
12
Humana
$32,175,022,080
13
Centene
$31,609,597,952
14
The Hartford
$31,603,916,800
15
Brown & Brown
$28,901,777,408
16
Cincinnati Financial
$22,245,187,584
17
Markel
$21,944,627,200
18
Berkley
$21,911,468,032
19
Erie Insurance
$21,034,135,552
20
Principal
$17,909,245,952
21
Corebridge Financial
$17,674,076,160
22
Molina Healthcare
$16,958,656,512
23
Fidelity National Financial
$15,400,402,944
24
Equitable
$15,387,979,776
25
RGA
$14,604,749,824
26
Unum
$13,398,243,328
27
CNA
$12,846,034,944
28
U-Haul
$12,048,060,416
29
AFG
$11,094,878,208
30
Assurant
$10,616,492,032
31
Kinsale
$9,797,028,864
32
Globe Life
$9,359,039,488
33
Primerica
$9,209,505,792
34
Old Republic
$8,666,577,920
35
RLI
$7,162,358,784
36
Jackson
$6,637,221,376
37
First American
$6,233,802,240
38
Selective Insurance
$5,529,822,208
39
Hanover
$5,503,021,056
40
Lincoln Financial
$5,413,500,928
41
Other
$73,980,086,936

It’s worth noting that prior to the Dec. 2024 killing of CEO Brian Thompson of its largest subsidiary (UnitedHealthcare), UnitedHealth’s valuation was above $500 billion.

As we highlighted in a previous graphic, the company is the world’s eighth largest company by revenue, bringing in $372 billion during its 2024 fiscal year.

UnitedHealth has made several major acquisitions in recent years, with one example being LHC Group, a provider of in-home healthcare services, for $5.4 billion.

Progressive Gains

The second largest company in the U.S. insurance industry is Progressive, which is known for its popular ads featuring “Flo”, a fictional saleswoman.

Rather than health insurance, Progressive focuses on vehicle insurance (personal and commercial).

Shares of Progressive (Ticker: PGR) have climbed 230% over the past five years, significantly outperforming the S&P 500’s return of 81%.

Not all insurance companies are rising, though. Shares of Elevance Health, #4 on this ranking, fell over 20% in 2024 after the company reduced its forward earnings guidance.

If you enjoy graphics like these, check out the Markets section on Voronoi, the new app from Visual Capitalist.