Insurance Companies

Insurance is essentially a form of risk management that primarily protects against the risk of contingent losses. There are many insurers in the market offering tempting insurance policies. However, opt for it only after a fine analysis and appraisal of various contributing factors.

The insurance companies are broadly classified into - life insurance and Non-life or general insurance. The former involves life insurance, pensions products and annuities and the latter entails other types of insurance. Further, the general insurance companies have two sub categories viz. standard lines and excess lines.

In United States, the standard line insurance companies are the major insurer. Such companies typically include auto, home or business. They are known to practice the pattern or “cookie cutter” policies, which does not vary from one person to the next. Usually they have lower premiums than excess lines and can be sold directly to individuals. They are state regulated, so the amount they charge for insurance policies can be restricted.

Financial feasibility of insurance companies

The most important consideration for an insurance company is the financial strength and stability. Moreover, the vitality of insurance carrier is very important as an insurance premium paid currently provides coverage for losses in future.

Till recently, many insurance companies have gone insolvent, leaving the policyholders without coverage (except coverage from a government-backed insurance pool). There are a number of independent rating agencies, like the Standard & Poor's, Best's, Moody's Investors Service and Fitch that depicts the company's financial strength, depending on their ability to pay claims.

Some of the top insurance Companies in U.S

Auto Insurance

The well-known automobile insurance in U.S are American Automobile Association (AAA) and Infinity Property & Casualty Corporation (IPCC). AAA is an essentially a non-profit automobile lobby group and service organization settled in Orlando, Florida, United States. It offers various benefits, discounts and services, which include travel information or reservations, nationwide emergency roadside assistance, insurance coverage, and much more.

Infinity Insurance on the other end is an excellent Infinity brand, which sells nonstandard car insurance through more than 14,000 independent agents. This non-standard insurance serves people who are incapable of securing coverage through standard insurance companies. It can result from a driving record with prior DUI, the driver's age, vehicle type, accidents or tickets.

Health Insurance

In health insurance, the top-performing companies in U.S include Golden Rule Insurance Company and Aetna, Incorporation. Golden Rule is a health insurance company based in Indianapolis, Indiana. It provides a type of health insurance, which is known as a health savings account.

Aetna is a diversified health care benefits company. It offers loads of traditional and consumer directed health care insurance products as well as other related services. Their services include pharmacy, medical, long-term care, dental, behavioral health, group life, and disability plans, and medical management capabilities.

Life Insurance

There are quite a few methods to derive best life insurance agency ratings. Generally, it includes sales, revenue and the number of insurance policies. The main criteria for choice of such policies are constraints and requirements in terms of coverage, premium and benefits. Some of the highly accepted life insurance companies are New York Life Insurance and American International Group.

The New York Life Insurance has been a great performer since years. It has always kept track with changing times and transformed their operations and strategies according to the needs of market and customer. They offer four categories of life insurance schemes – permanent life insurance, survivorship insurance, term insurance and life insurance for business.

American International Group is known to operate in more than 130 countries across the world. They continue to serve as masterminds in insurance and allied financial services throughout the Globe. Their insurance policies fall under the major categories of universal life insurance, term life insurance, variable life insurance and whole life insurance.

General Liability Insurance

The most viable Insurance Company under this category is American Family Insurance Group, which is also known as “AmFam”. It is a private mutual company focused on casualty, property, and auto insurance, as well as offers life, health, and homeowners coverage and commercial insurance.