What Are The Top Insurance Companies in Texas?
The top insurance companies are those that offer competitively priced policies, fast claim processing, and pride themselves on delivering great customer service.
When evaluating the strength of insurance companies, it is usually done according to the market capitalization. All this method does is show how many customers buying a specific type of insurance chose a certain insurance company for their insurance needs. In some cases, these were great buying decisions. In others, the policies could have been found for a better price and on better terms elsewhere, but the buyer did not do their due diligence and did not search the topic deep enough. Some insurers have a larger advertising budget, so by default, they get a larger bulk of customers. But not everything that shines is actually gold.
According to a recent report by the Insurance Council of Texas (ICT), the state boasts the second-biggest insurance market in the United States. Texas also ranks as the 7th largest
market globally with collected premiums totaling about $160 billion.
Common types of insurance that Texas individuals and businesses frequently purchase include:
- Accident and Health insurance (all types, including, ACA, Short-Term, Hospital indemnity, and Critical Illness health plans)
- Private and Commercial auto insurance
- Life insurance
- Homeowners, Renters, and Condo insurance
- Property and Casualty insurance
- Workers’ Compensation insurance
- Annuities
The Texas Department of Insurance (TDI) oversees all insurance-related activities in the state and ensures that the Texas Insurance Code is strictly adhered to. The TDI also regularly publishes a ranking list of the top largest insurers for different types of insurance sold in the state. Here are the top Texas insurers in their respective categories, by annual volume per TDI.
The Top 10 Largest Accident and Health Insurance Companies In Texas:
- BCBSTX, A Division of Health Care Service Corp >24% of Texas market
- Humana Insurance Company >13%
- Aetna Life Insurance Company >11%
- Superior Healthplan Network >6%
- Care Improvement Plus of Texas Insurance Company >4%
- Cigna Health and Life Insurance Company >4%
- Celtic Insurance Company >3%
- Amerigroup Insurance Company >3%
- Metropolitan Life Insurance Company >2%
- Dentaquest USA Insurance Company, Inc. <2%
The Top 10 Largest Annuities Companies In Texas:
- American General Life Insurance Company >6%
- Lincoln National Life Insurance Company >5%
- Jackson National Life Insurance Company >4%
- John Hancock Life Insurance Company (U.S.A.) >4%
- Allianz Life Insurance Company of North America >4%
- Massachusetts Mutual Life Insurance Company >3%
- Equitable Financial Life Insurance Company >3%
- Voya Retirement Insurance and Annuity Company >3%
- New York Life Insurance and Annuity Corporation >3%
- Principal Life Insurance Company >3%
The Top 10 Largest Life Insurance Companies In Texas:
- Metropolitan Life Insurance Company >5%
- Northwestern Mutual Life Insurance Company >5%
- New York Life Insurance Company >4%
- State Farm Life Insurance Company >3%
- Pacific Life Insurance Company >4%
- Massachusetts Mutual Life Insurance Company >3%
- Lincoln National Life Insurance Company >3%
- Minnesota Life Insurance Company >2%
- American General Life Insurance Company >2%
- Pruco Life Insurance Company >2%
It is important to understand that these financial numbers show only a snapshot of the size of the business of a company, and not necessarily its quality. In practice, Texas insurance companies have variable degrees of strength. Some might be better suited for health insurance, while others may offer the best deals for auto or homeowners coverage. A completely separate insurer might be your best choice for life insurance needs. And so on.
When considering the best insurance policy to purchase from, you must always ask yourself:
- Is this insurance policy tailored to fit my specific needs?
- Do I understand all the coverages and money-saving options?
- Do I understand how to save money on this type of insurance?
- Can I afford the proposed premium?
- What are my alternatives to this type of insurance?
- Are there discounts for certain actions?
- And many more…
The best person to ask these questions is a Texas insurance professional licensed to discuss and recommend the type of insurance you’re interested in. Life and Health insurance agents cannot advise and sell Property and Casualty insurance, and vice versa. Some Texas insurance agents are licensed in both.
An experienced agent knows the options available on the Texas insurance market and can advise you on the most cost-effective solutions, based on your actual needs. After all, in Texas their help does not cost you, the consumer, anything extra.
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