How Many Insurance Carriers in the US?
Insurance carriers offer and provide different types of insurance, including health, auto, life, property, and more. It’s nice to know the number of insurance carriers currently operating in the U.S. to make informed choices when selecting a provider.
Number of Insurance Carriers in the U.S.
According to the National Association of Insurance Commissioners (NAIC), there are currently approximately 5,954 insurance carriers (2022) in the U.S. This figure includes state-chartered insurance carriers and federally-chartered insurers.
Types of Insurance Carriers
When selecting an insurance carrier, it’s important to know the types of carriers in operation. The most common types of insurance carriers in the U.S. include:
- Health insurance carriers, which provide health-related policies.
- Life insurance carriers, which are mainly for end-of-life expenses, and living expenses in case of retirement and/ or illness.
- Auto insurance carriers provide coverage for vehicle-related expenses.
- Property and casualty carriers, which provide policies such as renters, homeowners, and business insurance.
Selecting an Insurance Carrier
When selecting an insurance carrier, it’s important to research the type of coverage that is right for your specific needs. Additionally, it’s essential to research the financial stability of the carrier, as well as each carrier’s customer service ratings.
Asking questions and comparing different carriers will help you make an informed decision when selecting an insurance carrier that best suits your needs.