In this article, we will take a look at the 15 best farm and ranch insurance companies heading into 2024. To skip our detailed analysis, you can go directly to 5 Best Farm and Ranch Insurance Companies Heading into 2024.
Pula Insurance: Making Insurance Accessible
Certain stakeholders, including companies, are constantly making an effort to protect small farmholders in emerging economies. One such startup is Pula Insurance. Pula Insurance is an agriculture insurance company focused on unbanked and uninsured smallholders across the globe. The company primarily works across Africa and Asia. The company is aimed at revolutionizing agriculture insurance through innovation. So far the company provided insurance coverage to over 1.1 million farmers. You can also take a look at organic food and farming stocks.
In October, Pula Insurance published a quarterly update for the third quarter. During the past quarter, the company entered the Ethiopian market. In phase 1, the company rolled out an insurance program for more than 122,000 farmers by providing them with a national fertilizer supply system. This will enable the startup to develop climate risk resilience among farmers across the country. Moreover, the company was also awarded a grant by the United States Agency for International Development’s Development Innovation Ventures (DIV). This grant will allow the company to leverage its capabilities into embedded insurance.
Prominent Names in the Farm & Ranch Insurance Industry
The Hartford Financial Services Group, Inc. (NYSE:HIG), American Financial Group, Inc. (NYSE:AFG), and Liberty Mutual Insurance are prominent names in the farm and ranch insurance industry. Let’s discuss some recent updates from these companies.
The Hartford Financial Services Group, Inc. (NYSE:HIG) is an insurance company based in Connecticut, United States. The company provides coverage across multiple lines of insurance including auto, business, commercial, car, and farm and ranch. The diverse portfolio of the company explains its solid financial performance. On October 26, The Hartford Financial Services Group, Inc. (NYSE:HIG) reported earnings for the fiscal third quarter of 2023. The company reported earnings per share of $2.29, beating estimates by $0.32. The company also reported revenue worth $6.17 billion during the quarter, ahead of market consensus by $4.62 million, with a year-over-year growth rate of 10.54%.
American Financial Group, Inc. (NYSE:AFG) is a financial services and insurance company based in Ohio. The company primarily operates in the insurance and investment industry. Key insurance covers provided by the company include property insurance, casualty insurance, and farm insurance, among other insurance lines. Wall Street is bullish on American Financial Group, Inc. (NYSE:AFG). On December 14, Janney Montgomery Scott analyst Robert Farnam initiated coverage of American Financial Group, Inc. (NYSE:AFG) with a Buy rating and a price target of $135. Over the past 3 months, 9 Wall Street analysts have recommended to Buy the stock. American Financial Group, Inc. (NYSE:AFG) has an average price target of $73.46 and a high forecast of $83.
Liberty Mutual Insurance is a prominent name in the insurance industry. The company provides coverage for auto insurance, home insurance, renters insurance, motorcycle insurance, car insurance, and farm and ranch insurance. On September 18, Liberty Mutual Insurance announced an agreement to acquire the House of Guarantees (HOGS). HOGS is a managing general agent based in Norway. 450 customers will join Liberty Mutual once the deal is closed in early 2024. Liberty Mutual Insurance will leverage the partnership to expand its footprint to Norway and Sweden.
In addition to The Hartford Financial Services Group, Inc. (NYSE:HIG), American Financial Group, Inc. (NYSE:AFG), and Liberty Mutual Insurance, some of the biggest farm and ranch insurance providers include Chubb Limited (NYSE:CB), Zurich Insurance Group AG (OTC:ZURVY), and AXA SA (OTC:AXAHY). Let’s take a look at the 15 best farm and ranch insurance companies heading into 2024. You can also take a look at some of the best vertical farming and hydroponic stocks to buy.
15 Best Farm and Ranch Insurance Companies Heading into 2024
Our Methodology
We employed a consensus approach to come up with the 15 best farm and ranch insurance companies heading into 2024. We sifted through 6 industry reports including Straits Research, Verified Market Reports, Verified Market Research, IMARC, Allied Market Research, and Advance Market Analytics. This thorough process enabled us to list the 20 best farm and ranch insurance companies heading into 2024. We then sourced the market cap for publicly listed companies or the latest annual revenue for private companies to identify the 15 best farm and ranch insurance companies heading into 2024. We sourced market caps from Yahoo Finance, and annual revenue from official company reports.
For some private companies, we were unable to source the reported annual revenue. For such companies, we decided to rank them based on the number of employees or associates, as it reflects the size and position of a company in the industry. The number of employees may not be entirely accurate to quantify a company’s valuation, but a close depiction of the company’s position in the industry.
The list of the 15 best farm and ranch insurance companies heading into 2024 is in ascending order of the market capitalization as of December 14, 2023, or annual revenue for the latest year available.
15 Best Farm and Ranch Insurance Companies Heading into 2024
15. Farm Bureau Financial Services
Number of Employees: $1,900
Farm Bureau Financial Services ranks among the best farm and ranch insurance companies heading into 2024. The company provides property insurance, business succession insurance, and farm and ranch insurance. Under its farm and ranch insurance policy, the company provides coverage for livestock, crops, farm property, ranches, and hobby farms. The company is home to 1,900 employees and 4,000 field associates.
Some of the top insurance stocks to buy according to hedge funds include Chubb Limited (NYSE:CB), Zurich Insurance Group AG (OTC:ZURVY), and AXA SA (OTC:AXAHY).
14. American National Insurance
Annual Revenue (2022): $3.86 Billion
American National Insurance is one of the best farm and ranch insurance companies heading into 2024. The company is based in Texas and provides coverage for life insurance, business insurance, auto insurance, health insurance, homeowners insurance, renters insurance, and farm and ranch insurance. American National Insurance offers comprehensive farm and ranch insurance coverage for livestock, farm machinery, equipment, equine liability, farm liability, and personal liability. The company reported annual revenue worth $3.86 billion in 2022.
13. American Financial Group, Inc. (NYSE:AFG)
Market Capitalization as of December 14, 2023: $10.24 Billion
With a market cap of $10.24 billion, as of December 14, American Financial Group, Inc. (NYSE:AFG) ranks among the best farm and ranch insurance companies heading into 2024. The company is based in Ohio and primarily operates in the insurance and investments industry. The Great American Insurance Company, a subsidiary of American Financial Group, Inc. (NYSE:AFG) provides coverage for casualty insurance, property insurance, and farm and ranch insurance. Under its farming insurance policy, the company protects farms, ranches, crops, and livestock.
12. American Family Insurance
Annual Revenue (2022): $14.4 Billion
American Family Insurance, also known as AmFam, ranks among the best farm and ranch insurance companies heading into 2024. The company provides coverage among auto, casualty, property, motorcycle, health, life, commercial, and farm and ranch insurance lines. Under its customizable farm and ranch insurance policy, the company offers compensation for bodily injury, medical expenses, and farm property damage. American Family Insurance reported annual revenue worth $14.4 billion in 2022.
11. QBE Insurance Group Limited (OTC:QBEIF)
Market Capitalization as of December 14, 2023: $14.43 Billion
QBE Insurance Group Limited (OTC:QBEIF), with a market cap of $14.43 billion, as of December 14, ranks among the best farm and ranch insurance companies heading into 2024. The company is based in Australia and offers property insurance, casualty insurance, motorcycle insurance, and farm and ranch insurance, among other insurance lines. QBE Insurance Group Limited (OTC:QBEIF) provides flexible coverage for its farm and ranch insurance policy. The company engages in the protection of livestock, vehicles, equipment, and property.
10. Sompo Holdings, Inc. (OTC:SMPNY)
Market Capitalization as of December 14, 2023: $16.51 Billion
Sompo Holdings, Inc. (OTC:SMPNY), a Japanese insurance company, ranks among the best farm and ranch insurance companies heading into 2024. The company provides life insurance, care insurance, and agriculture insurance. Under its farm and ranch policy, the company offers traditional and innovative crop insurance and productivity tools to farmers, ranchers, farm suppliers, and agriculture businesses. Sompo Holdings, Inc. (OTC:SMPNY) boasts a market cap of $16.51 billion, as of December 14.
9. The Hartford Financial Services Group, Inc. (NYSE:HIG)
Market Capitalization as of December 14, 2023: $24.26 Billion
With a market cap of $24.26 billion, as of December 14, The Hartford Financial Services Group, Inc. (NYSE:HIG) is among the best farm and ranch insurance companies heading into 2024. The company provides a range of insurance services among car, auto, business, and farm and ranch insurance lines. For its farm and ranch insurance policy, the company offers specialized livestock, equine, and animal mortality insurance to businesses and livestock owners. The Hartford Financial Services Group, Inc. (NYSE:HIG) was founded in 1810.
8. The United Services Automobile Association
Annual Revenue (2022): $36 Billion
The United Services Automobile Association, also known as USAA, ranks among the best farm and ranch insurance companies heading into 2024. The company provides a range of insurance coverage including car insurance, homeowners insurance, motorcycle insurance, and farm and ranch insurance. The company provides comprehensive farm and ranch insurance for hobby farms, estate farms, equine operations, orchards and vineyards, tractors, and equipment. The United Services Automobile Association reported annual revenue worth $36 billion in 2022.
7. The Travelers Companies, Inc. (NYSE:TRV)
Market Capitalization as of December 14, 2023: $42.30 Billion
With a market cap of $42.30 billion, as of December 14, The Travelers Companies, Inc. (NYSE:TRV) ranks as one of the best farm and ranch insurance companies heading into 2024. The company is based in New York and provides coverage for travel insurance, auto insurance, business insurance, homeowners insurance, and farm and ranch insurance. Under its farm and ranch insurance policy, the company covers farm dwellings, household personal property, farm structures, private structures, and additional living expenses. The insurance policy applies to commercial growers of agri products, estate farms, and family farms and ranches. The Travelers Companies, Inc. (NYSE:TRV) was founded in 1853.
6. Liberty Mutual Insurance
Annual Revenue (2022): $50.00 Billion
Liberty Mutual Insurance ranks among the best farm and ranch insurance companies heading into 2024. The company is based in the United States and provides coverage for auto insurance, home insurance, renters insurance, motorcycle insurance, car insurance, and farm and ranch insurance. Under its farm and ranch policy, the company protects individuals and businesses from financial losses related to horses, animals, and cattle. Liberty Mutual Insurance reported annual revenue worth $50 billion in 2022.
Other than farm and ranch insurance, Chubb Limited (NYSE:CB), Zurich Insurance Group AG (OTC:ZURVY), and AXA SA (OTC:AXAHY) also provide coverage for commercial insurance, property insurance, and auto insurance.
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Disclosure: None. 15 Best Farm and Ranch Insurance Companies Heading into 2024 is originally published on Insider Monkey.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.