According to a report by Forbes, extreme weather coupled with higher home insurance costs are some of the key home insurance trends heading into 2024 in the United States. The new year hints towards extreme weather conditions, which is coercing insurance companies to revisit their coverage and premiums. Some of the most prominent risks come from wildfires in the West, hurricanes in the Gulf Coast, and flooding in inland areas. Such has resulted in key players pulling out coverage in high-risk areas. With fewer options at their disposal, consumers are forced to avail expensive home insurance policies. Forbes suggests that 23.9 million properties are at risk of wind damage, with 12 million at risk of flooding, and 4.4 million at risk of wildfire.
Moreover, according to a report by EY, the home insurance industry in the United Kingdom, has not produced the best financial results in 2022. The home insurance industry in the United Kingdom reported a loss-making Net Combined Ratio (NCR) of 122% in 2022. With losses expected till the end of 2023 through 2024, consumers may see a spike in premiums by almost 36% over the next two years. EY suggests that high inflation rates coupled with supply chain pressures have immensely altered the financial position of insurers in the country. You can also check out some of the best dental insurance companies heading into 2024.
Prominent Names in the Manufactured Home Insurance Industry
AXA SA (OTC:AXAHY), Chubb Limited (NYSE:CB), and Zurich Insurance Group AG (OTC:ZURVY) are some of the best manufactured home insurance providers. Let's discuss some recent updates from these companies. You can also take a look at some of the best business insurance companies heading into 2024.
AXA SA (OTC:AXAHY) is a leading insurance company based in France. The company offers coverage across a range of segments including home insurance, business insurance, and health insurance. The company is committed to expanding its footprint across the globe. On October 31, AXA SA (OTC:AXAHY) announced the acquisition of Laya Healthcare Limited for EUR 650 million. Laya, an insurance company in Ireland, generates almost EUR 800 million in premiums every year. Moreover, the company spreads across 700,000 policyholders with a 28% market share in the country. This strategic move will allow AXA SA (OTC:AXAHY) to establish a strong presence in the Irish market.
Chubb Limited (NYSE:CB) is a prominent name in the insurance industry. The company is based in New Jersey, United States. While the company provides insurance coverage across multiple lines, its commitment to technological integration is unmatched. On September 27, Chubb Limited (NYSE:CB) announced a collaboration with SentinelOne, Inc. (NYSE:S), to enhance cyber risk management. SentinelOne, Inc. (NYSE:S) is a global leader in offering cybersecurity solutions. This collaboration will enable policyholders of more than $100 million in revenue to share their health and security data with the company via SentinelOne's incident response solutions. WatchTower Vital Signs Report app is one of the prominent solutions to be provided by SentinelOne, Inc. (NYSE:S). This solution holds the ability to accurately and thoroughly assess a company's cybersecurity posture.
Zurich Insurance Group AG (OTC:ZURVY) is a Swiss insurance company providing coverage for life insurance, home insurance, group insurance, and family insurance, to name a few. Zurich Insurance Group AG (OTC:ZURVY) is gradually expanding its presence in emerging markets. On November 2, Zurich Insurance Group AG (OTC:ZURVY) announced a strategic alliance with India's Kotak Mahindra Bank Limited, via an equity investment of $488 million for a 51% stake in the group. Moreover, Zurich Insurance Group AG (OTC:ZURVY) is expected to acquire an additional 19% stake over time. Through the strategic move, the company aims to become a premier insurer in the Indian market.
Let's take a look at the 15 best manufactured home insurance companies heading into 2024.
15 Best Manufactured Home Insurance Companies Heading into 2024
15 Best Manufactured Home Insurance Companies Heading into 2024
Our Methodology
We employed a consensus approach to come up with the 15 best manufactured home insurance companies heading into 2024. We sifted through 6 industry reports by Allied Market Research, Verified Market Reports, MarketWide Research, Advanced Market Analytics, Research Dive, and Straits Research. This thorough process enabled us to list the 20 best manufactured home 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 manufactured home 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. The number of employees may not be entirely accurate but a close depiction of the company's position in the industry.
The list of the 15 best manufactured home insurance companies heading into 2024 is in ascending order of the market capitalization as of December 9, 2023, or annual revenue for the latest year available.
15 Best Manufactured Home Insurance Companies Heading into 2024
15. Farmers Insurance Group
Number of Employees: 21,000
Farmers Insurance Group, a home, vehicle, and business insurance company, ranks among the best manufactured home insurance companies heading into 2024. The company operates through a network of exclusive and independent agents with more than 21,000 employees. The company's mobile home insurance policy covers a variety of damages including those caused by aircraft crashes, explosions, falling objects, fire, lightning, theft, vandalism, water damage, and severe weather conditions. It also offers dwelling coverage, personal property coverage, and liability coverage against these damages. Farmers Insurance Group has over 21,000 employees.
14. The Government Employees Insurance Company
Number of Associates: 38,000
The Government Employees Insurance Company (GEICO) is one of the leading insurance companies based in Maryland, United States. The company is a subsidiary of Berkshire Hathaway Inc. (NYSE:BRK-B). It provides coverage for auto insurance, renters insurance, boat insurance, motorcycle insurance, business insurance, and homeowners insurance. Prominent home insurance solutions provided by GEICO include protection against damages, liability coverage, accidents, furniture coverage, and injuries. GEICO has over 38,000 associates across 18 major offices in the world.
13. Admiral Group plc (OTC:AMIGY)
Market Capitalization as of December 9, 2023: $10.67 Billion
Admiral Group plc (OTC:AMIGY) has a market cap of $10.67 billion as of December 9. The company is based in Wales, United Kingdom, and offers car insurance, home insurance, and travel insurance. Under the company's mobile home insurance policy, customers may gain protection against damages caused by theft, fire, floods, storms, collisions, falling trees, and escape of water. However, Admiral Group plc (OTC:AMIGY) does not cover damages caused by wear and tear, poor maintenance, breakdown of appliances, and deliberate damage.
12. American Family Insurance
Annual Revenue (2022): $14.4 Billion
American Family Insurance also known as AmFam ranks among the best manufactured home insurance companies heading into 2024. The company provides coverage for property insurance, casualty insurance, auto insurance, commercial insurance, life insurance, health insurance, and homeowners insurance. Prominent features under the company's manufactured home insurance policy include dwelling coverage, other structures coverage, personal property coverage, loss of use coverage, and accidental coverage. American Family Insurance reported annual revenue worth $14.4 billion in 2022.
11. The United Services Automobile Association
Annual Revenue (2022): $36.00 Billion
The United Services Automobile Association ranks among the best manufactured home insurance companies heading into 2024. The company is based in Texas and provides coverage for home insurance, auto insurance, life insurance, health insurance, and business insurance. Under its mobile home insurance policy, The United Services Automobile Association provides dwelling coverage, accidental loss coverage, liability coverage, personal belongings coverage, extra protection, and extra living expenses. The company reported annual revenue worth $36 billion in 2022.
Market Capitalization as of December 9, 2023: $34.46 Billion
The Allstate Corporation (NYSE:ALL) has a market cap of $34.46 billion as of December 9. The company ranks as one of the best manufactured home insurance companies heading into 2024. Based in Illinois, the company provides home insurance, motorcycle insurance, supplemental insurance, RV insurance, general liability, and annuities to name a few. The Allstate Corporation (NYSE:ALL) provides coverage for mobile home insurance. Some of the prominent features include dwelling coverage, personal property coverage, guest medical protection, and liability protection.
Market Capitalization as of December 9, 2023: $41.4 Billion
The Travelers Companies, Inc. (NYSE:TRV), a large insurance company in the United States, ranks among the best manufactured home insurance companies heading into 2024. The company provides coverage for home, auto, and business insurance. The Travelers Companies, Inc. (NYSE:TRV) provides coverage for damages to your home, stolen belongings, injuries, repair costs, replacement costs, alternative accommodation, and legal fees. The company has a market cap of $41.4 billion as of December 9.
Market Capitalization as of December 9, 2023: $46.01 Billion
American International Group, Inc. (NYSE:AIG) is a financial and insurance corporation based in New York, United States. The company offers its solutions in 80 countries and jurisdictions. It offers a range of services including life insurance, retirement products, mortgage insurance, property and casualty insurance, and a range of financial services. American International Group, Inc. (NYSE:AIG) offers emergency home coverage including lock replacement, plumbing, pest control, air conditioner repair services, and damages caused by floods and fire. The company has a market cap of $46.01 billion as of December 9.
7. Liberty Mutual Insurance
Annual Revenue (2022): $50.00 Billion
Liberty Mutual Insurance reported annual revenue worth $50 billion in 2022. The leading diversified insurer provides coverage for automobiles, homeowners, specialty lines, reinsurance, commercial lines, worker's compensation, general liability, surety, and commercial property. Liberty Mutual Insurance's mobile home insurance policy covers damages and losses caused by theft, fire, severe weather conditions, injuries, and accidents. The home insurance policy pays for the home itself, personal belongings, damage or injuries, alternative accommodation, and roof repair.
6. Nationwide Mutual Insurance Company
Annual Revenue (2022): $56.80 Billion
Nationwide Mutual Insurance Company is ranked as one of the best manufactured home insurance companies heading into 2024. The company extends its offerings to property and casualty insurance, life insurance, commercial insurance, homeowners insurance, farm insurance, and auto insurance. Manufactured home insurance by the company covers theft, fire, lawsuits, and weather damage. It also provides coverage for repairing and replacing items or possessions in case of damage. Nationwide Mutual Insurance Company is based in Ohio and reported annual revenue worth $56.8 billion in 2022.
