The U.S. property & casualty insurance industry includes approximately 2,500 companies and employs over 665,000 people. In 2023, net premiums written for the sector exceeded $800 billion, according to the Insurance Information Institute. Here's a list of the leading P&C insurers in America ranked by market share and direct premiums written.
1. State Farm, headquartered in Bloomington, is the largest auto and homeowners insurer in the United States.
Market Share: 9.1%
Direct Premiums: $66 billion
2. Berkshire Hathaway, based in Omaha, is the second largest property/casualty insurer in the country. GEICO is the primary insurance subsidiary of Berkshire Hathaway.
Market Share: 6.4%
Direct Premiums: $46 billion
3. Progressive Corp – The leading commercial auto and motorcycle insurer in the nation, with approximately 23 million personal lines policies in force and more than one million commercial lines policies in force.
Market Share: 5.7%
Direct Premiums: $41.7 billion
4. Allstate Corporation, established in 1931, is the fourth largest property/casualty insurance company in the US. As of December 2023, Allstate had a market capitalization of $37 billion.
Market Share: 5.4%
Direct Premiums: $39.2 billion
5. Liberty Mutual, headquartered in Boston, is the fifth largest property/casualty insurer in the United States. The company was founded in 1912 and today employs over 45,000 people.
Market Share: 5.1%
Direct Premiums: $36.1 billion
6. Travelers Group, headquartered in New York, is one of the top 10 writers of commercial and personal property casualty insurance in the United States. The company has more than 31,000 employees and about 14,000 independent agents and brokers in the US, Canada and other countries. In 2023, Travelers reported net income of $2.99 billion and revenue of over $41 billion.
Market Share: 4.0%
Direct Premiums: $28.7 billion
7. USAA is the largest insurer of the military community. It provides homeowners, auto, life, health and property insurance to current and former military and their spouses. The company’s annual rates are cheaper than the national average. USAA is headquartered in San Antonio, Texas.
Market Share: 3.4%
Direct Premiums: $24.6 billion
8. Chubb Ltd, established in 1985, is the leading commercial lines insurance company in the United States.
Market Share: 3.3%
Direct Premiums: $24 billion
9. Farmers Insurance
Market Share: 2.8%
Direct Premiums: $20 billion
10. Nationwide Mutual
Market Share: 2.5%
Direct Premiums: $18.5 billion
11. Zurich
Market Share: 1.9%
Direct Premiums: $13.6 billion
12. American International Group (AIG) is one of the leading global insurers. Its general insurance segment includes liability, financial lines, property, global specialty, crop risk services, personal lines, and accident & health. AIG’s Private Client Group in the US covers auto, homeowners, umbrella, yacht, collections and fine art.
Market Share: 1.9%
Direct Premiums: $13.4 billion
13. The Hartford
Market Share: 1.7%
Direct Premiums: $12.4 billion
14. CNA Financial
Market Share: 1.6%
Direct Premiums: $11.7 billion
15. American Family Insurance
Market Share: 1.6%
Direct Premiums: $11.3 billion
16. Auto-Owners Group
Market Share: 1.3%
Direct Premiums: $9.3 billion
17. Assurant
Market Share: 1.2%
Direct Premiums: $8.3 billion
18. Tokio Marine
Market Share: 1.1%
Direct Premiums: $7.7 billion
19. Erie Insurance
Market Share: 1.1%
Direct Premiums: $7.6 billion
20. Fairfax Financial
Market Share: 1.1%
Direct Premiums written: $7.6 billion
Last updated March 1, 2024