Largest Property & Casualty Insurance Companies in the United State. P&C Insurers in the U.S. wrote more than $880 bn (+10.4%) in premiums, generating about $780 bn (+7.5%) in earned premiums.
The America’s 10 Largest P&C insurance companies command almost half (47%) of the market, with the top 25 insurers accounting for two-thirds of the overall share. Direct written premiums (DWP) from these insurance providers reached almost $517 bn at the end of last year, while earned premiums slightly exceeded $488 bn.
US property and casualty insurance companies had a median price-to-estimated full-year 2023 earnings multiple of 12.1x, according to Beinsure Data by AM Best’s Review.
TOP 10 largest property and casualty companies account for 48% of the total market. The P&C insurance industry’s net premiums written increased by 10.4%. Each of the top six companies has auto insurance as the largest component of its insurance business.
The U.S. P&C insurance industry is a significant segment of the insurance market, providing coverage for risks associated with property loss (like fire, theft, or natural disasters) and liability exposures (such as automobile accidents or professional liability).
P&C insurance industry’s premiums
State Farm led the 2024 Best’s Review’s Top 100 US Property/Casualty Writers, recording $92.6 bn net premiums written, $15.41 bn more than second-place Berkshire Hathaway.
The top 20 saw little change from 2023. Munich-American Holding fell out of the top 20, with a 6.2% decrease in net premiums to $8.62 bn. Erie Insurance Group replaced it, rising from No. 19 to No. 17 with a 16.6% increase. Progressive Insurance Group, in the top 10, gained 20.4%, reaching $61.49 bn in net premiums.
Swiss Reinsurance Group had the largest decrease, 43.7%, falling to $2.37 bn in net premiums written, dropping from 33rd to 56th.
TOP 100 Largest P&C Insurers in the United States
| № | Insurance Company / Group | NPW, $ mn | Change, % |
| 1 | State Farm Group | 92,601 | 19.1% |
| 2 | Berkshire Hathaway Ins | 77,192 | 4.9% |
| 3 | Progressive Ins Group | 61,494 | 20.4% |
| 4 | Allstate Ins Group | 47,398 | 11.6% |
| 5 | Liberty Mutual Ins Cos | 40,474 | 4.6% |
| 6 | Travelers Group | 37,968 | 14.0% |
| 7 | USAA Group | 31,096 | 18.7% |
| 8 | Chubb INA Group | 25,931 | 8.6% |
| 9 | Nationwide P&C Group | 19,117 | -1.7% |
| 10 | Farmers Ins Group | 18,306 | 4.6% |
| 11 | Amer Family Ins Group | 16,525 | 17.2% |
| 12 | Hartford Ins Group | 15,054 | 9.5% |
| 13 | Amer Intl Group | 13,159 | -2.4% |
| 14 | Fairfax Financial (USA) Group | 12,947 | 10.5% |
| 15 | Auto-Owners Ins Group | 12,735 | 19.0% |
| 16 | Tokio Marine US PC Group | 10,202 | 7.5% |
| 17 | Erie Ins Group | 10,179 | 16.6% |
| 18 | W. R. Berkley Ins Group | 9,902 | 8.9% |
| 19 | Everest Re US Group | 9,272 | 15.1% |
| 20 | CNA Ins Cos | 8,992 | 8.2% |
| 21 | Munich-Amer Hldg Corp Cos | 8,620 | -6.2% |
| 22 | Cinnati Ins Cos | 7,770 | 9.7% |
| 23 | Auto Club Enterprises Ins Group | 6,628 | 19.0% |
| 24 | FM Global Group | 6,442 | 21.3% |
| 25 | Great Amer P & C Ins Group | 6,401 | 10.6% |
| 26 | Markel Ins Group | 6,246 | 0.7% |
| 27 | CSAA Ins Group | 5,935 | 22.7% |
| 28 | Hanover Ins Group Prop & Cas Cos | 5,810 | 6.2% |
| 29 | Zurich Ins US PC Group | 5,804 | 0.2% |
| 30 | Arch Ins Group | 5,291 | 26.4% |
| 31 | Sompo Hldgs US Group | 5,076 | -9.5% |
| 32 | XL America Companies | 4,644 | -11.1% |
| 33 | Mercury Casualty Group | 4,430 | 12.4% |
| 34 | Selective Ins Group | 4,134 | 15.7% |
| 35 | Allianz US PC Ins Companies | 4,070 | 0.5% |
| 36 | Kemper PC Companies | 3,826 | -15.3% |
| 37 | QBE North America Ins Group | 3,758 | 18.4% |
| 38 | Sentry Ins Group | 3,551 | 10.3% |
| 39 | Assurant P&C Group | 3,350 | -0.3% |
| 40 | Citizens Property Ins Corp | 3,307 | 26.0% |
| 41 | Old Republic Ins Group | 3,285 | 8.7% |
| 42 | AmTrust Group | 3,198 | 2.3% |
| 43 | Auto Club Group | 3,124, | 13.8% |
| 44 | COUNTRY Financial PC Group | 3,068 | 13.0% |
| 45 | BAMR US PC Group | 3,040 | -1.3% |
| 46 | Starr Intl Group | 2,942 | 16.4% |
| 47 | Amica Mutual Group | 2,615 | 12.6% |
| 48 | Westfield Group | 2,607 | 16.4% |
| 49 | Shelter Ins Cos | 2,586 | 14.8% |
| 50 | AF Group | 2,536 | 12.8% |
| 51 | Core Specialty Ins Group | 2,532 | 23.0% |
| 52 | Acuity, A Mutual Ins Co | 2,482 | 18.1% |
| 53 | Federated Mutual Group | 2,446 | 13.9% |
| 54 | ICW Group | 2,426 | 38.9% |
| 55 | NJM Ins Group | 2,381 | 15.6% |
| 56 | Swiss Reins Group | 2,370 | -43.7% |
| 57 | AXIS US Operations | 2,303 | -6.5% |
| 58 | PartnerRe US Group | 2,229 | -13.6% |
| 59 | EMC Ins Cos | 2,223 | 4.8% |
| 60 | Alfa Ins Group | 2,034 | 20.6% |
| 61 | West Bend Ins Co | 1,998 | 15.5% |
| 62 | Farm Bureau P&C Group | 1,919 | 16.9% |
| 63 | Southern Farm Bureau Casualty Group | 1,911 | 16.2% |
| 64 | MAPFRE North America Group | 1,882 | 6.4% |
| 65 | TN Farmers Ins Cos | 1,829 | 13.6% |
| 66 | Texas Farm Bureau Ins Group | 1,793 | 25.1% |
| 67 | State Ins Fund WC Fund | 1,711 | 9.3% |
| 68 | Intact US Ins Group | 1,635 | 5.8% |
| 69 | Utica Natl Ins Group | 1,559 | 7.3% |
| 70 | Grange Ins Pool | 1,529 | 8.7% |
| 71 | SCOR US Group | 1,520 | -5.3% |
| 72 | North Carolina Farm Bureau Ins Group | 1,463 | 23.9% |
| 73 | IAT Ins Group | 1,461 | 1.1% |
| 74 | RLI Group | 1,427 | 15.0% |
| 75 | Universal Ins Hldgs Group | 1,332 | 18.6% |
| 76 | KY Farm Bureau Group | 1,330 | 11.4% |
| 77 | Encova Mutual Ins Group | 1,284 | 10.9% |
| 78 | CUMIS Ins Society Group | 1,267 | 8.5% |
| 79 | Kinsale Ins Co | 1,263 | 34.9% |
| 80 | Doctors Co Ins Group | 1,259 | 6.0% |
| 81 | SiriusPoint America Ins Group | 1,205 | -3.5% |
| 82 | TX Mutual Ins Co | 1,142 | 3.8% |
| 83 | State Compensation Ins Fund | 1,141 | -2.0% |
| 84 | Church Mutual Ins Group | 1,122 | 6.3% |
| 85 | Aspen US Ins Group | 1,111 | -13.6% |
| 86 | RenaissanceRe US Group | 1,091 | -4.7% |
| 87 | FCCI Ins Group | 1,064 | 8.6% |
| 88 | Donegal Ins Group | 1,053 | 5.8% |
| 89 | Arbella Ins Group | 1,036 | 12.2% |
| 90 | United Fire & Cas Group | 1,034 | 9.8% |
| 91 | Secura Ins Cos | 1,027 | 13.6% |
| 92 | Western Natl Ins Group | 986 | 21.0% |
| 93 | Palisades Group | 975 | 7.2% |
| 94 | Trupanion Ins Group | 969 | 18.1% |
| 95 | Frankenmuth Ins Group | 967 | 14.9% |
| 96 | Michigan Farm Bureau PC Companies | 933 | 12.7% |
| 97 | Safety Group | 925 | 19.6% |
| 98 | Mortgage Guar Group | 914 | -4.8% |
| 99 | Skyward Specialty Ins Group | 910 | 34.8% |
| 100 | ProAssurance Group | 905 | -2.2% |
Commercial P&C insurance has been riding on the back of a hard market. However, insurance premium increases have slowed. At the same time, insurance carriers have benefited from improving loss ratios, and capacity is starting to stabilize thanks to new market entrants.
Global commercial insurance prices rose by only 9% in the 2024, which was the sixth consecutive quarter of slowing premium increases for most P&C lines.
US insurance industry net premiums written totaled $1.28 trillion, with premiums recorded by property/casualty insurers accounting for 51% and premiums by health/life insurers accounting for 49%.
P&C insurance includes auto, homeowners and commercial insurance. Net premiums written for the sector totaled $652.8 bn last year. Meanwhile, the life/annuity insurance sector includes annuities, accident and health, and life insurance with net premiums for the sector totaling $240 bn.
P&C carriers face a combination of complex and fast-evolving macroeconomic and industry trends, which interact with each other and the industry’s entrenched ways of working (see about P&C Insurance Claims Landscape).
The US insurance industry employed 2.9 mn people, according to the US Department of Labor. Of those, 1.7 mn worked for insurance companies, including life and health insurers (962,500 workers), P/C insurers (665,900 workers), and reinsurers (27,300 workers). The remaining 1.2 mn worked for insurance agencies, brokers, and other insurance-related enterprises.
The net combined ratio for the P&C insurance industry was 102.4, with underwriting losses for personal lines partially offset by underwriting gains for commercial lines.
The P&C insurance sector has long struggled with challenging fundamentals. Intense price competition erodes value across the board, and globally, only a small number of sector leaders turn a profit. Commoditization of both personal and commercial lines products, particularly in the small commercial segment, continues unabated.
TOP categories ranked by premiums
| Insurance line | Direct written premiums |
|---|---|
| Private passenger auto | $260.7 bn |
| All other lines | $186.7 bn |
| Homeowners multiple peril | $118.9 bn |
| Other liability | $109.8 bn |
| Commercial auto | $53.4 bn |
| Workers’ compensation | $51.9 bn |
| Medical professional liability | $10.9 bn |
The P&C insurance industry in the U.S. is regulated primarily at the state level, with each state having its own insurance department responsible for oversight. This decentralized regulatory framework means that insurers must navigate a patchwork of regulations, which can vary significantly from one state to another. Key regulatory concerns include solvency requirements, rate setting, policy form approval, and consumer protection.
Value of gross premiums written by leading reinsurers in the United States
NAIC compiles data from several lines of insurance. These are grouped into seven major categories, namely private auto, commercial vehicle, homeowners, workers’ compensation, medical liability, other liability, and all other lines, which include farm, marine, flood, earthquake, mortgage protection, financial guaranty, and fire insurance.
P&C Insurance Trends and Challenges
- Insurers are increasingly leveraging technology to improve operational efficiency, enhance customer experiences, and offer innovative products. Insurtech startups, in particular, are challenging traditional business models with their focus on digital-first approaches.
- The increasing frequency and severity of natural disasters due to climate change pose significant risks for P&C insurers, particularly those exposed to markets prone to hurricanes, wildfires, and floods.
- As businesses and individuals become more reliant on digital technologies, the demand for cyber insurance is growing. However, underwriting cyber risk presents unique challenges due to the evolving nature of cyber threats.
- Insurers must stay abreast of regulatory changes at both the state and federal levels, which can impact various aspects of their operations, from product offerings to capital requirements.
Opportunities for P&C insurers
- Product Innovation: There is a growing opportunity for P&C insurers to develop new products and coverage options, especially in emerging areas like cyber insurance, sharing economy risks, and climate change mitigation.
- Market Expansion: Insurers can look to expand into new geographic markets or segments where they can leverage their expertise and risk management capabilities.
- Technology Adoption: Implementing advanced analytics, AI, and IoT devices can help insurers improve underwriting accuracy, enhance risk assessment, and offer personalized products.
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Fact checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media
