TOP 100 Property & Casualty Insurance Companies in the U.S. in 2025

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 US property and casualty (P&C) insurance industry achieved a net underwriting gain of $5.6 bn in 2024. This marked a sharp recovery from the $32.1 bn loss recorded the previous year. Net earned premiums grew by 9.5%, counterbalancing a modest 1.3% rise in incurred losses and loss adjustment expenses (LAE) and a 9.2% increase in underwriting expenses. The personal lines segment played a key role in this improvement.

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 2024 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).

The combined ratio improved to 97.9. Catastrophe losses accounted for 8.8 points, down from 10.0 points in 2023. Favorable reserve development of $8.5 bn contributed to an adjusted accident-year combined ratio of 99.2.

Pre-tax operating income rose by 261.7% to $65.9 bn, driven by underwriting gains and a 22.1% increase in net investment income. Net realized capital gains contributed $21.2 bn, primarily from Berkshire Hathaway Insurance Group. As a result, net income for the industry doubled to $130 bn compared to the prior year.

Policyholders’ surplus rose 17.4% to $1.1 tn by the end of 2024. Contributing factors included $131.4 bn in net income and contributed capital, partially offset by $11.6 bn in unrealized losses, $1.4 bn in other surplus reductions, and $15.4 bn in stockholder dividends. Stockholder dividends fell 83.9%, largely due to National Indemnity Company’s extraordinary $82 bn dividend in 2023.

P&C insurance industry’s premiums

State Farm led the 2025 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 2024. 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.

US P&C – Financial Indicators and Combined Ratio Components

Financial Indicators

Financial Indicators	2024	Year/Year Change (%)
Net Premiums Written	864	8.5
Net Premiums Earned	815	9.5
Losses & LAE	593	1.3
Underwriting Expenses	215	9.2
Policyholder Dividends	3	-4.3
Underwriting Income/(Loss)	5	NM
Net Investment Income	75	22.1
Pretax Operating Income/(Loss)	83	261.7
Realized Capital Gains/(Losses)	96	48.4
Federal Income Taxes	16	130.0
Net Income	163	101.8

Combined Ratio Components

Combined Ratio Components	Year/Year Change (Points)
Pure Loss Ratio	63.3
Loss Adjustment Expense (LAE) Ratio	9.4
Loss & LAE Ratio	72.8
Underwriting Expense Ratio	24.8
Policyholder Dividend Ratio	0.3
Combined Ratio (Reported)	97.9
Less: Accident Year Catastrophe Losses (Points)	8.8
Less: A&E Losses (Points)	0.1
CORE Adverse/(Favorable) Development (Points)	-1.5
Combined Ratio (Normalized)	88.9
Accident-Year Combined Ratio (Reported)	99.2
Accident-Year Combined Ratio (Normalized)	90.4

US Property and Casualty – Policyholders’ Surplus

Policyholders’ Surplus ($ bn)	9M2024	Year Change (%)
Prior Year End Policyholders’ Surplus	1,016.9	6.2
Net Income	130.0	101.8
Unrealized Capital Gains/(Losses)	-11.6	NM
Contributed Capital	1.4	5.6
Stockholder Dividends	-15.4	-83.9
Other Changes	-1.4	NM
Ending Policyholders’ Surplus	1,120.0	17.4
Change in PHS from Prior Year End ($)	103.0
Change in PHS from Prior Year End (%)	10.1
After Tax Return on Surplus (ROE)	11.6

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.

FAQ

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Edited & Fact-checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media and Insurance TOP Ratings (23+ years of professional experience in Rankings, Insurance & Media) by AM Best Data.