TOP 100 Property & Casualty Insurance Companies in the U.S. in 2026

Largest Property & Casualty Insurance Companies in the United State. P&C Insurers in the U.S. wrote more than $938 bn (+8.5%) in premiums. The Top 200 insurers accounted for approximately 96.15% of the total U.S. P&C industry premium, while others made up about 3.85%.

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 $550 bn at the end of last year, while earned premiums slightly exceeded $500 bn.   

US property and casualty insurance companies had a median price-to-estimated full-year 2025 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 8.5%. Each of the top 6 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 once again topped the Top 200 US Property/Casualty Writers, with $107.76 bn net premiums written, $27.44 bn ahead of secondplace Berkshire Hathaway.

The list of top companies in the 2026 edition had some movement from the year before, with Nationwide P&C Group falling out of the top 10—moving from No. 9 to No. 11—and losing 9.9% in net premiums written to land at $17.22 bn.

• Farmers Insurance Group took its place, jumping 6.6% and rising from No. 10 to No. 9.
• One of the biggest gainers in the top 10 included No. 3 Progressive Insurance Group, jumping 21% with net premiums rising to $74.41 bn.
• Tesla Insurance Group showed the biggest increase in the entire list, jumping to No. 191 from No. 304 on a 188.2% increase in net premiums written.
• Root Insurance Group increased its NPW 147.3% to $359.5 mn, bringing it from No. 272 to No. 183.
• SiriusPoint America Insurance Group experienced the biggest decrease, 40.4%, to $719.1 mn in net premiums written, falling from 81st to 124th.
• Independence Pet Insurance Group fell from 133rd to 168th, with a 31.4% decrease to $397.2 mn.
• Citizens Property Insurance Corp. fell out of the top 50, dropping from 40th to 55th and finishing with $2.71 bn, a 17.9% decrease.

TOP 100 Largest P&C Insurers in the United States

Rank	Company/Group	NPW ($’000)	% Change
1	State Farm Group	107,764,591	16.4
2	Berkshire Hathaway Ins	80,324,255	4.1
3	Progressive Ins Group	74,411,830	21.0
4	Allstate Ins Group	52,715,488	11.2
5	Travelers Group	41,097,985	8.2
6	Liberty Mutual Ins Cos	38,493,651	-4.9
7	USAA Group	35,194,755	13.2
8	Chubb INA Group	25,887,348	-0.2
9	Farmers Ins Group	19,516,458	6.6
10	Amer Family Ins Group	17,789,571	7.7
11	Nationwide P&C Group	17,219,201	-9.9
12	Hartford Ins Group	16,502,949	9.6
13	Auto-Owners Ins Group	15,423,469	21.1
14	Fairfax Financial (USA) Group	13,326,596	2.9
15	Amer Intl Group	13,276,772	0.9
16	Erie Ins Group	12,051,524	18.4
17	Tokio Marine US PC Group	10,961,393	7.4
18	W. R. Berkley Ins Group	10,797,620	9.0
19	CNA Ins Cos	9,704,793	7.9
20	Everest Re US Group	9,378,151	1.1
21	Munich-Amer Hldg Corp Cos	9,024,861	4.7
22	Cincinnati Ins Cos	8,946,898	15.1
23	Auto Club Enterprises Ins Group	7,940,735	19.8
24	CSAA Ins Group	7,461,614	25.7
25	Great Amer P & C Ins Group	6,747,994	5.4
26	Arch Ins Group	6,670,563	25.6
27	FM Group	6,407,400	-0.5
28	Markel Ins Group	6,243,005	-0.1
29	Hanover Ins Group Prop & Cas Cos	6,081,856	4.7
30	Zurich Ins US PC Group	5,818,066	0.2
31	Mercury Casualty Group	5,343,012	20.6
32	Sompo Hldgs US Group	5,259,906	3.6
33	XL America Companies	4,656,432	0.3
34	Selective Ins Group	4,630,001	12.0
35	Sentry Ins Group	4,519,373	27.3
36	Assurant P&C Group	3,976,261	18.7
37	Kemper PC Companies	3,841,030	0.4
38	Old Republic Ins Group	3,812,465	16.6
39	Auto Club Group	3,712,720	18.8
40	COUNTRY Financial PC Group	3,516,750	14.6
41	AmTrust Group	3,247,564	1.5
42	Swiss Reins Group	3,208,669	35.3
43	Starr Intl Group	3,182,314	8.1
44	QBE North America Ins Group	3,150,697	-16.2
45	Westfield Group	3,132,484	20.1
46	Core Specialty Ins Group	3,101,062	22.0
47	Shelter Ins Cos	3,049,037	17.9
48	ICW Group	2,993,036	23.3
49	Acuity, A Mutual Ins Co	2,966,101	19.5
50	Amica Mutual Group	2,932,787	12.1
51	Allianz US PC Ins Companies	2,859,183	-29.8
52	Federated Mutual Group	2,791,565	14.1
53	NJM Ins Group	2,762,909	16.0
54	AF Group	2,761,267	8.9
55	Citizens Property Ins Corporation	2,714,021	-17.9
56	BAMR US PC Group	2,621,487	-13.8
57	Farm Bureau P&C Group	2,348,646	22.4
58	Alfa Ins Group	2,241,227	10.2
59	Southern Farm Bureau Casualty Group	2,208,473	15.6
60	West Bend Ins Group	2,107,550	5.5
61	TN Farmers Ins Cos	2,075,205	13.4
62	Texas Farm Bureau Ins Group	2,073,328	15.6
63	EMC Ins	2,056,832	-7.5
64	MAPFRE North America Group	1,958,309	4.0
65	PartnerRe US Group	1,905,384	-14.5
66	Utica Natl Ins Group	1,719,852	10.2
67	State Ins Fund WC Fund	1,690,272	-1.2
68	Intact US Ins Group	1,654,799	1.2
69	SCOR US Group	1,631,452	7.3
70	RLI Group	1,605,521	12.5
71	North Carolina Farm Bureau Ins Group	1,570,534	7.3
72	KY Farm Bureau Group	1,548,397	16.4
73	RenaissanceRe US Group	1,531,322	40.3
74	IAT Ins Group	1,493,269	3.5
75	Kinsale Ins Co	1,474,783	16.7
76	Grange Ins Pool	1,464,770	-4.2
77	Encova Mutual Ins Group	1,426,239	11.0
78	CUMIS Ins Society Group	1,376,737	8.7
79	Universal Ins Hldgs Group	1,367,000	2.6
80	The Doctors Co Ins Group	1,324,042	5.2
81	Aspen US Ins Group	1,168,764	5.2
82	United Fire & Cas Group	1,167,129	12.9
83	Western Natl Ins Group	1,160,787	17.7
84	FCCI Ins Group	1,158,589	8.8
85	Skyward Specialty Ins Group	1,123,578	23.4
86	Frankenmuth Ins Group	1,116,314	15.4
87	Arbella Ins Group	1,116,227	7.7
88	Donegal Ins Group	1,112,150	5.6
89	Michigan Farm Bureau PC Companies	1,108,264	18.7
90	Safety Group	1,093,405	18.2
91	Trupanion Ins Group	1,092,862	12.7
92	State Compensation Ins Fund	1,091,899	-4.4
93	Texas Mutual Ins Co	1,085,246	-5.0
94	Coaction Specialty Ins Group	1,075,338	28.4
95	AU Hldg Co Group	1,058,582	24.5
96	Plymouth Rock Cos	1,048,839	22.4
97	Church Mutual Ins Group	1,048,785	-6.6
98	Palisades Group	1,028,982	5.5
99	NYCM Ins Group	1,025,481	21.9
100	Greater NY Group	1,009,083	15.4
	TOTAL 200 Insurers	$901,630,434	8.5
	Total U.S. P&C Industry	$937,771,506

Policyholders’ surplus rose 17.4% to $1.1 tn by the end of 2025. 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.

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	2025	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)	2025	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 2025, 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 by Yana Keller – Lead Insurance Editor of Beinsure Media

Fact-checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media and Insurance TOP Ratings (25+ years of professional experience in Rankings, Insurance & Media) by AM Best Data.