These are the top 25 property/casualty insurance companies in the US

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These are the top 25 property/casualty insurance companies in the US

 UPDATED – November 20, 2020

The nation’s top 25 property/casualty insurance companies claim almost two-thirds of the total market and wrote more than $708 billion in premium in 2019 – up from $552 billion in 2017, according to new data from the National Association of Insurance Commissioners (NAIC).

State Farm Group is once again the largest property/casualty insurance company in the US, representing 9.27% of the market and writing $65.6 billion in direct premiums – nearly $20 billion more than its nearest competitor, Berkshire Hathaway ($46.1 billion), the name behind GEICO.

Liberty Mutual, Allstate, and Progressive moved their market share compared to 2017, with Progressive leading the trio with a share of 5.54%.

Further down the top 10 rankings, Chubb dropped from seven to eight, despite its direct premiums written increasing from $21.2 billion in 2017 to $23.3 billion in 2019. It switched places with USAA Insurance Group, which boosted its direct premiums written from $20.1 billion in 2017 to $23.4 billion in 2019, increasing its market share by 0.22%.

The 25 biggest property/casualty insurance groups, by direct premiums written and market share, are:

1. State Farm

Direct Premiums Written: $65.6 billion

Market Share: 9.27%

2. Berkshire Hathaway

Direct Premiums Written: $46.1 billion

Market Share: 6.51%

3. Progressive Group

Direct Premiums Written: $39.2 billion

Market Share: 5.54%

4. Liberty Mutual

Direct Premiums Written: $35.6 billion

Market Share: 5.03%

5. Allstate

Direct Premiums Written: $35 billion

Market Share: 4.95%

6. Travelers Group

Direct Written Premiums: $28 billion

Market Share: 3.96%

7. USAA

Direct Written Premiums: $23.4 billion

Market Share: 3.32%

8. Chubb

Direct Written Premiums: $23.3 billion

Market Share: 3.30%

9. Farmers Insurance

Direct Written Premiums: $20.6 billion

Market Share: 2.92%

10. Nationwide

Direct Written Premiums: $18.4 billion

Market Share: 2.60%

11. AIG

Direct Written Premiums: $14 billion

Market Share: 1.98%

12. Zurich

Direct Written Premiums: $12.8 billion

Market Share: 1.82%

13. The Hartford

Direct Written Premiums: $12.6 billion

Market Share: 1.79%

14. American Family Insurance

Direct Written Premiums: $11.5 billion

Market Share: 1.63%

15. CNA

Direct Written Premiums: $11 billion

Market Share: 1.56%

16. Auto-Owners Group

Direct Written Premiums: $8.5 billion

Market Share: 1.21%

17. Assurant

Direct Written Premiums: $8.2 billion

Market Share: 1.16%

 

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18. Erie Insurance

Direct Written Premiums: $7.4 billion

Market Share: 1.06%

19. Tokio Marine

Direct Written Premiums: $7.4 billion

Market Share: 1.05%

20. Fairfax Financial

Direct Written Premiums: $6.9 billion

Market Share: 0.99%

21. American Financial Group

Direct Written Premiums: $6.3 billion

Market Share: 0.90%

22. WR Berkley

Direct Written Premiums: $6.3 billion

Market Share: 0.89%

23. AXA

Direct Written Premiums: $6.1 billion

Market Share: 0.86%

24. Markel Corporation

Direct Written Premiums: $5.8 billion

Market Share: 0.83%

25. Allianz

Direct Written Premiums: $5.3 billion

Market Share: 0.76%

According to the Insurance Information Institute (III), US insurance industry net premiums written totaled $1.22 trillion in 2018, with premiums recorded by life/health insurers accounting for 49%, and premiums by property/casualty insurers accounting for 51%.

NAIC data states there were 5,965 insurance companies in 2018 in the US (including territories), including P/C (2,507), life/annuity (841), health (931), fraternal (82), title (60), risk retention groups (239), and other companies (1,305).

The US insurance industry employed 2.8 million people in 2019, according to the US Department of Labor. Of those, 1.6 million worked for insurance companies, including life and health insurers (923,000 workers), P/C insurers (647,000 workers), and reinsurers (28,500 workers). The remaining 1.2 million people worked for insurance agencies, brokers, and other insurance-related enterprises.

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