Top 25 U.S. Property/Casualty Insurers
The Top 10 Insurers Generate Almost Half of the Total Premium
The 25 largest property/casualty insurers in the United States are listed in the table below. The list is derived from a market share report published by the National Association of Insurance Commissioners (NAIC) in March of 2020.
The NAIC has ranked insurers in descending order based on direct premiums written in 2019 for all lines of property/casualty insurance. The lines of insurance included in the ranking are personal auto, commercial auto, workers' compensation, medical professional liability, homeowners, and other liability (excluding auto liability).
The term direct written premiums means all policy premiums collected by an insurer during the calendar year without any adjustments for premiums ceded (transferred) to reinsurance companies. The property/casualty ranking does not include premiums generated from life insurance policies. The NAIC has published a separate list of the 25 largest life insurers.
The NAIC provides expertise, data, and analysis to state insurance commissioners to assist them in regulating the insurance industry and protecting consumers.
The NAIC notes that the 10 largest insurers on the list have a cumulative market share of 49.03%. It also observes that private passenger auto accounts for about 36% of all reported written premiums, more than any other line of property/casualty insurance.
|25 Largest Property/Casualty Insurers|
|Rank||Insurer Name||Direct Premiums Written ($bn)||Comments|
|1||State Farm||65.6||Offers policies for individuals and small businesses. Sells products through captive agents. State Farm's Financial Services unit provides loans and banking services while its Investments group offers mutual funds and other types of investments.|
|2||Berkshire Hathaway||46.1||A conglomerate that owns numerous insurance companies. Examples are GEICO, MedPro Group, National Indemnity, General Re (a reinsurance company), and BoatU.S.|
|3||Progressive||39.2||Sells personal and commercial coverages via its website and independent agents. Products include homeowners, auto, boat, and commercial auto insurance.|
|4||Liberty Mutual Grp.||35.6||A mutual insurer that was initially created to provide workers compensation insurance. Now a global company that offers commercial and personal insurance coverages. Owns Ironshore, Ohio Casualty, Peerless Insurance, and Safeco.|
|5||Allstate||35.0||Sells personal and commercial coverages. Allstate distributes its products through captive agents and independent agents. Owns Esurance, an online seller of personal insurance.|
|6||Travelers||28.0||A global company that offers insurance for both businesses and individuals. Owns St. Paul Fire & Marine and USF&G.|
|7||USAA||23.4||Sells insurance, banking, investment, and retirement products to current and former members of the U.S. military. Offers personal coverages like auto, homeowners, and condo insurance.|
|8||Chubb Ltd. Grp||23.3||A global firm purchased by ACE in 2016. The combined firm is called Chubb. Offers a wide range of personal and commercial coverages, including many types of specialty insurance.|
|9||Farmers Ins. Grp.||20.6||Owns Farmers Insurance Exchange, Fire Insurance Exchange, and Truck Insurance Exchange, which are inter-insurance exchanges owned by policyholders. The exchanges offer homeowners, auto, and commercial insurance throughout the U.S. Farmers is a wholly-owned subsidiary of Zurich Financial Group.|
|10||Nationwide||18.4||Sells banking and insurance products, including farm coverages, to individuals and small businesses. Formerly used captive agents to distribute its products but has switched to independent agents.|
|11||AIG||14.0||Global company that owns dozens of subsidiaries worldwide. Operates in more than 80 countries. Sells personal and commercial lines, including many specialty coverages.|
|12||Zurich Ins. Grp.||12.8||Global company based in Switzerland. Offers property, casualty, and life insurance products and services in more than 215 countries and territories. Owns Farmers Insurance Group.|
|13||Hartford||12.6||U.S. company founded in 1810. Offers personal and commercial insurance coverages and employee benefits|
|14||American Family||11.5||A mutual insurance company that offers personal, business, and farm coverages. Sells products through captive agents.|
|15||CNA||11.0||Global company founded in 1897. Offers standard and specialty coverages for large and small businesses, including multinationals.|
|16||Auto Owners||8.5||A mutual insurer established in 1916. Offers personal and commercial insurance coverages (not just auto) through independent agents in 30 states.|
|17||Assurant||8.2||Specialized insurer that offers flood insurance lender-placed insurance, insurance for manufactured housing and multifamily housing, and protection plans for electronics, jewelry, and appliances.|
|18||Erie Ins. Group||7.4||Created in 1925. Offers personal and commercial coverages through independent agents in 12 states.|
|19||Tokyo Marine Holdings||7.4||A global company created in 1879 and based in Tokyo. Sells a variety of coverages, including inland marine and cargo insurance. Owns the Philadelphia Insurance Companies, which offers professional liability and other commercial coverages.|
|20||Fairfax Financial Group||6.7||A holding company based in Toronto. Owns several insurers that operate in the U.S., including Zenith National (which sells workers comp), Allied World, and Crum & Forster (which sells property and casualty coverages).|
|21||AmTrust Fin. Serv. Group||6.3||Multinational insurer that offers a variety of coverage for small businesses, including workers compensation, business owners, cyber liability, and contractors equipment.|
|22||W.R. Berkley||6.3||A holding company based in Connecticut. Owns 59 operating insurance units, each of which specializes in a niche market. Companies include Acadia Insurance, Admiral Insurance, and numerous subsidiaries that use the Berkley name.|
|23||AXA Insurance Group||6.1||A French multinational insurer based in Paris. Owns AXA XL, a global specialty insurer.|
|24||Markel Corp.||5.8||A global company based in the U.S. Offers many types of specialty coverages. Examples are equine insurance, farm and ranch insurance, and special event insurance.|
|25||Allianz||5.3||Global insurer based in Germany. Operates in 33 countries. Offers a wide variety of insurance coverages for businesses.|
National Association of Insurance Commissioners. "Property and Casualty Insurance Industry Top 25 Groups and Companies by Countrywide Premium." Accessed April 7, 2020.
IRMI. "Direct Written Premium." Accessed April 7, 2020.
National Association of Insurance Commissioners. "Life and Fraternal Insurance Industry 2019 Top 25 Groups and Companies by Countrywide Premium." Accessed April 7, 2020.
National Association of Insurance Commissioners. "NAIC Releases 2019 Market Share Data." Accessed April 7, 2020.