Top 25 U.S. Property/Casualty Insurers

The Top 25 List Doesn't Change Much From Year To Year

Business Presentation - Illustration

In March of each year, the National Association of Insurance Commissioners (NAIC) publishes a list of the 25 largest property/casualty insurance groups in the United States. The insurers that made the latest "top 25" list appear in the table below. The rankings are based on direct premiums written in 2018 for all lines of insurance. The included lines are personal auto, commercial auto, workers' compensation, medical professional liability, homeowners, and other liability (excluding auto liability). Direct written premiums means all policy premiums collected by an insurer during the calendar year. The numbers don't include any adjustments for premiums on risks insurers ceded (transferred) to reinsurance companies. 

The "top 25" list consists of the largest insurance groups. An insurance group is a collection of insurance companies that have common ownership. A group typically includes a parent company and several subsidiaries. Many insurers utilize subsidiaries to insure specific types of risks. For example, an insurer might issue business auto policies through one subsidiary and workers compensation policies through another.

The insurers included in the NAIC's "top 25" list don't change much from year to year. Only one insurer on the current list did not appear on the previous one. In 2018, AXA Insurance Group made the list while Cincinnati Financial Group dropped off.

Most of the top 25 insurers are stock companies but a few are mutual insurers. These include State Farm, Nationwide, and Liberty Mutual. Stock insurers are owned by shareholders, while mutual insurers are owned by policyholders.

The following table includes some brief comments about each insurer group. Additional information is available from insurers' websites. 

25 Largest Property/Casualty Insurers
Rank Insurer Name Direct Premiums Written ($bn) Comments
1 State Farm 65.8 Mostly personal lines. Offers some coverages for small businesses. State Farm sells products through captive agents. Its Financial Services unit provides loans and banking services.
2 Berkshire Hathaway 43.8 Owns GEICO and numerous specialty insurers, including MedPro Group, National Indemnity, General Re (a reinsurance company), and Berkshire Hathaway Specialty.
3 Liberty Mutual Grp. 34.6 A global company that offers commercial and personal insurance coverages. Includes Golden Eagle, Ironshore, Ohio Casualty, Peerless Insurance, and Safeco. As a mutual insurer, it is owned by policyholders.
4 Progressive 33.7 Sells personal and commercial coverages via its website and independent agents. Products include homeowners, auto, boat, and commercial auto insurance.
5 Allstate 33.2 Mostly personal lines but offers some coverages for small businesses. While most of Allstate's products are distributed through captive agents, some are sold through independent agents. Owns Esurance, an online seller of personal insurance.
6 Travelers 26.2 A global company that offers insurance for both businesses and individuals. Owns St. Paul Fire & Marine and USF&G.
7 Chubb Ltd. Grp. 22.0 A global firm purchased by ACE in 2016. The combined firm is called Chubb. Offers personal and commercial lines, including many specialty coverages.
8 USAA 21.9 Sells insurance and banking products to current and former members of the U.S. military. Offers auto, homeowners, flood, umbrella and other personal coverages.
9 Farmers Ins. Grp. 20.3 Sells personal and commercial coverages through captive agents. Owns Farmers Insurance Exchange, Fire Insurance Exchange, and Truck Insurance Exchange, which are inter-insurance exchanges owned by policyholders. Farmers is a wholly-owned subsidiary of Zurich Financial Group.
10 Nationwide 18.4 Sells banking and insurance products to individuals and businesses. Offers farm coverages. Formerly used captive agents to distribute its products but is now switching to independent agents.
11 AIG 14.7 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. 12.4 Global company based in Switzerland. Offers standard and specialty insurance to businesses of all sizes. Owns Farmers Insurance Group.
13 Hartford 11.0 U.S. company that offers personal and commercial insurance coverages and employee benefits
14 CNA 10.7 Global company that offers both standard and specialty coverages for large and small businesses, including multinationals.
15 American Family 8.9 A mutual insurance company that offers personal,  business, and farm coverages. Sells products through captive agents or directly to buyers.
16 Auto Owners 7.9 A mutual insurer that offers both personal and commercial insurance coverages (not just auto) through independent agents in the Midwest and Southeast
17 Assurant 7.2 Sells renters, homeowners, and other personal lines coverages, including flood insurance. Specializes in protection plans for electronics, jewelry, and appliances.
18 Tokyo Marine Holdings 7.1 A global company based in Japan. Sells a variety of coverages, including inland marine and cargo insurance. Owns the Philadelphia Insurance Companies, which offers professional liability and other commercial coverages.
19 Erie Ins. Group 7.1 Offers personal and commercial coverages through independent agents in some midwestern and mid-Atlantic states
20 Fairfax Financial Group 6.0 A global company based in Toronto. Owns several insurers that operate in the U.S., including Zenith (which sells workers comp), Allied World, and Crum & Forster (which sells property and casualty coverages).
21 American Financial Group 5.9 Owns Great American Insurance, a provider of specialty property and casualty coverages for risks such as aviation, healthcare, and public entities.
22 W.R. Berkley 5.9 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 AmTrust Fin. Serv. Group 5.9 Multinational insurer that offers workers compensation, business owners, cyber liability, contractors equipment, and other coverages for small businesses.
24 AXA Insurance Group 5.2 A French multinational insurer based in Paris. Owns XL and Catlin, both of which are specialty insurers.
25 Markel Corp. 5.2 A global company based in the U.S. Offers specialized programs for unique risks such as health clubs, museums, horse stables, and special events.
Source: NAIC's Market Share Report, March 25, 2019