Top 25 U.S. Property/Casualty Insurers

Office towers in New York City

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 "top 25" list for 2017 appear in the table below. The ranking is based on direct premiums written, which means all policy premiums collected by an insurer during the calendar year. It does not include any adjustment for premiums on risks the insurer 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. It is typically comprised of a parent company and several subsidiaries. Insurance subsidiaries are often called "pups." Many insurers utilize subsidiaries to insure  specific types of risks. For example, an insurer might issue commercial auto policies through one subsidiary and workers compensation policies through another.

The insurers that make up the NAIC's "top 25" list don't change much from one year to the next. Only two insurers on the 2017 list did not appear on the previous (2016) list. In 2017, Fairfax Financial Group and Markel Corp. were added while XL Group and QBE were deleted.

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

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

Rank Insurer Name Direct Premiums Written ($bn) Comments
1 State Farm 64.8 Mostly personal lines. Offers some coverages for small businesses. State Farm sells products through captive agents.
2 Berkshire Hathaway 38.4 Owns GEICO and various specialty insurers, including MedPro Group, National Indemnity, General Re (a reinsurance company) and Berkshire Hathaway Specialty.
3 Liberty Mutual Grp. 33.8 A global company that offers commercial and personal insurance coverages. Includes Golden Eagle, Ironshore, Wausau Insurance, and Safeco. As a mutual insurer, it is owned by policyholders.
4 Allstate 31.5 Mostly personal lines. Offers some coverages for small businesses. While most of Allstate's products are distributed through captive agents, some are sold through independent agents.
5 Progessive 27.8 Sells personal and commercial coverages. Products include homeowners, auto, boat, and commercial auto insurance.
6 Travelers 24.8 A U.S. company that offers insurance for both businesses and individuals. Owns St. Paul Fire & Marine and USF&G.
7 Chubb Ltd. Grp. 21.2 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 20.1 Sells products to current and former members of the U.S. military. Offers auto, homeowners, flood, umbrella and other personal coverages.
9 Farmers Ins. Grp. 19.8 Sells personal and commercial coverages. Owns Farmers Insurance Exchange, Fire Insurance Exchange, and Truck Insurance Exchange. These are inter-insurance exchanges owned by their policyholders. Farmers sells products through captive agents. It is a wholly-owned subsidiary of Zurich Financial Group.
10 Nationwide 19.2 Mostly personal lines. Offers some coverages for small businesses. In the past, Nationwide distributed its products through captive agents. It is currently switching to a distribution system based on independent agents.
11 AIG 14.0 Global company that owns dozens of subsidiaries worldwide. A major provider of commercial insurance, including personal and commercial lines and specialty coverages.
12 Zurich Ins. Grp. 13.0 Global company based in Switzerland. Offers standard and specialty insurance to businesses of all sizes. Owns Farmers Insurance Group.
13 Hartford 11.1 U.S. company that offers coverage for businesses and individuals
14 CNA 10.4 Global company that offers both standard and specialty coverages for large and small businesses
15 AmTrust Grp. 10.2 Multinational property and casualty insurer specializing in coverages for small businesses.
16 American Family 8.3 A mutual insurance company that sells mostly personal lines. Offers some business coverages. Sells products through captive agents or directly to buyers.
17 Auto Owners 7.1 Offers both personal and commercial insurance coverages (not just auto) through independent agents in the Midwest and Southeast
18 Erie Insurance 6.6 Offers personal and commercial coverages through independent agents in some midwestern and mid-Atlantic states
19 Tokyo Fire & Marine 6.6 A global company based in Japan. Owns the Philadelphia Insurance Companies, which offers professional liability and other commercial coverages.
20 American Financial 5.9 Owns Great American Insurance, a provider of specialty property and casualty coverages for risks such as aviation, healthcare, and public entities.
21 W.R. Berkley 5.7 A holding company based in Connecticutt. Owns 54 operating units, each of which specializes in a niche market. Companies include Acadia Insurance, Admiral Insurance, and numerous subsidiaries that use the Berkley name.
22 Assurant 5.6 Sells renters, homeowners, and other personal lines coverages, including flood insurance.
23 Fairfax Fin. Grp. 5.4 A global company based in Toronto. Owns several insurers that operate in the U.S., including Zenith (which sells workers comp) and Crum & Forster (which sells property and casualty coverages).
24 Cinncinnati fin Grp. 4.7 U.S. company that offers personal and commercial coverages through independent agents
25 Markel Corp. 4.4 A global company based in the U.S. Offers specialized programs for unique risks such as health clubs, museums, horse stables, and special events.