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%
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/Great American Insurance 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 $1.32 trillion in 2019, with premiums recorded by life/health insurers accounting for 52%, and premiums by property/casualty insurers accounting for 48%, according to S&P Global Market Intelligence.
P/C insurance includes auto, homeowners and commercial insurance. Net premiums written for the sector totaled $637.7 billion in 2019. Meanwhile, the life/annuity insurance sector includes annuities, accident and health, and life insurance with net premiums for the sector totaling $678.7 billion in 2019. Both figures are taken from the Insurance Information Institute.
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.