25 Largest Property and Casualty Insurance Companies in USA
25 Largest Property and Casualty Insurance Companies in USA-According to National Association of Insurance Commissioners (NAIC) in 2023, there are 25 Largest Property and Casualty Insurance Companies in the USA. These companies basically have a billion US Dollar of written premium. Property insurance and casualty insurance (also known as P&C insurance) are types of insurance that help protect you and the property you own. Property and casualty insurance is the type of coverage that protects the physical properties of people’s own (home, car, and other belongings). These insurances also include liability coverage. This helps protect you if you’re found legally responsible for an accident that causes injuries to another person or damages to their property.
Commonly, The National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers which Founded in 1871.
Many people in the United States of America (USA) trusted some insurance companies to cover the unpredictable risks on property and casualties. Here are the ranks of 25 Largest Property and Casualty Insurance Companies in the USA. All of the data were obtained from the published market share data report of National of Insurance Commissioners in 2023. This rank was arranged based on Direct Premium Written in Property and Casualty (P&C).
The Rank of 25 Largest Property and Casualty Insurance Companies in USA
| Rank | Property and Casualty Insurance Companies | Direct Premiums Written | Direct Premiums Earned | Market Share |
|---|---|---|---|---|
| (US Dollar) | (US Dollar) | (%) | ||
| 1 | State Farm Group | 78,643,121,353 | 75,087,861,668 | 9.039 |
| 2 | Berkshire Hathaway | 56,879,630,785 | 55,774,920,048 | 6.54 |
| 3 | Progressive | 52,326,628,351 | 50,641,509,483 | 6.01 |
| 4 | Allstate Insurance | 45,512,585,131 | 43,781,750,635 | 5.23 |
| 5 | Liberty Mutual | 45,262,773,319 | 43,846,872,417 | 5.2 |
| 6 | Travelers | 34,347,685,509 | 32,790,231,467 | 3.95 |
| 7 | Chubb | 30,226,780,557 | 29,337,673,841 | 3.47 |
| 8 | United Serv Automobile | 26,864,180,934 | 26,027,074,550 | 3.09 |
| 9 | Farmers Insurance | 26,416,672,176 | 25,756,089,136 | 3.04 |
| 10 | Nationwide Corp | 20,323,219,939 | 19,851,691,693 | 2.34 |
| 11 | Zurich Insurance | 17,618,547,773 | 16,863,971,341 | 2.02 |
| 12 | American International Group (AIG) | 15,465,483,892 | 15,427,244,789 | 1.78 |
| 13 | Hartford Fire & Cas | 14,723,584,520 | 14,195,889,800 | 1.69 |
| 14 | American Family Insurance | 14,090,260,078 | 13,252,537,231 | 1.62 |
| 15 | CNA Insurance | 13,212,517,537 | 12,601,779,606 | 1.52 |
| 16 | Tokio Marine Holdings Inc | 11,145,749,895 | 10,803,661,573 | 1.28 |
| 17 | Auto Owners | 10,988,166,287 | 10,432,620,672 | 1.26 |
| 18 | Fairfax Financial | 10,980,589,231 | 10,474,995,509 | 1.26 |
| 19 | W.R. Berkley Corporation | 9,269,248,233 | 8,856,014,276 | 1.07 |
| 20 | Assurant Inc | 8,715,910,989 | 8,400,153,388 | 1 |
| 21 | American Financial Group | 8,653,780,425 | 8,457,031,963 | 0.99 |
| 22 | Erie Insurance | 8,595,960,358 | 8,222,763,065 | 0.99 |
| 23 | Markel Corporation | 8,297,030,904 | 7,888,818,149 | 0.95 |
| 24 | Axa Insurance | 7,683,024,996 | 7,855,474,659 | 0.88 |
| 25 | Sompo | 7,402,670,900 | 7,207,427,277 | 0.85 |
| Industry Total | 870,266,920,318 | 836,850,235,845 | 100% |
Brief Descriptions of 25 Largest Property and Casualty Insurance Companies in USA
1. State Farm Insurance
State Farm Insurance is one of the largest Property and casualty (P&C) insurance companies based in Bloomington, Illinois, USA. Historically, George J. Mecherle built this corporation in June 1922. By the way, George is a retired farmer who is widely regarded as one of the most powerful figures in the insurance business. With the development of its business, State Farm has employed over 57,000 people. In terms of financial ratings from Financial Intuition in USA, State Farm Insurance has financial ratings of A++ from A.M. Best®, Aa1 from Moody’s®, and AA from Standard & Poor’s. Based on the Report of National Association of Insurance Commissioners (NAIC) in 2023, In 2022, the State Farm Insurance gained direct premium written around 78.6 billion US Dollar and direct premium earned around 75.08 billion US Dollar.
2. Berkshire Hathaway
Berkshire Hathaway is a holding corporation that operates in a variety of industries, including insurance. Historically, Berkshire Hathaway was created in 1839 by Oliver Chace, but it was developed by Warren Buffett with the assistance of Charlie Munger. According to the 2022 Annual Report, this corporation had 948 billion US dollars in assets and 322 billion US dollars in revenue. Berkshire Hathaway owns various subsidiary insurance firms in the insurance business, including National Indemnity Company, Government Employees Insurance Company (GEICO), General Re, and others.
Berkshire Hathaway is still one of the biggest insurance companies in the Property and Casualty (P&C) industries. According to National Association of Insurance Commissioners (NAIC) in 2023, Berkshire Hathaway gained the direct premium written about 56.8 billion US Dollar and Direct premium earned around 55.7 billion US Dollar in 2022.
3. Progressive
The Progressive Group of Insurance Companies started in the insurance business in 1937. Furthermore, the founder of progressive insurance companies was Joseph Lewis and Jack Green. Financially, in 2022, along with business development, the revenue of Progressive insurance was around $ 49.5 billion meanwhile the net income reached $ 721 million. In addition, in 2022, the assets of Progressive were $ 59.7 billion. In the Property and Casualty (P&C) industry, the Progressive Insurance company gained direct premium written 52.3 billion US Dollar and direct premium earned around 50.6 billion US Dollar.
4. Allstate Insurance
The Allstate Corporation is an American Insurance company and has become one of the biggest insurance companies in the Property and Casualty Insurance industry in The United States of America (USA). Historically, Allstate was launched on April 17, 1931, As a holding company, its business is conducted principally through Allstate Insurance Company and other subsidiaries. In 2022, according to the Annual Report of Allstate, the assets of The Allstate Corporation reached $97 billion with revenue in 2022 reaching $51.4 billion.
According to the market share report of National Association of Insurance Commissioners (NAIC), The direct premium written of Allstate insurance reached 45.5 billion US Dollar and direct premium earned reached 43.7 billion US Dollar.
5. Liberty Mutual Insurance
Liberty Mutual Insurance still became one of the biggest property and casualty (P&C) in the USA. Operationally, Liberty Mutual Insurance still has its headquarters in Berkeley Street, Boston, Massachusetts. Because of its development in insurance, Liberty Mutual Insurance company has employed over 50,000 people in 29 countries. Financially, according to the Annual Report in 2022, The assets of the Liberty Mutual was about $ 32,808 million in 2022 with the net income was $ 419 million. According to the National Association of Insurance Commissioners (NAIC) in 2023, The Liberty Mutual Insurance gained a direct premium written around 45.2 billion US Dollar.
6. Travelers
The Travelers Insurance companies/ The Travelers Companies was founded in 2004 with the merger between The St. Paul Companies, Inc. and Travelers. Along with business development, Travelers has more than 30,000 employees and 13,500 independent agents and brokers in the United States, Canada, the United Kingdom and Ireland. According to its annual report in 2022, Travelers insurance has assets around $115,717 million. Meanwhile, the revenue of travelers insurance was $36,884 million with net income of about $2,842 million. Based on the report of National Association of Insurance Commissioners (NAIC), the direct premium written of travelers reached 34.3 billion US Dollar.
7. Chubb
Chubb is one of the world’s Property and Casualty (P&C) insurance companies in the U.S.A With operations in 54 countries. Operationally, Chubb has executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 40,000 people worldwide. In the financial ratings, Chubb has financial ratings of AA from Standard & Poor’s and A++ from A.M. Best. Financially, in the report of National Association of Insurance Commissioners (NAIC), Chubb gained a direct premium written around 30.2 billion US Dollar.
8. The United Services Automobile Association (USAA)
United Services Automobile Association (USAA) is one of the biggest Property and Casualty (P&C) insurance companies in the United States of America (USA). USAA is headquartered in San Antonio, Texas, United States. Until 2022, this company employed 37,000 people. Financially, according to the Income statement in 2022, the revenue of USSA reached USD 36 billion. Furthermore, based on the balance sheet of the annual report, the assets of USAA were around USD 204,005 million. Furthermore, in 2022, The USAA gained a direct premium written around 26.8 billion US Dollar.
9. Farmers Insurance
Farmers insurance is one of the biggest property and casualty (P&C) insurance companies in the United States. Historically, the journey of this company was started in 1928 by the initiative of John C. Tyler and Thomas E. Leavey. Along with business development, Farmers Insurance company can serve more than 10 million households with more than 19 million individual policies in 50 states of the USA. Furthermore, farmers insurance has 48,000 exclusive and independent agents and 21,000 employees. According to the report of National Association of Insurance Commissioners (NAIC) in 2022, The farmer insurance gained a direct premium written around 26.4 billion US Dollar.
10. Nationwide Mutual Insurance Company
Nationwide Mutual Insurance Company is one of the biggest Property and Casualty (P&C) insurance companies in the United States of America (USA). This insurance company was founded in the 1920s as Farm Bureau Mutual and later in 1955, the name was changed into Nationwide insurance. To date, this company has headquartered in One Nationwide Plaza, Columbus, Ohio, U.S.A. Furthermore, Nationwide has some financial ratings including A+ from AM Best, A1 from Moody’s, and A+ Standard & Poor’s. Based on the report of National Association of Insurance Commissioners (NAIC), Nationwide gained a direct premium written around 20.3 billion US Dollar.
11. Zurich Insurance
As one of the biggest property and casualty (P&C) insurance companies in the USA, Zurich Insurance Group Ltd still has a main office in Zürich. Historically, this company was founded in 1872 with the name of Versicherungs-Verein (insurance associations). Along with business development from time to time, this insurance company has employed around 56 thousand people and provides a wide range of insurance products in more than 210 countries. Financially, according to the Annual report of Zurich in 2021, this company has assets around 435 billion US Dollars with revenue around $ 69 billion. In the report of National Association of Insurance Commissioners (NAIC), Zurich Insurance gained a direct premium written around 17.6 billion US Dollar.
12. American International Group (AIG)
American International Group, Inc., also known as AIG, is an American multinational insurance corporation. Historically, it was founded by Cornelius Vander Starr on December 19, 1919. Based on the financial structure on the Balance sheet in 2021, AIG has assets around 596 billion US Dollar and gained revenue around 52 billion US Dollar. According to the report of National Association of Insurance Commissioners (NAIC), the American International Group (AIG) gained a direct premium written around 15.4 billion US Dollar.
13. The Hartford Insurance
Hartford Insurance started the business in 1810 as a fire insurance company. Nowadays, this company is also one of the biggest insurance companies in Property & casualty (P&C) insurance industries. As of December 31, 2022, total assets of Hartford insurance were $73.0 billion. Overall, according to the National Association of Insurance Commissioners (NAIC), the direct premium written off Hartford insurance reached 14.7 billion US Dollar.
14. American Family Insurance
American Family Insurance started its business on October 3rd, 1927. Operationally, this company has a main office in Madison, Wisconsin, USA. According to the National Association of Insurance Commissioners (NAIC), American Family Insurance gained a direct premium written around 14 billion US Dollar.
15. Cna Insurance
CNA Financial Corporation was founded in 1897 and still has a main office in Chicago, Illinois, U.S. As of 2022, The CNA Financial has shareholders’ equity was $ $8.8 billion. Based on the report of National Association of Insurance Commissioners (NAIC) in 2022, CAN financially gained a direct premium written around 13.2 billion US Dollar.
16. Tokio Marine Holdings Inc
Tokio Marine Holdings, Inc. is an insurance company that has a main office in Tokyo. Historically, this company was founded in 1879. Along with business development of the company, Tokio Marine has 41 thousand employees. Financially, in 2021, based on the balance sheet of the Tokio Marine, this company has assets around 27,245 billion Yen / 185 billion USD and gained revenue around 5,863 billion Yen / 39.8 billion USD. In the property and casualty (P&C) industry, according to the report of National Association of Insurance Commissioners (NAIC), Tokio Marine Holdings gained a direct premium written of 11.1 billion US Dollar.
17. Auto Owners
Auto-Owners Insurance Group was founded in 1916. Along with business development, Auto-owners insurance has 8,000 licensed agents in 26 states. Based on financial ratings, Auto owners got The AM Best Company gives Auto-Owners an A++ (Superior) from The AM Best Company. Overall, according to National Association of Insurance Commissioners (NAIC), the direct premium written of Auto Owners reached 10.9 billion US Dollar.
18. Fairfax Financial Holdings
Fairfax Financial Holdings is one of the largest insurance companies in the USA. Historically, this company was founded in 1951. According to the report of NAIC, Fairfax Financial Holdings gained a direct premium written around 10.9 billion US Dollar.
19. W.R. Berkley Corporation
W. R. Berkley Corporation was founded in 1967 by William R. Berkley. Along with business development, as of 2022, W.R. Berkley has assets around 33 billion US Dollar with revenue of 11 billion US Dollar. Based on the report of NAIC, W.R. Berkley Corporation gained a direct premium written around 9.2 billion US Dollar.
20. Assurant, Inc
Assurant, Inc was founded in 1892 and still has a main office in Atlanta, U.S.A. As of 2021, The Assurant has assets around USD 33 billion. According to the NAIC report, Assurant gained a direct premium written around 8.7 billion US Dollar.
21. American Financial Group
American Financial Group, Inc. was founded 1872. In the property and casualty (P&C) industry, American Financial Group gained a direct premium written around 8.6 billion US Dollar.
22. Erie Insurance
Erie Insurance Group is the insurance company which was founded in 1925 by H.O. Hirt (1887-1982) and O.G. Crawford (1884-1961). Nowadays, Operationally, this company has its headquarters in Erie, Pennsylvania. According to the Report of NAIC in 2023, the direct written premium of Erie insurance reached 8.5 billion US Dollar.
23. Markel Group
Markel Insurance has over 5,000 employees across the globe. Based on the financial ratings, Markel got A from S&P, A from A.M. Best and A2 from Moody’s. According to the report of NAIC, the Markel gained direct premium written around 8.2 billion US Dollar.
24. AXA Insurance
AXA is a France-based insurance company that was founded in 1816 by Claude Bébéar. In 2021, financially, based on its published annual report, the company has assets around 775 billion Euro / 776 billion US Dollar. In 2022, the report of NAIC showed that AXA gained a direct premium written around 7.6 billion US Dollar.
25. Sompo
Sompo Holdings, Inc. is an insurance company from Japan which was founded in 1887. According to NAIC, Sompo Holding gained a direct premium written around 7.4 billion US Dollar.
The Summary of 25 Largest Property and Casualty Insurance Companies in USA Based on Direct Premium Written
Bibliography of 25 Largest Property and Casualty Insurance Companies in USA
National Association of Insurance Commissioners (NAIC). 2023. Property and Casualty Insurance Industry (Total All Lines). Accessed via https://content.naic.org/article/naic-releases-2022-market-share-data on August 27th, 2023.
State Farm Group. 2023. Annual Report 2022. Accessed via https://www.statefarm.com on August 25th, 2023.
Berkshire Hathaway. 2023. Annual Report 2022. Accessed via https://www.berkshirehathaway.com/reports.html on August 25th, 2023.
Progressive. 2023. Annual Report 2022. Accessed via https://investors.progressive.com/home/default.aspx on August 25th, 2023.
Allstate Insurance. 2023. Annual Report 2022. Accessed via https://www.allstatecorporation.com on August 25th, 2023.
Liberty Mutual. 2023. Annual Report 2022. Accessed via https://www.libertymutualgroup.com/about-lm/investor-relations/overview on August 25th, 2023.
Travelers. 2023. Annual Report 2022. Accessed via https://investor.travelers.com/home/default.aspx on August 25th, 2023.
Chubb. 2023. Annual Report 2022. Accessed via https://www.chubb.com/id-en/ on August 25th, 2023.
United Serv Automobile. 2023. Annual Report 2022. Accessed via https://www.usaa.com/ on August 25th, 2023.
Farmers Insurance. 2023. Annual Report 2022. Accessed via https://www.farmers.com/ on August 25th, 2023.
Nationwide Corporation. 2023. Annual Report 2022. Accessed via https://www.nationwide.com on August 25th, 2023.
Zurich Insurance. 2023. Annual Report 2022. Accessed via https://www.zurich.com/en/investor-relations on August 25th, 2023.
AIG. 2023. Annual Report 2022. Accessed via https://www.aig.com/home/investor-relations on August 25th, 2023.
Hartford Fire & Cas. 2023. Annual Report 2022. Accessed via https://www.thehartford.com/ on August 25th, 2023.
American Family Ins. 2023. Annual Report 2022. Accessed via https://www.amfam.com/ on August 25th, 2023.
Cna Insurance. 2023. Annual Report 2022. Accessed via https://www.cna.com/web/guest/cna/home on August 25th, 2023.
Tokio Marine Holdings Inc. 2023. Annual Report 2022. Accessed via www.tokiomarine.com/ on August 25th, 2023.
Auto Owners. 2023. Annual Report 2022. Accessed via https://www.auto-owners.com on August 25th, 2023.
Fairfax Financial. 2023. Annual Report 2022. Accessed via https://www.fairfax.ca/investors/ on August 25th, 2023.
Wr Berkley Corp. 2023. Annual Report 2022. Accessed via https://ir.berkley.com on August 25th, 2023.
Assurant Inc. 2023. Annual Report 2022. Accessed via https://www.assurant.com on August 25th, 2023.
American Financial. 2023. Annual Report 2022. Accessed via https://www.afginc.com on August 25th, 2023.
Erie Insurance. 2023. Annual Report 2022. Accessed via https://www.erieinsurance.com/ on August 25th, 2023.
Markel Corporation. 2023. Annual Report 2022. Accessed via https://www.markel.com on August 25th, 2023.