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These are the top 25 property/casualty insurance companies in the US
The nation’s top 25 property/casualty insurance companies claim almost two-thirds of the total market and wrote more than $552 billion in premium in 2017 – up 4.6% from the year previous, according to new data from the National Association of Insurance Commissioners.
State Farm Group is once again the largest property/casualty insurance company in the US, representing 10.1% of the market and writing $64.8 billion in direct premiums – nearly $30 billion more than its nearest competitor, Berkshire Hathaway ($38.4 billion).
Liberty Mutual, Allstate and Progressive all retained their market rankings compared to 2016, with Progressive the only one to increase its market share by 0.4%.
Further down the top 10 rankings, Nationwide dropped two places from eight to 10, with its direct premiums written falling from $19.7 billion in 2016 to $19.2 billion in 2017. It switched places with USAA Insurance Group, which boosted its direct premiums written from $18,2 billion in 2016 to $20.1 billion in 2017, increasing its market share by 0.1%
The 25 biggest property/casualty insurance groups, by direct premiums written and market share, are:
1. State Farm
Direct Premiums Written: $64.8 billion
Market Share: 10.1%
2. Berkshire Hathaway
Direct Premiums Written: $38.4 billion
Market Share: 6.0%
3. Liberty Mutual
Direct Premiums Written: $33.8 billion
Market Share: 5.3%
4. Allstate
Direct Premiums Written: $31.5 billion
Market Share: 4.9%
5. Progressive
Direct Premiums Written: $27.8 billion
Market Share: 4.3%
6. Travelers
Direct Premiums Written: $24.8 billion
Market Share: 3.9%
7. Chubb
Direct Premiums Written: $21.2 billion
Market Share: 3.3%
8. USAA
Direct Premiums Written: $20.1 billion
Market Share: 3.1%
9. Farmers
Direct Premiums Written: $19.8 billion
Market Share: 3.1%
10. Nationwide
Direct Premiums Written: $19.2 billion
Market Share: 3.0%
11. AIG
Direct Premiums Written: $14.0 billion
Market Share: 2.2%
12. Zurich
Direct Premiums Written: $13.0 billion
Market Share: 2.0%
13. Hartford
Direct Premiums Written: $11.1 billion
Market Share: 1.7%
14. CNA
Direct Premiums Written: $10.4 billion
Market Share: 1.6%
15. AmTrust Group
Direct Premiums Written: $10.2 billion
Market Share: 1.6%
16. American Family
Direct Premiums Written: $8.3 billion
Market Share: 1.3%
17. Auto Owners Group
Direct Premiums Written: $7.1 billion
Market Share: 1.1%
18. Erie Insurance
Direct Premiums Written: $6.6 billion
Market Share: 1.0%
19. Tokio Marine
Direct Premiums Written: $6.6 billion
Market Share: 1.0%
20. American Financial
Direct Premiums Written: $5.9 billion
Market Share: 0.9%
21. W.R. Berkley
Direct Premiums Written: $5.7 billion
Market Share: 0.9%
22. Assurant
Direct Premiums Written: $5.6 billion
Market Share: 0.9%
23. Fairfax Financial Holdings
Direct Premiums Written: $5.4 billion
Market Share: 0.8%
24. Cincinnati Financial
Direct Premiums Written: $4.7 billion
Market Share: 0.7%
25. Markel Corporation
Direct Premiums Written: $4.4 billion
Market Share: 0.7%
According to the Insurance Information Institute, US insurance industry net premiums written totaled $1.2 trillion in 2017, with premiums recorded by life/health insurers accounting for 52%, and premiums by property/casualty insurers accounting for 48%.
NAIC data states there were 5,977 insurance companies in 2016 in the US (including territories), including P/C (2,538), life/annuities (872), health (858), fraternal (85), title (55), risk retention groups (247) and other companies (1,314).
The US insurance industry employed 2.6 million people in 2016, according to the US Department of Labor. Of those, 1.5 million worked for insurance companies, including life and health insurers (811,900 workers), P/C insurers (648,200 workers) and reinsurers (25,000 workers). The remaining 1.1 million people worked for insurance agencies, brokers and other insurance-related enterprises.