What are the biggest property and casualty insurance companies in the U.S.?
State Farm is followed by Berkshire Hathaway, Progressive and Allstate. The full list of top 10 biggest property and casualty insurers by size, along with the dollar amount of direct premiums written in 2021, is below:
| Rank | Company | Premium written (billions) | Market Share |
|---|---|---|---|
| 1 | State Farm | $78.6 | 9.07% |
| 2 | Berkshire Hathaway | $56.9 | 6.56% |
| 3 | Progressive | $52.3 | 6.04% |
| 4 | Allstate | $45.5 | 5.25% |
| 5 | Liberty Mutual | $45.2 | 5.22% |
| 6 | Travelers | $34.3 | 3.96% |
| 7 | Chubb | $30.1 | 3.47% |
| 8 | USAA | $26.9 | 3.10% |
| 9 | Farmers | $26.4 | 3.05% |
| 10 | Nationwide | $20.3 | 2.34% |
Property and casualty insurance includes auto, homeowners and commercial insurance. The NAIC report includes market share data for these and several other lines of insurance, including:
- Personal auto
- Commercial auto
- Homeowners
- Workers' compensation
- Medical professional liability
- Other liability, excluding auto liability
The top 10 property and casualty companies have captured 52% of the overall market.
Here’s a breakdown of the major insurance companies:
State Farm
The nation's biggest insurance company has a market share of 9.07%. State Farm offers many types of insurance, including:
- Home and property
- Small business
- Life
- Health
- Disability
- Liability
- Pet medical
State Farm is based in Bloomington, Illinois. The company celebrated 100 years in business in 2022. Jon Farney, State Farm senior vice president, treasurer and chief financial officer, says his company is grateful that so many customers choose State Farm to be their insurer of choice.
"We are pleased more customers are choosing State Farm, as we remain focused on helping more people in more ways," Farney says.
Berkshire Hathaway
Berkshire Hathaway, which owns car insurance giant Geico, had a 6.56% market share. The Omaha, Nebraska-based company owns a number of insurance subsidiaries, most notably Geico. Other insurance companies in Berkshire's orbit include Berkshire Hathaway Specialty Insurance, biBERK Business Insurance and Berkshire Hathaway GUARD Insurance Companies.
Progressive
Mayfield Village, Ohio-based Progressive wrote $52.3 billion in premiums in 2022 and had a 6.04% market share. It offers several types of insurance, including:
- Vehicle
- Property
- Personal
- Business
- Financial
Allstate
Allstate claimed 5.25% of the market share. Based in Northbrook, Illinois, it primarily sells auto and homeowners insurance, with the products marketed under the Allstate, Encompass and Esurance brands.
Allstate Financial also offers life insurance, retirement and investment products, as well as voluntary accident and health insurance products. The company sells other types of insurance ranging from business insurance to specialty politics for things like motorcycles and boats.
Liberty Mutual
Liberty Mutual wrote $45.3 billion in premiums during 2022 and captured 5.22% of the market share.
Based in Boston, Liberty Mutual sells auto and vehicle, property and business insurance. It also offers other types of coverage ranging from critical illness insurance to tuition insurance.
Travelers
Travelers wrote $34.3 billion in premiums during 2022, gaining 3.96% of the market share. The New York-based company sells auto and home insurance, as well as specialty insurance, such as wedding and event coverage, pet insurance and travel insurance.
Chubb
Chubb wrote $30.1 billion in premiums during 2022 and claimed 3.47% of the market share.
Chubb sells home and auto insurance, as well as products targeted to special types of needs, such as cyber coverage and bespoke services that offer "a level of service tailored to your lifestyle." The company's U.S. headquarters are in Warren, New Jersey.
United Service Automobile Association
United Service Automobile Association wrote $26.8 billion in premiums in 2022, taking 3.10% of the market share.
The San Antonio-based company auto and vehicle, home and property, small business, and life and health insurance. It also offers other types of coverage, ranging from aviation to special events and mobile phone protection insurance. The insurer serves military members and their families.
Farmers Insurance
Farmers wrote $26.4 billion in premiums in 2022 and netted a 3.05% market share. Based in Woodland Hills, California, Farmers sells vehicle, home, life and business insurance policies, as well as specialty products such as rideshare coverage.
Nationwide
Nationwide wrote $20.3 billion in premiums in 2022 and holds 2.34% of the market share.
The Columbus, Ohio-based company sells vehicle, property, life and specialty insurance, which includes coverage for everything from snowmobiles to golf carts.
While you can count on the biggest insurance companies for financial stability, comprehensive coverage and a pleasant customer service experience, the right insurance company for you will vary on your own insurance needs. Make sure to shop around to find the best policy.
Home insurance FAQs
What is property and casualty insurance?
Often known as P&C insurance, this is a blanket term for all types of insurance plans that cover the things you own -- including homes and cars -- as well as offering liability coverage that protects you from the damages you cause to others and their property.
The "property" part of this coverage protects the things you own in the event of damage, while the "casualty" part protects you from damages you cause.
What are the different types of property and casualty insurance?
The three primary types of property and casualty insurance are auto, homeowners and commercial insurance, according to the Insurance Information Institute.
Here’s how the three major types of property and casualty insurance work:
Auto insurance: This type of policy offers liability coverage that protects you from the damages you cause to others and their property, including their vehicles. Most states mandate that all drivers carry this coverage. You can also purchase coverage that protects you and your vehicle in the event of damages, although this may be optional.
Homeowners insurance: This type of policy protects your home and surrounding structures if they are damaged. It also offers coverage for many of the things you own, although you may have to purchase additional "riders" to protect things like valuable jewelry. Renters insurance also is available for those who do not own a home.
Commercial insurance: This type of policy protects your small business from things like lawsuits and other liabilities. It also may cover things like property damage and cyberattacks.
How does property and casualty insurance work?
Property and casualty insurance is a simple concept. You pay a monthly premium to make sure your items are insured from damage or theft. When such disasters strike, you file a claim and after an investigation, your insurer cuts a check to replace the damages.
In many cases, you will owe a deductible before your insurance coverage kicks in.
The "property" aspect of this coverage protects the things you own, such as your home or car.
The "casualty" aspect of this coverage offers liability protection in case you injure another person or damage someone else's property.
What should you consider when buying P&C insurance?
There are many things to consider when buying P&C insurance. First and foremost, you want to make sure you have enough coverage to protect you in the event of damages. That means purchasing enough insurance to cover any damages to your own property and any liabilities you might face should you be responsible for damages to others.
Other factors to consider when buying this type of insurance are:
- The reputation of the insurance company, particularly in terms of customer service
- The financial strength of the insurance company
- The cost of coverage
- Any discounts that may be available
