Last updated 10-11-2023
The country’s property and casualty (P&C) insurers have written a combined $797.6 billion worth of premiums, the latest data from the US Federal Insurance Office (FIO) reveals. The figure represents both commercial and personal lines insurance, with the top 10 companies contributing $380.9 billion, or 48% to the total.
The commercial P&C segment accounts for 51% of the entire market, with insurers underwriting nearly $404 billion worth of premiums. The rest comprises personal lines insurance, where companies registered slightly over $386 billion in direct premiums written (DPW).
In this article, Insurance Business ranks the 10 largest P&C insurers, as well as the leading providers in both the commercial and personal lines segments based on the numbers the FIO gathered. Read on and find out where the industry’s biggest names rank on these lists.
Almost all insurers in the top 10 retain their positions from the previous year. The only changes were in the fourth and fifth spots, where Allstate and Liberty Mutual switched places. These are the 10 largest P&C insurance companies in the US ranked by DPW based on FIO’s latest annual report.
Direct premiums written: $78.6 billion
Market share: 8.98%
State Farm has consistently written the most premiums each year. The latest report shows that the Illinois-headquartered P&C giant has underwritten premiums worth almost $22 million more than its nearest competitor.
The company has a robust P&C portfolio consisting of commercial and personal lines insurance policies sold through its nationwide network of 19,000 agents.
Direct premiums written: $56.9 billion
Market share: 6.49%
Owned by one of the richest insurance tycoons in the US, Warren Buffet, Berkshire Hathaway is the company behind the popular car insurance brand GEICO. The Omaha-based conglomerate owns several other insurance and reinsurance firms, including Berkshire Hathaway GUARD, General Re, and MedPro.
Considered among the firm’s “four giants,” insurance accounts for a quarter of Berkshire Hathaway’s total revenue.
Direct premiums written: $52.3 billion
Market share: 5.97%
Progressive trails only top-placer State Farm in the auto insurance segment but leads the country in the specialty RV and motorcycle lines. Apart from commercial and personal lines insurance, the Ohio-based company offers financial services. The insurer sells policies directly to consumers or through its network of 38,000 independent agents across the US.
Direct premiums written: $45.5 billion
Market share: 5.19%
With roughly 16 million policyholders and 175 million policies in-force, Allstate remains one of the biggest publicly traded commercial and personal lines insurance companies in the US. The company sells policies mostly through its network of 12,300 captive agents. Among the insurer’s prominent brands are Answer Financial, Esurance, and Encompass.
Direct premiums written: $45.3 billion
Market share: 5.17%
Liberty Mutual is one of the largest mutual insurers in the country, offering a range of policies to cover property and casualty risks. It is known for providing flexible rates.
The Boston-headquartered insurance provider, which specializes in property and casualty risks, is backed by a 45,000-strong workforce in 900 locations worldwide.
Direct premiums written: $34.3 billion
Market share: 3.92%
Travelers offers a range of property and casualty insurance products directly to consumers or through its network of 13,500 independent agents. The New York-based insurance giant’s policies are also available in all US states, as well as in the UK, Canada, and Ireland. It also operates a joint venture in Brazil. Travelers is backed by 30,000 employees globally.
Direct premiums written: $30.2 billion
Market share: 3.45%
Chubb offers a range of commercial and personal lines insurance policies, 40% of which are transacted outside the US.
The insurer has a global reach spanning more than 50 countries and territories. Apart from P&C policies, Chubb underwrites accident, health, and life insurance. It is also among the largest insurance companies in the world based on market cap.
Direct premiums written: $26.9 billion
Market share: 3.07%
USAA’s policies are accessible only to the members of the armed forces, veterans, reserves, and their families. The company offers a range of personal lines insurance. USAA is known for its competitive premiums and excellent customer service. It also ranks among the best insurance companies to work for in the US.
Direct premiums written: $26.4 billion
Market share: 3.01%
Farmers is the largest reciprocal insurer in the country and among the top P&C insurance providers. It boasts a network of more than 48,000 captive and independent agents. Farmers serves over 10 million households and has roughly 19 million policies in-force across all 50 states and the District of Columbia.
Direct premiums written: $20.3 billion
Market share: 2.32%
Apart from insurance, Nationwide offers retirement and investment products and services. It has more than 30 subsidiaries providing a range of P&C policies across the country. The availability of these policies, however, depends on the state. Nationwide is backed by a 25,000-strong workforce.
Here’s a summary of the top 10 P&C insurers in the US.
The top 10 personal lines insurance providers in the country account for 71% of the P&C segment’s overall DPW. These companies wrote more than $297 billion worth of premiums. Here’s the full rankings.
Direct premiums written: $71.4 billion
Market share: 17.12%
State Farm’s personal P&C portfolio consists of a range of auto and home policies. The line accounts for a whopping 91% of the insurance giant’s total property and casualty written premiums. Many clients are drawn to the company because of its competitive car insurance rates and above-industry-average customer service.
Direct premiums written: $41.6 billion
Market share: 9.98%
Allstate’s personal lines portfolio consists of auto, motorcycle, ATV, home, renters, and condo insurance. The Illinois-based insurer ranks second among the top 10 home insurance providers in the US. The company also offers term life insurance. More than 90% of its entire DPW is for personal lines insurance.
Direct premiums written: $41.4 billion
Market share: 9.91%
Apart from home and auto policies, Progressive offers a range of coverage for recreational vehicles, which the insurer is known for. Clients can access policies for their ATVs, boats, golf carts, motorcycles, RVs, and snowmobiles. The company also has a selection of life insurance policies.
Direct premiums written: $38.6 billion
Market share: 9.26%
Berkshire Hathaway owns several insurance subsidiaries offering personal lines insurance. These companies account for almost three-quarters of the industry giant’s premiums for property and casualty insurance.
Among the company’s most notable brands is GEICO, an auto insurance specialist that provides coverage to more than 28 million vehicles nationwide.
Direct premiums written: $25.2 billion
Market share: 6.05%
USAA ranks among the country’s largest auto and home insurance providers. Its vehicle insurance portfolio includes policies for aircraft, bikes, e-bikes, motorhomes, and classic cars. The company also has a robust lineup of property policies such as farm, ranch, and landlord insurance. USAA offers life and health insurance as well.
Direct premiums written: $23.7 billion
Market share: 5.69%
Liberty Mutual offers car, homeowners, renters, and condo insurance under its personal lines portfolio. Clients can bundle their auto policies with any of the three home coverages to access cheaper rates. Personal lines account for more than half of the company’s P&C premiums.
Direct premiums written: $20.9 billion
Market share: 5.01%
Farmers sells home and auto insurance in 42 states. The selection includes homeowners, landlord, boat, motorcycle, travel trailer, and recreational vehicle insurance. Personal lines account for 80% of its premiums written under the property and casualty insurance segment. Insurance rates from the company tend to be on the high side compared to its industry rivals.
Direct premiums written: $12.6 billion
Market share: 3.01%
Apart from home and auto coverage, Travelers offers renters, condo, landlord, yacht, travel, and pet insurance under its personal lines portfolio. Its policies are available across the US and Canada. These can be enhanced with a range of related coverages. Personal lines make up just a third of Travelers’ P&C written premiums.
Direct premiums written: $11.8 billion
Market share: 2.83%
American Family’s product lines are divided into three segments. Vehicle insurance consists of policies for cars, ATVs, RVs, motorcycles, boats, snowmobiles, and classic cars. The property and business segment comprises coverage for homes, rental properties, condos, farms, ranches, and manufactured homes. Added protection includes life, umbrella, travel, health, and identity theft insurance.
Direct premiums written: $9.9 billion
Market share: 2.37%
Nationwide’s personal lines portfolio includes auto, motorcycle, homeowners, renters, pet, and farm insurance. The segment accounts for almost half of the Ohio-based mutual insurer’s overall P&C premiums. Apart from P&C coverage, the company offers life insurance, annuities, mutual funds, retirement plans, and specialty health services.
The table below sums up the top 10 P&C personal lines insurance companies in the US.
The 10 largest commercial lines insurers contribute more than a third to the P&C segment’s overall direct premiums written. These companies registered a combined $163.1 billion worth of premiums. Here’s the list.
Direct premiums written: $25.1 billion
Market share: 5.57%
The top commercial lines insurer in the country, Chubb offers a range of policies designed to meet the needs of businesses in different industries. These include general and professional liability, workers’ compensation, marine, trade credit, and cyber insurance. Chubb is also among the top 10 cyber insurers in the US.
Direct premiums written: $21.8 billion
Market share: 4.83%
Travelers is the top provider of workers’ compensation insurance in the country. Apart from this, its commercial lines portfolio includes cyber, liability, and property insurance. The company also offers business owners’ policies for small businesses. Travelers’ policies are designed to fit the needs of different industries, including construction, real estate, healthcare, and technology.
Direct premiums written: $21.4 billion
Market share: 4.76%
Commercial lines insurance accounts for 47% of Liberty Mutual’s entire P&C premiums. Its portfolio includes commercial auto and fleet, environmental liability, equipment breakdown, professional liability, surety, and workers’ compensation.
Direct premiums written: $17.4 billion
Market share: 3.86%
Berkshire Hathaway offers a range of commercial lines insurance through several subsidiaries. These include Berkshire Hathaway Homestate Companies (BHHC), Berkshire Hathaway GUARD, THREE, and United States Liability Insurance (USLI). Commercial lines account for about a quarter of the conglomerate’s overall P&C premiums.
Direct premiums written: $17.2 billion
Market share: 3.82%
Global multiline insurer Zurich boasts a robust portfolio of property and casualty insurance products. For the US market, its commercial lines offerings include coverage for cyber risks, financial institutions, professional liability, marine, and trade credit. The Swiss-based insurer has a global reach spanning more than 210 countries and territories.
6. AIG
Direct premiums written: $14.2 billion
Market share: 3.16%
American International Group, more popularly known as AIG, offers a range of commercial and personal lines insurance policies under its P&C portfolio. The insurance giant provides businesses with liability, specialty, and financial lines insurance, as well as crop risks services as part of its commercial lines selection. AIG has operations in more than 70 countries.
Direct premiums written: $12.8 billion
Market share: 2.84%
CNA Insurance offers commercial insurance and risk management solutions tailored to suit the unique needs of each business. Its portfolio includes commercial auto, cyber, liability, marine, and workers’ compensation insurance. CNA operates in more than 70 locations in the US, Canada, and Europe.
Direct premiums written: $11.8 billion
Market share: 2.61%
The Hartford’s commercial lines policies cater to a wide range of industries, including education, healthcare, manufacturing, retail, and technology. Among the products in the Connecticut-based insurer’s portfolio are auto, property, data breach, general and professional liability, and workers’ compensation. The Hartford often receives positive reviews for its customer service.
Direct premiums written: $10.9 billion
Market share: 2.43%
Progressive’s commercial lines portfolio consists of auto, health, general and professional liability, workers’ compensation, and cyber insurance. Small enterprises can also access business owner’s policies. Progressive’s commercial products account for more than a fifth of its overall written premiums under its P&C segment. The rest is from personal lines insurance.
Direct premiums written: $10.4 billion
Market share: 2.31%
Nationwide’s commercial lines policies are grouped into business products, specialty insurance, and employee benefits. These are available to businesses in various industries, including auto, food, retail, professional services, and wholesalers.
Here’s a summary of the top 10 commercial P&C insurers in the US.
The commercial lines segment consists of different types of business insurance policies designed to mitigate the financial losses of businesses when unexpected incidents occur. These include the following:
Personal lines insurance, on the other hand, protects individuals and their assets when unforeseen disasters happen. The segment includes:
Commercial lines insurance makes up 51% of the overall property and casualty insurance segment in the US. The rest comprises personal lines policies.
The personal lines insurance segment caters primarily to individuals and families, making the sector vulnerable to a range of economic and industry challenges. These include:
To find reliable and trustworthy commercial and personal lines insurance professionals, we recommend that you check out our Best in Insurance Special Reports page.
In this page, we feature only insurers that are nominated by their peers and vetted by our panel of industry experts as dependable market leaders. In choosing to partner with these companies, you are getting the best coverage from an insurance carrier that you can rely on.
What do you think about our list of the top commercial and personal lines insurance providers? Have you experienced working with them? Feel free to share your story in the comments section below.
