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The 10 Largest Property and Casualty Insurance Companies in 2024

The property and casualty (P&C) insurance sector in the U.S. has demonstrated remarkable resilience despite the challenging operating environment. Faced with unexpectedly high inflation rates, rising geopolitical tensions, shifting consumer preferences, and a competitive marketplace, P&C insurers have stood firm.    

In 2023, the U.S. market alone was a significant contributor to the global industry’s size of $1.8 trillion, which is expected to grow at a compound annual growth rate (CAGR) of about 5.5% from 2024 to 2032. This growth is driven largely by some of the largest property and casualty insurance companies in the country. 

Discover the top P&C insurance companies in the U.S. today by exploring our list below.

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The 10 Largest P&C Insurance Companies in the U.S. 

Ready for an overview of notable property and casualty insurance companies and examples of their influence on the industry through innovative services, competitive pricing, and more? Here are the 10 largest P&C insurance companies in the U.S., ranked by premiums:

 1. State Farm 

Direct Premiums Written: $87.6 Billion

With a reported $87.6 billion in earned premiums in 2023, State Farm is at the top of the world's largest property and casualty insurance companies list. This was an increase from 2022, when the Bloomington, Illinois-based insurance giant wrote $77.59 billion of direct premiums, as S&P Global's analysis revealed.

State Farm's competitive rates and innovative, customer-centric marketing strategy are among the reasons it's now a household name in the P&C insurance landscape.

 2. Berkshire Hathaway 

Premiums Written: $80.3 Billion

Berkshire Hathaway Inc., run by Warren Buffett, secured second place on the world's largest property casualty insurers list. This diversified holding company wrote $80.3 billion worth of P&C premiums in 2023, almost $10 billion more than in 2022.

Undoubtedly, Berkshire Hathaway wouldn't be so successful without the exceptional investing duo of Buffet and Charlie Munger. The company was a textile mill on the verge of bankruptcy when they started. Today, the Nevada-headquartered company provides P&C insurance products and other services in retailing, manufacturing, energy generation, as well as rail transportation.

 3. Progressive 

Direct Premiums Written: 52.34 Billion

With a market share of 14.1%, Progressive is the nation's second-largest auto insurer, writing over 13 million policies annually. This Ohio-based P&C carrier's extensive portfolio also includes boat, condo, pet, and homeowner's insurance. Its policies are accessible directly in any of the 50 states. Policyholders may also get in touch with any of their 35,000+ independent agents.

In 2023, S&P Global Inc. revealed that Progressive reported $52.34 billion of total premiums written in 2022.

4. Allstate 

Direct Premiums Written: $50.31 Billion

Allstate is an American insurance provider with over 15 million policyholders in the United States and Canada. Besides P&C, the carrier also offers commercial and auto insurance coverage. With 8,000+ insurance agents and financial representatives in over 5,500 locations in the U.S., this company's insurance products are easily accessible. This could explain why it's among the globe's biggest P&C carriers.

Allstate's direct premiums written in 2022 were worth $50.31 billion. 

5. Liberty Mutual 

Net Written Premiums: $46.48 Billion

In 2023, Liberty's net written premiums reached $46.48 billion, marking a 2.5% increase from 2022, securing its place on the list of the largest property insurance companies in 2024. Its portfolio includes auto, home, and P&C insurance, with about 65 offices in 20+ countries and a robust workforce comprising more than 45,000 professionals.

Based in Boston, Massachusetts, Liberty Mutual is recognized for its affordable policies and favorable discount options. This P&C carrier also has impressive industry ratings. For instance, in 2022, it snagged the fourth position in the J.D. Power U.S. Insurance Shopping Study, right behind other large insurers like State Farm, Segment Average, and Farmers.

6. The Travelers Companies 

Premiums Written: $35.4 Billion

With $35.4 billion of net premiums written in 2022, Travelers ranks among the United States' largest P&C carriers. It covers a wide range of exposures, ranging from foreclosed properties and repossessed autos to off-site ATMs and security interest errors. These coverage options are available in the US and other locations, including Canada, Singapore, China, Ireland, and Brazil.

Notably, this New York City-based property and casualty insurance company was founded in the 1800s. Over the years, it has gained a reputation for offering fair discounts, flexible coverage options, and pocket-friendly rates.

7. United Services Automobile Association (USAA) 

Premiums Written: $26.86 Billion

Established in 1922 by a group of 25 army officers, USAA is one of the biggest players in the property and casualty insurance sector. Apart from offering P&C insurance services to members of the armed forces (both past and present) and their families, it provides affordable personal banking services, which could explain its soaring popularity.

S&P Global divulged that in 2022, USAA recorded $26.86 billion of total P&C premiums, putting it in the pool of the top 25 property casualty insurers worldwide that year.

8. Farmers Insurance Group 

Premiums Written: $26.50 Billion

Farmers Insurance Group, which was co-founded by Thomas E. Leavey and John C. Tyler in 1928, is a top-rated P&C carrier based in Los Angeles, California. It boasts 48,000+ independent and exclusive agents, who've enabled it to serve over 10 million households and provide more than 19M+ individual policies across the US alone.

Therefore, it's hardly surprising that Farmers reported $26.50 billion in direct premiums written in 2022. 

9. Nationwide Mutual Insurance Company

Premiums Written: $20.28 Billion

Nationwide Mutual Insurance Company is on the list of the nation's top five auto insurers, with over 11,000 licensed agents. Like some of the other names on this list, this P&C carrier started its operations decades ago, in 1926. 

In 2023, S&P Global categorized Nationwide as one of the nation's largest P&C insurers, as it had earned $20.28 billion worth of direct P&C premiums in 2022. 

10. Assurant

Premiums Written: $17.01 Billion

With $17.01 billion in direct premiums in 2022, Assurant has certainly earned its spot among the largest property and casualty insurance companies. While the P&C carrier is headquartered in Atlanta, Georgia, it serves clients worldwide and maintains offices throughout the nation, supported by more than 15,600 employees.

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Unlock New Insights with Insurance Insider US

From State Farm's customer-centric strategies to Progressive's extensive portfolio, the leading companies we've highlighted not only excel in premium earnings; they also set industry benchmarks for innovation and client engagement. Understanding their strategic approaches and how they navigate regulatory and market challenges equips you with crucial insights necessary for informed decision-making.

At Insurance Insider US, we provide the latest breaking news and exclusive access to in-depth analyses, up-to-date regulatory updates, and strategic resources, all designed to enhance your literacy and expertise in the insurance industry. Whether your goal is to stay ahead of insurance regulatory compliance, keep up with industry trends, or optimize your business practices, we deliver the comprehensive solutions you need.

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