Largest Property & Casualty Insurance Companies in the United State. P&C Insurers in the U.S. wrote more than $938 bn (+8.5%) in premiums. The Top 200 insurers accounted for approximately 96.15% of the total U.S. P&C industry premium, while others made up about 3.85%.
The America’s 10 Largest P&C insurance companies command almost half (47%) of the market, with the top 25 insurers accounting for two-thirds of the overall share. Direct written premiums (DWP) from these insurance providers reached almost $550 bn at the end of last year, while earned premiums slightly exceeded $500 bn.
US property and casualty insurance companies had a median price-to-estimated full-year 2025 earnings multiple of 12.1x, according to Beinsure Data by AM Best’s Review.
TOP 10 largest property and casualty companies account for 48% of the total market. The P&C insurance industry’s net premiums written increased by 8.5%. Each of the top 6 companies has auto insurance as the largest component of its insurance business.
The U.S. P&C insurance industry is a significant segment of the insurance market, providing coverage for risks associated with property loss (like fire, theft, or natural disasters) and liability exposures (such as automobile accidents or professional liability).
P&C insurance industry’s premiums
State Farm once again topped the Top 200 US Property/Casualty Writers, with $107.76 bn net premiums written, $27.44 bn ahead of secondplace Berkshire Hathaway.
The list of top companies in the 2026 edition had some movement from the year before, with Nationwide P&C Group falling out of the top 10—moving from No. 9 to No. 11—and losing 9.9% in net premiums written to land at $17.22 bn.
- Farmers Insurance Group took its place, jumping 6.6% and rising from No. 10 to No. 9.
- One of the biggest gainers in the top 10 included No. 3 Progressive Insurance Group, jumping 21% with net premiums rising to $74.41 bn.
- Tesla Insurance Group showed the biggest increase in the entire list, jumping to No. 191 from No. 304 on a 188.2% increase in net premiums written.
- Root Insurance Group increased its NPW 147.3% to $359.5 mn, bringing it from No. 272 to No. 183.
- SiriusPoint America Insurance Group experienced the biggest decrease, 40.4%, to $719.1 mn in net premiums written, falling from 81st to 124th.
- Independence Pet Insurance Group fell from 133rd to 168th, with a 31.4% decrease to $397.2 mn.
- Citizens Property Insurance Corp. fell out of the top 50, dropping from 40th to 55th and finishing with $2.71 bn, a 17.9% decrease.
TOP 100 Largest P&C Insurers in the United States
| Rank | Company/Group | NPW ($’000) | % Change |
| 1 | State Farm Group | 107,764,591 | 16.4 |
| 2 | Berkshire Hathaway Ins | 80,324,255 | 4.1 |
| 3 | Progressive Ins Group | 74,411,830 | 21.0 |
| 4 | Allstate Ins Group | 52,715,488 | 11.2 |
| 5 | Travelers Group | 41,097,985 | 8.2 |
| 6 | Liberty Mutual Ins Cos | 38,493,651 | -4.9 |
| 7 | USAA Group | 35,194,755 | 13.2 |
| 8 | Chubb INA Group | 25,887,348 | -0.2 |
| 9 | Farmers Ins Group | 19,516,458 | 6.6 |
| 10 | Amer Family Ins Group | 17,789,571 | 7.7 |
| 11 | Nationwide P&C Group | 17,219,201 | -9.9 |
| 12 | Hartford Ins Group | 16,502,949 | 9.6 |
| 13 | Auto-Owners Ins Group | 15,423,469 | 21.1 |
| 14 | Fairfax Financial (USA) Group | 13,326,596 | 2.9 |
| 15 | Amer Intl Group | 13,276,772 | 0.9 |
| 16 | Erie Ins Group | 12,051,524 | 18.4 |
| 17 | Tokio Marine US PC Group | 10,961,393 | 7.4 |
| 18 | W. R. Berkley Ins Group | 10,797,620 | 9.0 |
| 19 | CNA Ins Cos | 9,704,793 | 7.9 |
| 20 | Everest Re US Group | 9,378,151 | 1.1 |
| 21 | Munich-Amer Hldg Corp Cos | 9,024,861 | 4.7 |
| 22 | Cincinnati Ins Cos | 8,946,898 | 15.1 |
| 23 | Auto Club Enterprises Ins Group | 7,940,735 | 19.8 |
| 24 | CSAA Ins Group | 7,461,614 | 25.7 |
| 25 | Great Amer P & C Ins Group | 6,747,994 | 5.4 |
| 26 | Arch Ins Group | 6,670,563 | 25.6 |
| 27 | FM Group | 6,407,400 | -0.5 |
| 28 | Markel Ins Group | 6,243,005 | -0.1 |
| 29 | Hanover Ins Group Prop & Cas Cos | 6,081,856 | 4.7 |
| 30 | Zurich Ins US PC Group | 5,818,066 | 0.2 |
| 31 | Mercury Casualty Group | 5,343,012 | 20.6 |
| 32 | Sompo Hldgs US Group | 5,259,906 | 3.6 |
| 33 | XL America Companies | 4,656,432 | 0.3 |
| 34 | Selective Ins Group | 4,630,001 | 12.0 |
| 35 | Sentry Ins Group | 4,519,373 | 27.3 |
| 36 | Assurant P&C Group | 3,976,261 | 18.7 |
| 37 | Kemper PC Companies | 3,841,030 | 0.4 |
| 38 | Old Republic Ins Group | 3,812,465 | 16.6 |
| 39 | Auto Club Group | 3,712,720 | 18.8 |
| 40 | COUNTRY Financial PC Group | 3,516,750 | 14.6 |
| 41 | AmTrust Group | 3,247,564 | 1.5 |
| 42 | Swiss Reins Group | 3,208,669 | 35.3 |
| 43 | Starr Intl Group | 3,182,314 | 8.1 |
| 44 | QBE North America Ins Group | 3,150,697 | -16.2 |
| 45 | Westfield Group | 3,132,484 | 20.1 |
| 46 | Core Specialty Ins Group | 3,101,062 | 22.0 |
| 47 | Shelter Ins Cos | 3,049,037 | 17.9 |
| 48 | ICW Group | 2,993,036 | 23.3 |
| 49 | Acuity, A Mutual Ins Co | 2,966,101 | 19.5 |
| 50 | Amica Mutual Group | 2,932,787 | 12.1 |
| 51 | Allianz US PC Ins Companies | 2,859,183 | -29.8 |
| 52 | Federated Mutual Group | 2,791,565 | 14.1 |
| 53 | NJM Ins Group | 2,762,909 | 16.0 |
| 54 | AF Group | 2,761,267 | 8.9 |
| 55 | Citizens Property Ins Corporation | 2,714,021 | -17.9 |
| 56 | BAMR US PC Group | 2,621,487 | -13.8 |
| 57 | Farm Bureau P&C Group | 2,348,646 | 22.4 |
| 58 | Alfa Ins Group | 2,241,227 | 10.2 |
| 59 | Southern Farm Bureau Casualty Group | 2,208,473 | 15.6 |
| 60 | West Bend Ins Group | 2,107,550 | 5.5 |
| 61 | TN Farmers Ins Cos | 2,075,205 | 13.4 |
| 62 | Texas Farm Bureau Ins Group | 2,073,328 | 15.6 |
| 63 | EMC Ins | 2,056,832 | -7.5 |
| 64 | MAPFRE North America Group | 1,958,309 | 4.0 |
| 65 | PartnerRe US Group | 1,905,384 | -14.5 |
| 66 | Utica Natl Ins Group | 1,719,852 | 10.2 |
| 67 | State Ins Fund WC Fund | 1,690,272 | -1.2 |
| 68 | Intact US Ins Group | 1,654,799 | 1.2 |
| 69 | SCOR US Group | 1,631,452 | 7.3 |
| 70 | RLI Group | 1,605,521 | 12.5 |
| 71 | North Carolina Farm Bureau Ins Group | 1,570,534 | 7.3 |
| 72 | KY Farm Bureau Group | 1,548,397 | 16.4 |
| 73 | RenaissanceRe US Group | 1,531,322 | 40.3 |
| 74 | IAT Ins Group | 1,493,269 | 3.5 |
| 75 | Kinsale Ins Co | 1,474,783 | 16.7 |
| 76 | Grange Ins Pool | 1,464,770 | -4.2 |
| 77 | Encova Mutual Ins Group | 1,426,239 | 11.0 |
| 78 | CUMIS Ins Society Group | 1,376,737 | 8.7 |
| 79 | Universal Ins Hldgs Group | 1,367,000 | 2.6 |
| 80 | The Doctors Co Ins Group | 1,324,042 | 5.2 |
| 81 | Aspen US Ins Group | 1,168,764 | 5.2 |
| 82 | United Fire & Cas Group | 1,167,129 | 12.9 |
| 83 | Western Natl Ins Group | 1,160,787 | 17.7 |
| 84 | FCCI Ins Group | 1,158,589 | 8.8 |
| 85 | Skyward Specialty Ins Group | 1,123,578 | 23.4 |
| 86 | Frankenmuth Ins Group | 1,116,314 | 15.4 |
| 87 | Arbella Ins Group | 1,116,227 | 7.7 |
| 88 | Donegal Ins Group | 1,112,150 | 5.6 |
| 89 | Michigan Farm Bureau PC Companies | 1,108,264 | 18.7 |
| 90 | Safety Group | 1,093,405 | 18.2 |
| 91 | Trupanion Ins Group | 1,092,862 | 12.7 |
| 92 | State Compensation Ins Fund | 1,091,899 | -4.4 |
| 93 | Texas Mutual Ins Co | 1,085,246 | -5.0 |
| 94 | Coaction Specialty Ins Group | 1,075,338 | 28.4 |
| 95 | AU Hldg Co Group | 1,058,582 | 24.5 |
| 96 | Plymouth Rock Cos | 1,048,839 | 22.4 |
| 97 | Church Mutual Ins Group | 1,048,785 | -6.6 |
| 98 | Palisades Group | 1,028,982 | 5.5 |
| 99 | NYCM Ins Group | 1,025,481 | 21.9 |
| 100 | Greater NY Group | 1,009,083 | 15.4 |
| TOTAL 200 Insurers | $901,630,434 | 8.5 | |
| Total U.S. P&C Industry | $937,771,506 |
Policyholders’ surplus rose 17.4% to $1.1 tn by the end of 2025. Contributing factors included $131.4 bn in net income and contributed capital, partially offset by $11.6 bn in unrealized losses, $1.4 bn in other surplus reductions, and $15.4 bn in stockholder dividends. Stockholder dividends fell 83.9%, largely due to National Indemnity Company’s extraordinary $82 bn dividend.
Commercial P&C insurance has been riding on the back of a hard market. However, insurance premium increases have slowed. At the same time, insurance carriers have benefited from improving loss ratios, and capacity is starting to stabilize thanks to new market entrants.
US P&C – Financial Indicators and Combined Ratio Components
Financial Indicators
| Financial Indicators | 2025 | Year/Year Change (%) |
| Net Premiums Written | 864 | 8.5 |
| Net Premiums Earned | 815 | 9.5 |
| Losses & LAE | 593 | 1.3 |
| Underwriting Expenses | 215 | 9.2 |
| Policyholder Dividends | 3 | -4.3 |
| Underwriting Income/(Loss) | 5 | NM |
| Net Investment Income | 75 | 22.1 |
| Pretax Operating Income/(Loss) | 83 | 261.7 |
| Realized Capital Gains/(Losses) | 96 | 48.4 |
| Federal Income Taxes | 16 | 130.0 |
| Net Income | 163 | 101.8 |
Combined Ratio Components
| Combined Ratio Components | Year/Year Change (Points) |
| Pure Loss Ratio | 63.3 |
| Loss Adjustment Expense (LAE) Ratio | 9.4 |
| Loss & LAE Ratio | 72.8 |
| Underwriting Expense Ratio | 24.8 |
| Policyholder Dividend Ratio | 0.3 |
| Combined Ratio (Reported) | 97.9 |
| Less: Accident Year Catastrophe Losses (Points) | 8.8 |
| Less: A&E Losses (Points) | 0.1 |
| CORE Adverse/(Favorable) Development (Points) | -1.5 |
| Combined Ratio (Normalized) | 88.9 |
| Accident-Year Combined Ratio (Reported) | 99.2 |
| Accident-Year Combined Ratio (Normalized) | 90.4 |
US Property and Casualty – Policyholders’ Surplus
| Policyholders’ Surplus ($ bn) | 2025 | Year Change (%) |
| Prior Year End Policyholders’ Surplus | 1,016.9 | 6.2 |
| Net Income | 130.0 | 101.8 |
| Unrealized Capital Gains/(Losses) | -11.6 | NM |
| Contributed Capital | 1.4 | 5.6 |
| Stockholder Dividends | -15.4 | -83.9 |
| Other Changes | -1.4 | NM |
| Ending Policyholders’ Surplus | 1,120.0 | 17.4 |
| Change in PHS from Prior Year End ($) | 103.0 | |
| Change in PHS from Prior Year End (%) | 10.1 | |
| After Tax Return on Surplus (ROE) | 11.6 |
Global commercial insurance prices rose by only 9% in the 2025, which was the sixth consecutive quarter of slowing premium increases for most P&C lines.
US insurance industry net premiums written totaled $1.28 trillion, with premiums recorded by property/casualty insurers accounting for 51% and premiums by health/life insurers accounting for 49%.
P&C insurance includes auto, homeowners and commercial insurance. Net premiums written for the sector totaled $652.8 bn last year. Meanwhile, the life/annuity insurance sector includes annuities, accident and health, and life insurance with net premiums for the sector totaling $240 bn.
P&C carriers face a combination of complex and fast-evolving macroeconomic and industry trends, which interact with each other and the industry’s entrenched ways of working (see about P&C Insurance Claims Landscape).
The US insurance industry employed 2.9 mn people, according to the US Department of Labor. Of those, 1.7 mn worked for insurance companies, including life and health insurers (962,500 workers), P&C insurers (665,900 workers), and reinsurers (27,300 workers). The remaining 1.2 mn worked for insurance agencies, brokers, and other insurance-related enterprises.
The net combined ratio for the P&C insurance industry was 102.4, with underwriting losses for personal lines partially offset by underwriting gains for commercial lines.
The P&C insurance sector has long struggled with challenging fundamentals. Intense price competition erodes value across the board, and globally, only a small number of sector leaders turn a profit. Commoditization of both personal and commercial lines products, particularly in the small commercial segment, continues unabated.
TOP categories ranked by premiums
| Insurance line | Direct written premiums |
|---|---|
| Private passenger auto | $260.7 bn |
| All other lines | $186.7 bn |
| Homeowners multiple peril | $118.9 bn |
| Other liability | $109.8 bn |
| Commercial auto | $53.4 bn |
| Workers’ compensation | $51.9 bn |
| Medical professional liability | $10.9 bn |
The P&C insurance industry in the U.S. is regulated primarily at the state level, with each state having its own insurance department responsible for oversight. This decentralized regulatory framework means that insurers must navigate a patchwork of regulations, which can vary significantly from one state to another. Key regulatory concerns include solvency requirements, rate setting, policy form approval, and consumer protection.
Value of gross premiums written by leading reinsurers in the United States
NAIC compiles data from several lines of insurance. These are grouped into seven major categories, namely private auto, commercial vehicle, homeowners, workers’ compensation, medical liability, other liability, and all other lines, which include farm, marine, flood, earthquake, mortgage protection, financial guaranty, and fire insurance.
P&C Insurance Trends and Challenges
- Insurers are increasingly leveraging technology to improve operational efficiency, enhance customer experiences, and offer innovative products. Insurtech startups, in particular, are challenging traditional business models with their focus on digital-first approaches.
- The increasing frequency and severity of natural disasters due to climate change pose significant risks for P&C insurers, particularly those exposed to markets prone to hurricanes, wildfires, and floods.
- As businesses and individuals become more reliant on digital technologies, the demand for cyber insurance is growing. However, underwriting cyber risk presents unique challenges due to the evolving nature of cyber threats.
- Insurers must stay abreast of regulatory changes at both the state and federal levels, which can impact various aspects of their operations, from product offerings to capital requirements.
Opportunities for P&C insurers
- Product Innovation: There is a growing opportunity for P&C insurers to develop new products and coverage options, especially in emerging areas like cyber insurance, sharing economy risks, and climate change mitigation.
- Market Expansion: Insurers can look to expand into new geographic markets or segments where they can leverage their expertise and risk management capabilities.
- Technology Adoption: Implementing advanced analytics, AI, and IoT devices can help insurers improve underwriting accuracy, enhance risk assessment, and offer personalized products.
FAQ
The top 10 largest P&C insurers control about 48% of the market, with the top 25 insurers covering approximately two-thirds.
The U.S. P&C insurers wrote more than $880 bn in premiums, with a 10.4% increase from the previous year, and generated about $780 billion in earned premiums.
State Farm led the market with $92.6 bn in net premiums written, significantly ahead of second-place Berkshire Hathaway.
P&C insurers offer coverage for property loss risks (e.g., fire, theft, natural disasters) and liability exposures (e.g., auto accidents, professional liability).
The rankings saw minor changes, with Erie Insurance Group moving up, replacing Munich-American Holding, which dropped due to a decrease in net premiums.
Challenges include intense price competition, increasing severity of natural disasters, evolving cyber risks, and navigating complex state-level regulations.
Private passenger auto insurance leads with $260.7 bn, followed by homeowners multiple peril ($118.9 bn) and other liability lines ($109.8 bn).
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Edited by Yana Keller – Lead Insurance Editor of Beinsure Media
Fact-checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media and Insurance TOP Ratings (25+ years of professional experience in Rankings, Insurance & Media) by AM Best Data.
