The number of people employed in the property and casualty insurance industry in the United States increased in 2022. In that year, there were approximately 686,300 people employed in this sector, up from 646,900 in the previous year. This figure trended downward in the decade prior to 2014, before trending upwards over the second half of the 2010s.
What is property and casualty insurance?
Property and casualty (P&C) insurance is a type of insurance which covers risks related to the loss or damage of property. This kind of insurance coverage is primarily concerned with two aspects of protection, namely the protection of physical objects (such as cars, houses, etc.) as well as protection against legal liability (in the event that one is found legally responsible for injury or damage incurred by another party). In 2021, the direct premiums of P&C insurance in the United States amounted to almost 800 billion U.S. dollars.
Who are the leading P&C insurers in the U.S.?
In 2021, the American property/casualty industry was led by State Farm. Based in Illinois, State Farm Insurance is a large group of mutual insurers throughout the United States. That year, State Farm held nearly ten percent of the market share, and reported revenues above 80 billion U.S. dollars – almost twice the amount reported by runner-up P&C insurer, Nationwide.
