America's largest property and casualty insurers in 2022 – a state-by-state breakdown

America's largest property and casualty insurers in 2022 – a state-by-state breakdown | Insurance Business America

America's largest property and casualty insurers in 2022 – a state-by-state breakdown

Property and casualty insurance providers across the country wrote more than $797 billion in premiums in 2021, generating about $767 billion in earned premiums, the latest industry report from the National Association of Insurance Commissioners’ (NAIC) has revealed. These figures represent a 9.5% and 7.5% rise, respectively, from the previous year.

The nation’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 $517 billion at the end of last year, while earned premiums slightly exceeded $488 billion.   

Industry behemoth State Farm remains the largest property and casualty insurer in the US, controlling almost 9% of the market and writing more than $70.3 billion in premiums. The Bloomington, Illinois-headquartered insurance giant’s DWP is almost $19 billion more than that of Berkshire Hathaway, which sits on second place. Warren Buffett’s conglomerate owns several insurance subsidiaries, including GEICO.

Prominent insurance brands Progressive, Allstate, and Liberty Mutual, which account for 6%, 5.2%, and 4.8% of the market, respectively, round up the top five biggest P&C insurance companies in the US.

Read more: These are the world's 20 largest insurance companies in 2022

These are the top 25 property and casualty insurance providers in the country, according to NAIC’s 2022 market share report.

Rank

Insurance company

Direct written premiums

Market share

1

State Farm

$70.3 billion

8.89%

2

Berkshire Hathaway

$50.7 billion

6.42%

3

Progressive

$47.7 billion

6.04%

4

Allstate

$41.4 billion

5.23%

5

Liberty Mutual

$37.8 billion

4.78%

6

Travelers

$30.8 billion

3.90%

7

Chubb

$26.3 billion

3.33%

8

USAA

$25.2 billion

3.19%

9

Farmers Insurance

$25 billion

3.16%

10

Nationwide

$19.4 billion

2.46%

11

Zurich

$14.9 billion

1.89%

12

AIG

$14.4 billion

1.82%

13

Hartford

$13.5 billion

1.70%

14

American Family Insurance

$12.6 billion

1.59%

15

CNA

$12.1 billion

1.54%

16

Tokio Marine

$10.2 billion

1.29%

17

Auto-Owners

$9.9 billion

1.25%

18

Assurant

$8.5 billion

1.07%

19

Fairfax Financial

$8.3 billion

1.05%

20

Erie Insurance

$7.9 billion

0.99%

21

W.R. Berkley

$7.8 billion

0.99%

22

American Financial

$7.4 billion

0.94%

23

Markel

$7.4 billion

0.94%

24

AXA

$7.1 billion

0.90%

25

Sompo

$6.6 billion

0.83%

Source: National Association of Insurance Commissioners, 2022 Market share report

What is property and casualty insurance?

P&C insurance is an umbrella term for a broad type of coverage that helps protect personal property – including home and vehicles – and cover against liability if someone is found legally responsible for an accident that causes bodily injury or property damage to others.

Apart from auto and home coverage, P&C policies include accident and health, commercial, farm, marine, aviation, credit, flood, surety, professional liability, private mortgage, and workers’ compensation insurance.

Read more: Revealed – 10 best insurance companies to work for in 2022

Which business lines account for the biggest share of the P&C market in the US?

For its annual market share report, 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.

Here are the top categories ranked by DWP based on the report.

Insurance line

Direct written premiums

Private passenger auto

$260.7 billion

All other lines

$186.7 billion

Homeowners multiple peril

$118.9 billion

Other liability

$109.8 billion

Commercial auto

$53.4 billion

Workers’ compensation

$51.9 billion

Medical professional liability

$10.9 billion

*Data up to date as of March 2022

 

Read more: Revealed – the world's 50 largest reinsurance companies

A state-by-state breakdown of the largest P&C insurance providers in the US

State Farm is also the leading property and casualty insurer in the majority of the states, topping the list in 35 of the 50 states. Berkshire Hathaway and Liberty Mutual are tied for second, with both companies leading the pack in five states each. Progressive, meanwhile, is the biggest P&C insurer in two states. Here is a state-by-state breakdown of the top five P&C insurance providers in each state based on NAIC’s 2022 market share report.

State

Rank

Insurer

DWP

Market share

Alabama

1

State Farm

$1.6 billion

14.6%

2

Alfa Insurance

$914 million

8.4%

3

Allstate

$890 million

8.2%

4

Progressive

$661 million

6.1%

5

Berkshire Hathaway

$543 million

5.0%

Alaska

1

State Farm

$254 million

14.8%

2

USAA

$148 million

8.7%

3

Berkshire Hathaway

$136 million

7.9%

4

Liberty Mutual

$131 million

7.7%

5

Allstate

$103 million

6.0%

Arizona

1

State Farm

$1.3 billion

9.4%

2

Berkshire Hathaway

$1.2 billion

8.4%

3

Progressive

$1.0 billion

7.4%

4

Farmers

$912 million

6.5%

5

Liberty Mutual

$836 million

5.9%

Arkansas

1

State Farm

$882 million

13.7%

2

Progressive

$386 million

6.0%

3

Shelter Insurance

$339 million

5.3%

4

Allstate

$296 million

4.6%

5

Southern Farm

$290 million

4.5%

California

1

State Farm

$7.1 billion

7.3%

2

Farmers

$6.7 billion

6.9%

3

Berkshire Hathaway

$6.5 billion

6.8%

4

Allstate

$4.6 billion

4.7%

5

Liberty Mutual

$3.9 billion

4.1%

Colorado

1

State Farm

$1.9 billion

11.4%

2

Liberty Mutual

$1.3 billion

8.2%

3

USAA

$1.0 billion

6.5%

4

Allstate

$899 million

5.5%

5

Progressive

$883 million

5.4%

Connecticut

1

Berkshire Hathaway

$769 million

7.7%

2

Liberty Mutual

$692 million

6.9%

3

Travelers

$671 million

6.7%

4

Chubb

$604 million

6.0%

5

Progressive

$513 million

5.1%

Delaware

1

State Farm

$337 million

10.3%

2

Berkshire Hathaway

$217 million

6.7%

3

Liberty Mutual

$202 million

6.2%

4

Nuclear Electric Insurance

$184 million

5.6%

5

Nationwide

$173 million

5.3%

District of Columbia

1

Berkshire Hathaway

$216 million

9.3%

2

Travelers

$186 million

8.0%

3

Chubb

$174 million

7.5%

4

Liberty Mutual

$162 million

7.0%

5

State Farm

$107 million

4.6%

Florida

1

Progressive

$6.8 billion

10.2%

2

Berkshire Hathaway

$6.7 billion

10.1%

3

State Farm

$4.2 billion

6.4%

4

Assurant

$3.4 billion

5.1%

5

Allstate

$3.0 billion

4.6%

Georgia

1

State Farm

$3.5 billion

13.1%

2

Progressive

$2.2 billion

8.2%

3

Allstate

$1.8 billion

6.7%

4

Berkshire Hathaway

$1.7 billion

6.6%

5

USAA

$1.4 billion

5.5%

Hawaii

1

State Farm

$324 million

11.2%

2

Tokio Marine

$306 million

10.6%

3

Berkshire Hathaway

$257 million

8.9%

4

USAA

$136 million

4.7%

5

Island Insurance

$132 million

4.6%

Idaho

1

Liberty Mutual

$373 million

9.7%

2

State Farm

$281 million

7.3%

3

Farm Bureau

$270 million

7.0%

4

Idaho State Insurance Fund

$261 million

6.8

5

Progressive

$192 million

5.0%

Illinois

1

State Farm

$4.1 billion

13.5%

2

Allstate

$1.8 billion

6.0%

3

Country Insurance

$1.4 billion

4.5%

4

Travelers

$1.3 billion

4.2%

5

Assurant

$1.1 billion

3.7%

Indiana

1

State Farm

$1.5 billion

11.3%

2

Progressive

$800 million

5.9%

3

Liberty Mutual

$743 million

5.4%

4

Indiana Farm Bureau

$707 million

5.2%

5

Allstate

$641 million

4.7%

Iowa

1

State Farm

$727 million

9.0%

2

Progressive

$517 million

6.4%

3

Nationwide

$488 million

6.1%

4

Iowa Farm Bureau

$458 million

5.7%

5

Chubb

$408 million

5.1%

Kansas

1

State Farm

$730 million

9.2%

2

American Family

$489 million

6.2%

3

Iowa Farm Bureau

$475 million

6.0%

4

Berkshire Hathaway

$431 million

5.4%

5

Travelers

$405 million

5.1%

Kentucky

1

State Farm

$1.1 billion

13.2%

2

Kentucky Farm Bureau

$1.0 billion

12.6%

3

Liberty Mutual

$648 million

7.5%

4

Progressive

$483 million

5.6%

5

Allstate

$355 million

4.1%

Louisiana

1

State Farm

$2.1 billion

15.7%

2

Progressive

$1.2 billion

9.0%

3

Allstate

$971 million

7.3%

4

Berkshire Hathaway

$773 million

5.8%

5

Liberty Mutual

$517 million

3.9%

Maine

1

Liberty Mutual

$237 million

8.6%

2

State Farm

$182 million

6.6%

3

Maine Employers Mutual Insurance

$172 million

6.2%

4

Progressive

$170 million

6.1%

5

Berkshire Hathaway

$136 million

4.9%

Maryland

1

Berkshire Hathaway

$1.6 billion

11.6%

2

State Farm

$1.3 billion

9.8%

3

Allstate

$964 million

7.0%

4

Erie Insurance

$937 million

6.8%

5

USAA

$785 million

5.7%

Massachusetts

1

MAPFRE

$1.6 billion

9.0%

2

Liberty Mutual

$1.4 billion

7.5%

3

Berkshire Hathaway

$1.2 billion

6.7%

4

Travelers

$1.0 billion

5.5%

5

Chubb

$910 million

5.0%

Michigan

1

State Farm

$2.2 billion

10.4%

2

Progressive

$2.1 billion

9.7%

3

Auto-Owners

$1.9 billion

8.8%

4

Automobile Club Michigan

$1.8 billion

8.5%

5

The Hanover

$1.1 billion

5.1%

Minnesota

1

State Farm

$1.8 billion

12.6%

2

Progressive

$998 million

7.1%

3

American Family

$959 million

6.8%

4

Travelers

$612 million

4.4%

5

Auto-Owners

$564 million

4.0%

Mississippi

1

State Farm

$868 million

13.7%

2

Southern Farm Bureau

$485 million

7.6%

3

Progressive

$451 million

7.1%

4

Liberty Mutual

$366 million

5.8%

5

Allstate

$315 million

5.0%

Missouri

1

State Farm

$1.7 billion

12.3%

2

American Family

$1.0 billion

7.2%

3

Progressive

$812 million

5.7%

4

Liberty Mutual

$744 million

5.2%

5

Travelers

$661 million

4.6%

Montana

1

State Farm

$337 million

11.0%

2

Liberty Mutual

$291 million

9.5 %

3

Progressive

$186 million

6.1%

4

Travelers

$170 million

5.5%

5

Montana State Fund

$161 million

5.4%

Nebraska

1

State Farm

$590 million

9.7%

2

Farmers Mutual Insurance Company of Nebraska

$365 million

6.0%

3

Nationwide

$323 million

5.3%

4

Zurich

$322 million

5.3%

5

Progressive

$302 million

5.0%

Nevada

1

State Farm

$641 million

9.1%

2

Berkshire Hathaway

$630 million

8.9%

3

Progressive

$587 million

8.3%

4

Farmers

$458 million

6.5%

5

Allstate

$431 million

6.1%

New Hampshire

1

Liberty Mutual

$275 million

9.7%

2

State Farm

$174 million

6.2%

3

Berkshire Hathaway

$168 million

5.9%

4

Progressive

$163 million

5.7%

5

Allstate

$150 million

5.3%

New Jersey

1

Berkshire Hathaway

$2.9 billion

10.4%

2

New Jersey Manufacturers

$1.8 billion

7.3%

3

Progressive

$1.5 billion

6.1%

4

Liberty Mutual

$1.4 million

5.6%

5

Allstate

$1.3 million

5.5%

New Mexico

1

State Farm

$470 million

11.6%

2

Progressive

$338 million

8.4%

3

Farmers

$318 million

7.9%

4

Berkshire Hathaway

$260 million

6.4%

5

Liberty Mutual

$244 million

6.0%

New York

1

Berkshire Hathaway

$6.2 billion

11.4%

2

Allstate

$3.6 billion

6.5%

3

Chubb

$3.0 billion

5.5%

4

State Farm

$3.0 billion

5.5%

5

Travelers

$2.9 billion

5.%

North Carolina

1

State Farm

$1.7 billion

8.5%

2

Allstate

$1.6 billion

8.1%

3

North Carolina Farm Bureau

$1.3 billion

6.7%

4

Berkshire Hathaway

$1.2 billion

6.3%

5

Nationwide

$1.1 million

5.7%

North Dakota

1

QBE

$351 million

11.0%

2

Chubb

$308 million

10.0%

3

Zurich

$253 million

8.0%

4

Workforce Safety & Insurance of North Dakota

$194 million

6.1%

5

Nodak Mutual

$148 million

4.6%

Ohio

1

State Farm

$2.1 billion

9.8%

2

Progressive

$1.6 billion

7.7%

3

Allstate

$1.3 billion

6.1%

4

Ohio Bureau of Workers’ Compensation

$1.2 billion

5.7%

5

Liberty Mutual

$1.1 billion

5.3%

Oklahoma

1

State Farm

$1.3 billion

14.2%

2

Farmers

$759 million

8.1%

3

Progressive

$586 million

6.3%

4

Liberty Mutual

$498 million

5.3%

5

Allstate

$461 million

4.9%

Oregon

1

State Farm

$947 million

11.1%

2

Liberty Mutual

$774 million

9.1%

3

Progressive

$632 million

7.4%

4

Farmers

$587 million

6.8%

5

SAIF

$521 million

6.1%

Pennsylvania

1

State Farm

$2.5 billion

8.8%

2

Erie Insurance

$2.5 billion

8.8%

3

Progressive

$1.6 billion

5.6%

4

Farmers

$1.5 billion

5.5%

5

Liberty Mutual

$1.5 billion

5.3%

Rhode Island

1

Progressive

$311 million

10.8%

2

Berkshire Hathaway

$206 million

7.2%

3

Allstate

$186 million

6.5%

4

Liberty Mutual

$169 million

5.9%

5

Amica Mutual

$161 million

5.6%

South Carolina

1

State Farm

$1.7 billion

13.7%

2

Progressive

$991 million

8.1%

3

Berkshire Hathaway

$941 million

7.7%

4

Allstate

$865 million

7.1%

5

USAA

$700 million

5.7%

South Dakota

1

Chubb

$326 million

10.7%

2

State Farm

$226 million

7.4%

3

QBE

$168 million

5.5%

4

Zurich

$160 million

5.2%

5

American Family

$133 million

4.4%

Tennessee

1

State Farm

$1.7 billion

12.0%

2

Tennessee Farmers

$1.5 billion

10.3%

3

Progressive

$762 million

5.4%

4

Berkshire Hathaway

$707 million

5.0%

5

Liberty Mutual

$698 million

4.9%

Texas

1

State Farm

$6.0 billion

8.5%

2

Progressive

$5.5 billion

7.8%

3

Allstate

$4.7 billion

6.6%

4

Berkshire Hathaway

$4.3 billion

6.1%

5

Farmers

$3.4 billion

4.9%

Utah

1

State Farm

$516 million

8.1%

2

Allstate

$392 million

6.2%

3

Farmers

$377 million

5.9%

4

Progressive

$338 million

5.3%

5

Liberty Mutual

$335 million

5.3%

Vermont

1

Liberty Mutual

$124 million

8.7%

2

Berkshire Hathaway

$98 million

6.9%

3

Progressive

$92 million

6.5%

4

Travelers

$72 million

5.1%

5

Co-operative Insurance

$64 million

4.5%

Virginia

1

State Farm

$1.5 billion

9.0%

2

USAA

$1.4 billion

8.8%

3

Berkshire Hathaway

$1.4 billion

8.4%

4

Allstate

$1.0 billion

6.3%

5

Progressive

$926 million

5.6%

Washington

1

Washington State Fund

$1.6 billion

9.6%

2

Liberty Mutual

$1.5 billion

9.0%

3

Progressive

$1.4 billion

8.5%

4

State Farm

$1.0 billion

6.0%

5

Allstate

$958 million

5.8%

West Virginia

1

State Farm

$485 million

15.4%

2

Erie Insurance

$376 million

12.0%

3

Nationwide

$215 million

6.8%

4

Berkshire Hathaway

$177 million

5.6%

5

Liberty Mutual

$168 million

5.3%

Wisconsin

1

American Family

$1.1 billion

9.3%

2

State Farm

$870 million

7.2%

3

Progressive

$845 million

6.9%

4

West Bend Mutual

$554 million

4.5%

5

Travelers

$459 million

3.8%

Wyoming

1

Workers’ Safety & Compensation Division of Wyoming

$190 million

11.6%

2

State Farm

$179 million

10.8%

3

Farmers

$123 million

7.4%

4

Mountain West Farm

$113 million

6.9%

5

Liberty Mutual

$110 million

6.7%