The Largest Property and Casualty (P&C) Insurers in the U.S.


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The insurance market is so large right now, it’s probably a bit hard to get a real grasp of just how ridiculously huge it is. The U.S. insurance market in particular is the largest in the world, with annual revenue that hit a whopping $1.2 trillion in 2011 and has continued to exceed that benchmark annually. For perspective: the entire U.S. GDP is around $19.4 trillion. If the U.S. insurance market were its own country, it would be 14th or 15th largest country in the world, jockeying for position with Spain.

Who are the top players in this arena? The National Association of Insurance Commissioners highlights some interesting P&C industry insights in its breakdown of market share by group and state. The American International Group (AIG), for example, has over $450 million more direct premiums written for fire insurance than any competitor, while maintaining the number 1 spot in that category in nearly half of all U.S. states. Which is to say, if anyone’s looking for fire insurance, they’re quite often going with American International Group. Certainly impressive for a company founded in China in 1919.

Top 10 companies by market share across all lines of Property and Casualty insurance:

  1. State Farm Insurance
  2. Liberty Mutual
  3. Allstate Insurance
  4. Berkshire Hathaway
  5. Travelers Insurance
  6. Nationwide Insurance
  7. Progressive Insurance
  8. American International Group (AIG)
  9. Farmers Insurance
  10. USAA

Meanwhile, bottoming out the list with the least market share were:

  1. Central Mutual Insurance Company
  2. Universal Insurance Company
  3. Horace Mann Group
  4. Pekin Insurance
  5. Frankenmuth Insurance
  6. Wright National Flood Insurance
  7. TFP and TWI Group
  8. The Warranty Group
  9. Genworth Financial
  10. Church Mutual Insurance Company

Unsurprisingly, the big names really topped the list for market share and direct premiums written, but these names did not dominate in every state.

For example, in Idaho, the number 1 slot for direct premiums written goes to the Idaho State Insurance Fund. Accordingly, state funds like the Idaho State Insurance Fund were fairly well placed in the Workers Compensation lines, even amidst the larger and more well-known insurance groups. This is, in part, due to the high value of Workers Compensation overall. In fact, the industry total for direct written premiums in Workers Compensation sat at just over $59 million, or just about 10% of premiums across all lines.

One of the more interesting stories to tell is in crop insurance. While the top 10 carriers certainly dominated the industry as a whole, few seem to step into the crop insurance arena, with AIG the only one to even make it into the top 30 (at rank 28, for that matter). Topping that list are smaller, local insurance companies alongside one well-known name sitting at #2: Wells Fargo Group. While Wells Fargo was only #45 for all lines, it sits in first or second position in a large number of states for crop insurance, reflecting the company’s unique historical roots as one of the oldest U.S. banks (founded in 1852).

Other highlights include:

  • FM Global Group leads in Boiler and Machinery premiums and is highly ranked (#3) for Inland Marine, Allied Lines (#2), and Fire (#2), but failed to even make the top 25 for all lines.
  • State Farm leads in Homeowners Mutual Peril by nearly $10 billion in direct premiums written, and is the #1 insurer for that line in 43 states and Canada.
  • There were only 11 carriers offering Mortgage Guaranty in the U.S., of which the smallest, Southern Pioneer Property and Casino Insurance Group, had only $74 thousand in direct written premiums.
  • There were only 14 insurers writing Financial Guaranty, of which the smallest, Allianz Insurance Group, wrote only $1 thousand.

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