Top 100 U.S. Property & Casualty Insurance Companies - Reinsurance News (2024)

FAQs

Who is the largest property and casualty insurance company in the United States? ›

1. State Farm. State Farm is the industry's biggest player, both in the US and overseas. The Bloomington, Illinois-based P&C insurance giant wrote almost $78 billion worth of premiums in the past year.

State Farm is the biggest auto insurance company in the country by market share, while Progressive, Geico and Allstate are the next three.

There are 3,623 Property, Casualty and Direct Insurance businesses in the US as of 2023, an increase of 0.2% from 2022.

The term property and casualty insurance typically contains two primary coverage types: liability coverage and property protection coverage.

Life Insurance Corporation of India (LIC) is termed as the strongest insurance brand with a steady brand value of $9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, notes a report by Brand Finance Insurance 100 2024.

Considering State Farm and Geico are the two biggest auto insurance companies in the U.S., most drivers can find what they need from either company, whether that's minimum or full coverage. However, there are a few key differences between State Farm vs. Geico when it comes to auto insurance options.

Property and Casualty Insurance Market size was valued at USD 1,848.47 billion in 2023.

What is the most profitable insurance product? ›

Life insurance stands out as one of the most profitable types of insurance due to its steady demand, attractive commissions, high premiums, and long-term policy tenure.

In 1996, GEICO became a wholly owned subsidiary of Berkshire Hathaway, headed by Warren Buffett, one of the country's most successful investors. For the past several years, Fortune magazine has named Berkshire's property-casualty insurance operation the most admired in the country.

Despite this, the P&C insurance industry recorded a modest improvement in statutory underwriting performance and slight growth in net earnings for 2023, with a combined ratio (CR) of 101.6% and a return on surplus (ROS) of 3.7%, which is below historical norms.

To determine the exposure to risk is to ask, "How vulnerable is the insured item to loss?" Study the three types of hazards: (1) Physical, (2) moral, and (3) morale. All three will be important for you to remember. Distinguishing physical hazards from the other two (moral and morale) is relatively easy.

It is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and is the largest publicly traded property and casualty insurance company in the world.

1. UnitedHealth Group. UnitedHealthcare, part of UnitedHealth Group, is the largest health insurance company based on revenue. UnitedHealthcare offers a variety of products from individual health insurance to employer plans for some of the biggest corporations.

Five independent agencies—A.M. Best, Fitch, Kroll Bond Rating Agency (KBRA), Moody's and Standard & Poor's—rate the financial strength of insurance companies. Each has its own rating scale, its own rating standards, its own population of rated companies, and its own distribution of companies across its scale.