Who is the largest property and casualty insurance company?

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.

How many P&C insurance carriers are there in the US?

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

What are the two major lines of property casualty P&C insurance firms?

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

What is the size of the P&C insurance market?

The U.S. property and casualty insurance market size was estimated at USD 820 billion in 2023 and is projected to hit around USD 2,020 billion by 2034, at a CAGR of 8.54% from 2024 to 2034.

What are the top 5 insurance rating agencies?

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.

What is the oldest P&C insurance company?

The Philadelphia Contributionship Established in 1752 by Benjamin Franklin, it's the oldest property insurance company in the United States. The very first coverage type they offered? Fire-related damages. Its historical roots make it a foundational piece in the American insurance landscape.

What is the richest insurance company in the United States?

Berkshire Hathaway was the largest insurance company in the United States in 2022, with total assets amounting to almost 950 billion U.S. dollars. Prudential Financial and Metlife secured second and third place, respectively.

What is the #1 insurance in America?

State Farm is the nation's largest car insurance company, accounting for 16.8% of all auto policies sold.

What is the outlook for property and casualty insurance in 2024?

We forecast P&C direct premiums written (DPW) growth of 8.0% in 2024 and 5.0% in 2025, after a close-to 10% annual gain between 2021 and 2023. Industry growth remained at 10% in 1Q24 (see Table 1), with personal lines premiums up 15% and commercial lines up just 5%.

Who is the largest home insurance company in the US?

What is the largest home insurance company? State Farm is the largest home insurance company in the United States. The company wrote $19.7 billion in premiums in 2020, representing 18% of the home insurance market. It is also the largest auto insurance company, with $40 billion of business.

What is the 2nd largest insurance company?

Ranking of the 20 largest insurance companies according to Forbes Rank Company Country 1 Berkshire Hathaway United States 2 UnitedHealth Group United States 3 Ping An Insurance Group China 4 Allianz Germany 16 more rows Jun 21, 2024

Who is the #1 insurance company in the USA?

State Farm is the biggest auto insurance company in the country by market share, while Progressive, Geico and Allstate are the next three. Most of the names of the largest companies in the country are familiar because of national advertising campaigns. Currently insured?

What is the world's largest insurance company?

Who Is the Largest Insurance Company In the World? United Health Group is the largest insurance company by revenue.

25 Largest Property/Casualty Insurance Agencies (2024)

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25 Largest Property/Casualty Insurance Agencies (1)

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Marianne Bonner

Marianne Bonner, a certified CPCU and ARM, worked in the insurance industry for 30 years as an analyst and underwriter among other roles and holds multiple professional designations. Marianne has written many articles for International Risk Management Institute's Risk Report.

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Hub International, Lockton, Alliant, and several other companies on the Top 25 Agencies list are also included in the list of the 15 largest insurance brokers. These companies appear on both lists because they act as insurance agencies in some situations and insurance brokerages in others.

An insurance agency acts as a representative of an insurance company while an insurance broker acts on behalf of insurance buyers.

Here is the list of the largest 25 insurance agencies in descending order. For each agency, the table shows the revenue earned in 2018 and some remarks about the company. Note that the numbers in the revenue column have been rounded off.

Largest Agencies Based on 2018 Revenue
Rank	Name	*2018 Rev. ($M)**	Comments
1	Hub International	1.435 bn	Based in Chicago. Operates through over 450 offices across the U.S. & Canada. Sells business insurance, employee benefits, and risk management services.
2	Lockton Cos.	1.155 bn	Based in Kansas City but operates in over 100 countries. Offers business insurance, employee benefits, risk management, and retirement services.
3	USI Ins. Services	1.087 bn	Operates from approximately 200 locations in U.S. Based in Valhalla, NY. Offers business and personal insurance, employee benefits, retirement consulting, and affinity programs. Also owns an employee benefits wholesaler.
4	Alliant Ins. Services	1.024 bn	Operates from over 90 locations in the U.S. Based in Newport Beach, CA. Offers business insurance, employee benefits, risk control consulting, human resources consulting, and property valuation.
5	AssuredPartners Inc.	981.7	Created in 2011 through agency acquisitions. Operates from almost 200 locations in over 30 states. Based in Lake Mary, FL. Offers business insurance, risk management services, employee benefits, and personal insurance.
6	Acrisure LLC	942.3	Founded in 2005. Provides business insurance, group benefits, voluntary benefits, surety, and captive insurance services. Based in Caledonia, MI
7	Broadstreet Partners Inc.	559.6	Operates in about 30 states through regional agencies. Based in Columbus, OH. Sells commercial and personal coverages.
8	Confie	515.0	Specializes in personal lines, small to mid-sized commercial business and Hispanic community. Based in Huntington Beach, CA. Maintains offices in 19 states.
9	EPIC	461.4	Operates a retail property/casualty and employee benefits insurance business in 19 states. Based in San Francisco.
10	NFP	338.5	Offers commercial insurance, corporate benefits, and private client resources. Formerly known as National Financial Partners Corp. Based in NYC.
11	Risk Strategies	290.6	Offers business insurance, employee benefits, and private client services. Operates from 40 offices in U.S. Based in Boston.
12	Leavitt Group	209.4	Established in 1952. Maintains over 160 offices in 21 states. Based in Cedar City, UT. Sells personal and business insurance, employee benefits, and industry programs.
13	Ins. Office of America	187.4	Operates from over 50 locations in the U.S. Sells business and personal insurance, employee benefits, and risk management services. Based in Longwood, FL.
14	IMA Financial Group	147.0	Owned by employees. Sells business insurance, employee benefits, personal coverages, specialty services, and wealth management. Based in Wichita, KS.
15	Higginbotham	139.4	Founded in 1948. Operates from 30 plus offices, one in Oklahoma and the rest in Texas. Sells personal and commercial insurance and employee benefits.
16	Cross Insurance	134.0	Founded in 1997. Operates in 7 states in the Northeast. Offers personal and commercial insurance, employee benefits, and specialty products.
17	PayneWest Insurance Inc.	115.9	Formed in 2012 by the merger of two agencies. Offers business and personal insurance, health coverage, and surety bonds. Based in Missoula, MT.
18	Woodruff-Sawyer	114.1	Founded in 1918. Provides risk management, commercial insurance, and employee benefits brokerage and consulting services. Based in San Francisco, CA.
19	Heffernan Ins. Brks.	101.8	Sells business and personal insurance, employee benefits, and financial services from 10 locations in the U.S. and one in London. Employee-owned. Based in Walnut Creek, CA.
20	Hylant Group Inc.	101.4	Based in Toledo, OH. Family-owned business. Maintains 16 offices in 7 states. Sells commercial insurance and employee benefits.
21	Hilb Group	100.6	Sell commercial and personal lines, employee benefits, and specialty programs. Has offices in 21 states, mostly in the Eastern U.S.
22	AIS Insurance Specialists	99.8	Owned by AIS Insurance Co. Sells personal and commercial coverages and life and health insurance. Operates in all 50 states. Based in El Segundo, CA.
23	INSURICA Inc.	94.4	Privately-held company established in 1959. Operates out of 30 offices in 6 states. Commercial and personal insurance, employee benefits, surety and bonds.
24	Eastern Ins. Group	90.3	Sells personal and business insurance and employee benefits. Based in Natick, MA. Operates from 24 locations in MA and RI.
25	Prime Risk Partners	86.1	Founded in 2014. Sells personal and commercial insurance, employee benefits, and specialty insurance. Has grown by acquisitions.

*M=Millions

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25 Largest Property/Casualty Insurance Agencies (2024)

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Rank	Company	Country
1	Berkshire Hathaway	United States
2	UnitedHealth Group	United States
3	Ping An Insurance Group	China
4	Allianz	Germany