State Farm Leads $870 Billion U.S. Insurance Market With 9% Share
Updated
Updated · NBC Right Now · May 18
State Farm Leads $870 Billion U.S. Insurance Market With 9% Share
2 articles · Updated · NBC Right Now · May 18
State Farm held the largest slice of the U.S. property and casualty insurance market in 2022, with 9% of $870 billion in direct premiums written, according to Insurify's ranking using NAIC data.
Berkshire Hathaway, through Geico, followed with 6.5%, and Progressive had 6%; Allstate and Liberty Mutual tied at 5.2%, rounding out the top five.
The top 11 insurers together controlled 50% of the market, showing a fragmented industry in which no single company holds even a 10% share.
IBISWorld counts 3,708 U.S. property, casualty and direct insurers, and industry officials said carriers compete by using data and risk management to spread exposure and avoid heavy catastrophe losses.
How will smaller insurers survive as climate change and AI force an expensive tech arms race against industry giants?
With climate disasters making entire regions 'uninsurable,' is the private insurance model for homeowners fundamentally broken?
As insurers use AI to avoid risk, could their algorithms create a new class of uninsurable, vulnerable communities?