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
Summary
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.