The nation’s top 15 insurance companies

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Insurance

State Farm Group is once again the largest insurance company in the US, representing $65.6 billion in direct premiums – nearly $20 billion more than its nearest competitor, Berkshire Hathaway ($46.1 billion), the name behind GEICO.

Further down the top 10 rankings, Chubb dropped from seven to eight, despite its direct premiums written increasing from $21.2 billion in 2017 to $23.3 billion in 2019. It switched places with USAA Insurance Group.

Insurance
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The 15 biggest groups are:

  1. State Farm
    Direct Premiums Written: $65.6 billion
    Market Share: 9.27%
  2. Berkshire Hathaway
    Direct Premiums Written: $46.1 billion
    Market Share: 6.51%
  3. Progressive Group
    Direct Premiums Written: $39.2 billion
    Market Share: 5.54%
  4. Liberty Mutual
    Direct Premiums Written: $35.6 billion
    Market Share: 5.03%
  5. Allstate
    Direct Premiums Written: $35 billion
    Market Share: 4.95%
  6. Travelers Group
    Direct Written Premiums: $28 billion
    Market Share: 3.96%
  7. USAA
    Direct Written Premiums: $23.4 billion
    Market Share: 3.32%
  8. Chubb
    Direct Written Premiums: $23.3 billion
    Market Share: 3.30%
  9. Farmers In
    Direct Written Premiums: $20.6 billion
    Market Share: 2.92%
  10. Nationwide
    Direct Written Premiums: $18.4 billion
    Market Share: 2.60%
  11. AIG
    Direct Written Premiums: $14 billion
    Market Share: 1.98%
  12. Zurich
    Direct Written Premiums: $12.8 billion
    Market Share: 1.82%
  13. The Hartford
    Direct Written Premiums: $12.6 billion
    Market Share: 1.79%
  14. American Family Insurance
    Direct Written Premiums: $11.5 billion
    Market Share: 1.63%
  15. CNA
    Direct Written Premiums: $11 billion
    Market Share: 1.56%

According to the Information Institute (III), US insurance industry net premiums written total $1.32 trillion in 2019, with premiums recorded by life/health accounting for 52%, and premiums by property/casualty insurers accounting for 48%, according to S&P Global Market Intelligence.

P/C insurance includes auto, homeowners and commercial. Net premiums written for the sector totalled $637.7 billion in 2019. Meanwhile, the life/annuity sector includes annuities, accident and health, and life insurance with net premiums for the sector totalling $678.7 billion in 2019. Both figures are taken from the Information Institute.

The US in industry employed 2.8 million people in 2020. Of those, 1.6 million worked for companies, including life and health (923,000 workers), P/C insurers (647,000 workers), and reinsurers (28,500 workers). The remaining 1.2 million people worked for agencies, brokers, and other related enterprises.

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