Insurance

Insurance P&C

P&C Combined Ratio: Quarterly Trend

Quarterly combined ratio for major P&C carriers (claims plus expenses, divided by premiums). Below 100% is underwriting profit; above 100% is a loss.

Loss Ratio vs Expense Ratio: Carrier Snapshot

Each carrier's combined ratio split into loss ratio (claims/premiums) and expense ratio (costs/premiums); points below the diagonal underwrite at a profit.

PGR vs ALL: The Comeback Story

Net premiums written (bars) and combined ratio (lines) for Progressive vs Allstate, 2020 to 2026: steady compounding against a recovery from the 2022-23 auto-claims spike.

Top 10 US P&C Carriers by Direct Premium

The 10 largest US property & casualty carriers ranked by 2024 direct premium written (DPW), total premiums sold before reinsurance. Click headers to sort.

#▲	Company	Ticker	2024 DPW	Market Share	YoY Growth	Notes
1	State Farm Mutual (private)	private	$104.6B	10.76%	+16.4%	Largest US P&C carrier; 17%+ market share in personal auto; rate increases drove top-line growth
2	Berkshire Hathaway (GEICO + NICO) Public	BRK.B	$69.3B	7.13%	+6.5%	GEICO is the #2 personal auto insurer; National Indemnity is the largest US reinsurer
3	Progressive Public	PGR	$67.0B	6.89%	+21.7%	Direct + agency channel; Snapshot telematics; took most share of any carrier in 2024
4	Allstate Public	ALL	$56.1B	5.77%	+11.6%	Allstate brand + National General + Esurance + SquareTrade extended warranty
5	Liberty Mutual Mutual (private)	private	$47.4B	4.88%	+5.2%	Personal + commercial; largest US workers comp writer; closed Safeco brand integration
6	USAA Mutual (private)	private	$33.7B	3.47%	+9.8%	Military + family member-only; consistently top NPS scores; auto-loss recovery cycle in 2024
7	Travelers Public	TRV	$32.8B	3.37%	+7.9%	Business Insurance segment leads; bond and specialty; commercial-heavy book
8	Farmers Insurance Group Zurich-owned (private US ops)	private	$24.5B	2.52%	+2.1%	Zurich Insurance Group controls; Farmers Exchange structure; exited Florida 2023
9	Nationwide Mutual (private)	private	$23.2B	2.39%	+6.0%	Personal + commercial + financial services; pet insurance through PetFirst
10	American Family Mutual (private)	private	$16.8B	1.73%	+7.2%	Acquired Main Street America Group; midwest concentration; partial Permabilt brand

Why some P&C names aren't on these charts: Erie Indemnity (ERIE) is the management company for the policyholder-owned Erie Insurance Exchange. It earns a fee capped at 25% of Exchange premiums and takes no underwriting risk, so it has no combined ratio of its own. Assurant (AIZ) reports a combined ratio only for its Global Housing segment, not company-wide, so it is not comparable to the carrier-level ratios shown here.

Insurance P&C

P&C Combined Ratio: Quarterly Trend

Loss Ratio vs Expense Ratio: Carrier Snapshot

PGR vs ALL: The Comeback Story

Top 10 US P&C Carriers by Direct Premium

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