Insurance

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.
Updated at 2026-05-10

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.
Updated at Q1 2026

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.
Updated at 2026-05-10

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.
#▲CompanyTicker2024 DPWMarket ShareYoY GrowthNotes
1State Farm
Mutual (private)
private$104.6B10.76%+16.4%Largest US P&C carrier; 17%+ market share in personal auto; rate increases drove top-line growth
2Berkshire Hathaway (GEICO + NICO)
Public
BRK.B$69.3B7.13%+6.5%GEICO is the #2 personal auto insurer; National Indemnity is the largest US reinsurer
3Progressive
Public
PGR$67.0B6.89%+21.7%Direct + agency channel; Snapshot telematics; took most share of any carrier in 2024
4Allstate
Public
ALL$56.1B5.77%+11.6%Allstate brand + National General + Esurance + SquareTrade extended warranty
5Liberty Mutual
Mutual (private)
private$47.4B4.88%+5.2%Personal + commercial; largest US workers comp writer; closed Safeco brand integration
6USAA
Mutual (private)
private$33.7B3.47%+9.8%Military + family member-only; consistently top NPS scores; auto-loss recovery cycle in 2024
7Travelers
Public
TRV$32.8B3.37%+7.9%Business Insurance segment leads; bond and specialty; commercial-heavy book
8Farmers Insurance Group
Zurich-owned (private US ops)
private$24.5B2.52%+2.1%Zurich Insurance Group controls; Farmers Exchange structure; exited Florida 2023
9Nationwide
Mutual (private)
private$23.2B2.39%+6.0%Personal + commercial + financial services; pet insurance through PetFirst
10American Family
Mutual (private)
private$16.8B1.73%+7.2%Acquired Main Street America Group; midwest concentration; partial Permabilt brand
Updated at 2026-05-10

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