These insurance companies control the biggest chunks of the market
No single company holds more than 10% of the property and casualty insurance market in the U.S.
Insurify examined data from the National Association of Insurance Commissioners to rank the top 11 U.S. insurance companies by their share of the market, in terms of their share of the $870 billion in direct premiums written in 2022.
State Farm, with its likable "Jake from State Farm" character, is at the top of the list with a 9% company market share. Berkshire Hathaway, which owns Geico, and Progressive are next with 6.5% and 6%, respectively. Allstate and Liberty Mutual, tied with 5.2% of the market share, round out the top five insurance companies by market share.
A key aspect of their success is minimizing their own risk, which also lowers their customers' risk.
"The national carriers are very knowledgeable of risk and can be very helpful to communities as well as individual policyholders on how to manage risks," said Janet Ruiz, director of strategic communications at the Insurance Information Institute, an industry association group.
Do you need to know how to keep your valuables safe or protect your home against wind damage? Or, do you need to know the best ways to theft-proof your sedan? Top insurers work overtime to position themselves as experts to lessen the risk to their current and potential policyholders. Keep reading to find out which insurance companies control the most significant portions of the market.
