These insurance companies control the biggest chunks of the market

Natalie McNeal
Written byNatalie McNeal
Natalie McNeal
Natalie McNeal

Natalie P. McNeal is an award-winning digital journalist thriving at the intersection of personal finance and human interest. The Howard University graduate is the author of The Frugalista Files: How One Woman Got Out of Debt Without Giving Up the Fabulous Life. She enjoys delivering fresh, engaging perspectives that reliably and insightfully convey how developments in financial systems and products impact readers’ everyday lives. She has bylines in fast-paced, multi-platform news organizations such as The Washington Post, The Miami Herald, BET.com and TheRoot.com as well as media mentions on CNN, NPR, Forbes, The New York Times, Financial Times, and L.A. Times.

Tanveen Vohra
Edited byTanveen Vohra
Tanveen Vohra
Tanveen VohraManager of Content and Communications
  • Property and casualty insurance specialist

  • 4+ years creating insurance content

Tanveen manages Insurify's data insights, annual home and auto insurance reports, and media communications. She’s regularly featured in media interviews on insurance topics.

Featured in

media logomedia logomedia logomedia logo

Published August 6, 2023 at 5:00 PM PDT | Reading time: 3 minutes

Why you can trust Insurify: Comparing accurate insurance quotes should never put you at risk of spam. We earn an agent commission only if you buy a policy based on our quotes. Our editorial team follows a rigorous set of editorial standards and operates independently from our insurance partners. Learn more.

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.

THE RIGHT CAR INSURANCE FOR YOU

Find and compare car insurance quotes by age, state, car model and more to get the best insurance for you.

Insurify

Companies with the largest market share

Overall, the top 11 insurance companies control 50% of the industry. Many other industries are much more consolidated than this, with five or fewer companies controlling 66% or even 99% of the market share.

By contrast, the U.S. has ​​3,708 property, casualty, and direct insurance businesses, according to industry research firm IBISWorld.

"The insurance market is more diversified than many industries because it uses the 'law of large numbers,'" Ruiz said. The more policyholders there are, the more accurate the company's understanding of its risk, reports Project Invest, a nonprofit that teaches high school and college students about the basics of the insurance business.

The lack of an insurance monopoly means consumers have multiple options for finding the best insurance coverage and rates. Today, legacy insurance companies share the marketplace with more digital-native insurance startups that may rely on machine learning and artificial intelligence.

Each insurer decides what part of a particular market it may want, based in part on its assessments of risk—which includes massive data collection and technology to analyze that information for risk prediction. The most profitable strategy is to serve the least-risky policyholders from multiple locations. That way, the insurers avoid significant losses if one area experiences a catastrophe, such as a hurricane, tornado, or wildfire.

Canva

Homeowners insurance

1. State Farm (18.35% of total market share)
2. Allstate (9.02% of total market share)
3. Liberty Mutual (7.31% of total market share)

Canva

Medical professional liability

1. Berkshire Hathaway (18.38% of total market share)
2. The Doctors Company (9.71% of total market share)
3. ProAssurance (6.17% of total market share)

CHEAP CAR INSURANCE ACROSS THE NATION

Whether you’re a brand new driver, have poor credit or have a DUI, finding the cheapest car insurance is still easy.

Amorn Suriyan // Shutterstock

Workers' compensation

1. Travelers (6.69% of total market share)
2. The Hartford (6.39% of total market share)
3. AmTrust (5.56% of total market share)

Constantine Pankin // Shutterstock

Other liability

1. Chubb (7.56% of total market share)
2. Berkshire Hathaway (5.07% of total market share)
3. Liberty Mutual (4.6% of total market share)

Canva

Private car insurance

1. State Farm (16.84% of total market share)
2. Progressive (14.05% of total market share)
3. Berkshire Hathaway (13.76% of total market share)

THE BEST SITES FOR COMPARING AUTO INSURANCE
Explore this list of the best and worst sites to compare auto insurance quotes so you can find what you need.

Canva

Commercial car insurance

1. Progressive (15.53% of total market share)
2. Travelers (5.26% of total market share)
3. Liberty Mutual (3.93% of total market share)

Story editing by Jeff Inglis. Copy editing by Kristen Wegrzyn. Photo selection by Abigail Renaud.

Natalie McNeal
Natalie McNeal

Natalie P. McNeal is an award-winning digital journalist thriving at the intersection of personal finance and human interest. The Howard University graduate is the author of The Frugalista Files: How One Woman Got Out of Debt Without Giving Up the Fabulous Life. She enjoys delivering fresh, engaging perspectives that reliably and insightfully convey how developments in financial systems and products impact readers’ everyday lives. She has bylines in fast-paced, multi-platform news organizations such as The Washington Post, The Miami Herald, BET.com and TheRoot.com as well as media mentions on CNN, NPR, Forbes, The New York Times, Financial Times, and L.A. Times.

Tanveen Vohra
Edited byTanveen VohraManager of Content and Communications
Tanveen Vohra
Tanveen VohraManager of Content and Communications
  • Property and casualty insurance specialist

  • 4+ years creating insurance content

Tanveen manages Insurify's data insights, annual home and auto insurance reports, and media communications. She’s regularly featured in media interviews on insurance topics.

Featured in

media logomedia logomedia logomedia logo