Ranked by 2023 total net premiums written (NPW), State Farm remains No. 1 property and casualty (P&C) underwriter in the U.S. based on AM Best rankings data compiled by Reinsurance News.

State Farm’s total NPW increased by 19.1% reaching $92.6 billion in 2023, according to the data.

The top 10 U.S. P&C insurance companies, according to Reinsurance News, are:

State Farm’s total P&C NPW was $15.4 billion ahead of second-place Berkshire Hathaway (GEICO parent company), which saw a total NPW of $77.2 billion, maintaining its position from 2022 rankings.

Progressive also maintained its No. 3 spot and saw the biggest percentage increase in its total P&C NPW within the top 20, jumping 20.4% to nearly $61.5 billion.

Among the top 20, rankings largely remained the same with the first 16 maintaining their positions from 2022, according to the rankings data.

While the top insurers remain highly profitable, the latest loyalty indicator and shopping trends (LIST) report from J.D. Power and TransUnion for Q2 shows consumers continue to feel the pinch of inflation with auto insurance.

In 2023, according to J.D. Power LIST reports, shopping decreased in Q4 and Q3. J.D. Power speculated that consumers shopped the first half of the year and relented to the costs during the last half.

Q2 results show a shopping/quote rate of 13.3% for the quarter, up from 12.8% in Q1 2024 and the highest quarterly rate J.D. Power and TransUnion have recorded.

During Q1, about 12.8% of consumers were shopping for new insurance compared to 12% in Q4, according to the Q1 LIST report. The switch rate rose from 3.6% to 3.9% during the same period.

The rate reached a high of 13.5% in May, matching the all-time monthly high reached during Q1 in March. The shopping/quote rate was up in all four regions. The quarterly switch rate was stable at 3.9%.

Increasing rates and price sensitivity continue to drive auto insurance shopping to record levels, according to the report.

The report also examines household-level insurance trends (auto only versus home and auto and unbundled versus bundled).

The segment of the market that bundles home and auto and tends to remain “super loyal” to their carriers has been looking elsewhere to see if they can get better rates, according to the report.

“While they still remain the least likely to shop and switch (making them the most desirable segment for carriers to attract), the unprecedented rate increases have pushed these ultra-loyal customers to look elsewhere for their insurance needs,” the report states.

“Meanwhile, the Wrights, who are generally more price-sensitive when opting to find different solutions for their auto and home insurance needs, have seen an increase in shopping behavior, but a slight decline in switching activity — signaling the difficulty in finding lower premiums without bundling.”

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Featured image credit: Nuttawan Jayawan/iStock

Charts provided by J.D. Power and TransUnion