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State Farm, Progressive and Berkshire remain top earners in NAIC’s top 25 P&C list

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Insurance
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Data on 2024 property and casualty earnings and market share rankings from the National Association of Insurance Commissioners (NAIC) shows that the top 10 private passenger auto insurance companies brought in a combined $865.5 billion in direct premiums earned and held nearly 76% of the market.

The 2024 market share data include countrywide direct written premiums for the top 25 groups and companies as reported on the state page of the annual financial statement for insurers that report to the NAIC.

The data is based on filings received by March 31. NAIC said in a press release that its full 2024 market share reports with more in-depth information will be available this summer.

According to NAIC’s data, the top 10 private passenger auto insurance groups and companies by countrywide premium were:

    1. State Farm Group — earned $65.9 billion and held 18.9% of the market share
    2. Progressive Group — earned $56.8 billion and held 16.7% of the market share
    3. Berkshire Hathaway Group (parent company of GEICO) — earned $41.3 billion and held 11.6% of the market share
    4. Allstate Insurance Group — earned $35.6 billion and held 10.2% of the market share
    5. USAA Group — earned $21.8 billion and held 6.2% of the market share
    6. Farmers Insurance Group — earned $13.7 billion and held 3.8% of the market share
    7. Liberty Mutual Group — earned $12.7 billion and held 3.3% of the market share
    8. Travelers Group — earned $7 billion and held 2% of the market share
    9. Auto Club Enterprises Insurance Group — earned $6 billion and held 1.8% of the market share
    10. American Family Insurance Group — earned $6.1 billion and held 1.7% of the market share

Total private passenger auto insurance saw the largest amount of direct premiums written in P&C, reported as of March 3, at $344.1 billion, or about 35% of all P&C written premiums.

The final report on 2023 earnings and market share, released in August 2024, also showed State Farm as No. 1 and Progressive as No. 2. Preliminary data for 2024 shows that Berkshire, Allstate, and USAA also held onto their No. 3, No. 4, and No. 5 spots last year.

Farmers and Liberty Mutual swapped spots on the list compared to 2023 to No. 5 and USAA at No. 7 in 2023, showing a bump up on the list for Farmers and down for USAA.

American Family dropped to No. 10 from No. 8 while Travelers moved up from No. 9.

Nationwide, which was No. 10 in 2023, dropped to No. 13 in 2024. Auto Club moved up from No. 11.

State Farm and Progressive also led the pack on NAIC’s 2022 list.

A LendingTree survey released last month shows that, of those who renewed their policies, 54% didn’t seek additional quotes at renewal, and 81% of those who considered switching by getting at least one quote ultimately decided to stick with their current carrier.
That’s despite 53% of respondents’ rates increasing at their last renewal. Sixty-one percent said they’re “somewhat” or “completely” struggling to afford their auto insurance premiums, particularly Gen Zers (76%), those earning less than $30,000 a year (73%), and Millennials (68%).

Seventy-nine percent of those who switched said their main reason was to save money, and 92% said they did save. Sixty-three percent saved at least $100 annually. Twenty-two percent of those who switched said they saved at least $200 annually and 28% saved between $100 and $149.

According to Insurify, full-coverage car insurance is projected to increase by 8% by the end of this year, from $2,313 to $2,502, on average.

Insurify says without tariffs, car insurance is projected to increase by 5% year-over-year. The additional 3% increase would be due to the increased cost of vehicles and auto parts from the new 25% tariff on imports, the study says.

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Featured image credit: Bill Oxford/iStock

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