Any insurance company in the world is recognized as complicated and slow-moving. Still, these companies are the most prominent global industries. There are 25 best property and casualty insurance companies in the country that claims two-thirds of the market, and according to the latest data of the National Association of Insurance Commissioners (NAIC), these companies wrote more than $725 billion in premium in 2020, up from $708 in billion in 2019.
Best Property and Casualty Insurance Companies
Following are the 25 best property and casualty insurance companies by direct premiums written and market share-
Berkshire Hathaway Inc. is a Multinational Company which is headquartered in Omaha, Nebraska. This company happens to own more than 60 subsidiaries, like Berkshire Hathaway GUARD Insurance Companies, Berkshire Hathaway Specialty Insurance, Applied Underwriters, Gateway Underwriters Agency, GEICO, General RE, MedPro Group, National Indemnity Company, and United States Liability Insurance Group. They have a market share of 6.37%, and the written direct premiums are $46.1 billion.
State Farm is headquartered in Bloomington, Illinois, and they have a JD score of 872 out of 1000 points with much customer satisfaction and have financial strength ratings above average. They have a diverse range of customizable coverage options with low auto insurance rates. The customers have the freedom to access services, including bills payment, quotes, claims to file etc., through the mobile app and website. One of the most significant advantages of State Farm is that its agents are accessible nationwide. The standard coverage includes- collision coverage, comprehensive coverage, liability coverage, medical coverage payments, emergency road service coverage etc.
Allstate is headquartered in Northbrook, Illinois, with total premiums earned of about $34.58 billion. They have their global locations in the US, Canada, the UK, and India with auto insurance, home insurance, and life insurance expertise. They offer coverage options like medical payments coverage, roadside coverage, custom equipment coverage, personal injury protection, rental reimbursement coverage etc. they also provide generous discount offers.
They are headquartered in Mayfield Village, Ohio, and they have expertise in vehicle, property, commercial and personal. The progressive state provides customizable auto and home insurance coverage, and the customers have access to a range of user-friendly online tools and resources.
Liberty Mutual is headquartered in Boston, Massachusetts, with 45,000+ employees. They offer insurance products and services like personal automobile, homeowners, speciality lines, reinsurance, workers compensation, general liability, surety etc.
USAA mainly serves military veterans and service members, and they have a market share of 3.39% and direct written premiums worth $24.6 billion.
This company has been named as the nation’s top military-friendly spouse employer in the over $1 billion categories by VIQTORY Media. Chubb has a market share of 3.32%, with direct written premiums of $24 billion.
Travelers Group has a market share of 3.97%, with direct written premiums of $28.7 billion.
Farmers insurance company introduced its auto insurance product in South Carolina, the president of the company said that it is an essential milestone for the company. Farmers Insurance has shown its support to local servicemen, servicewomen and their families in San Diego, CA, through a couple of generous donations.
AIG is headquartered in New York, and its expertise is property-casualty insurance, life insurance, retirement products, mortgage insurance. They are globally located in 80+ countries.
The Nationwide insurance company has a market share of 2.55% with direct written premiums of $18.5 billion.
Zurich has its roots in Switzerland and offers products that focus on protecting employees, risk engineering solutions and captive services etc.
CAN have direct written premiums of $11.7 billion with a market share of 1.62%.
Hartford has a market share of1.71%, with direct written premiums of $12.4 billion.
Cincinnati Financial has a market share of 0.77%, with direct written premiums of $5.5 billion.
Markel Corporation was founded in 1930; they are headquartered in Virginia and have speciality insurance and reinsurance expertise. They are specialized in agriculture, casualty, commercial property, cyber liability, small businesses etc.
WR Berkley is headquartered in Connecticut, with underwriting expertise on property and casualty insurance. The segment operates worldwide in the US, UK, Asia, Australia, Continental Europe, and Asia-Pacific.
Great American Insurance Group
It is headquartered in Cincinnati, Ohio, focuses primarily on commercial speciality products for businesses. Great American provides accident & health, agribusiness, alternative markets, aviation, bond, cyber risk, speciality human services etc.
It is headquartered in Connecticut with 90+ locations with aquaculture, equine, livestock, architects and engineers, aviation and aerospace, construction, consumer goods and services, entertainment and leisure, financial services, healthcare and life sciences, technology, transportation.
Tokio Marine is a multinational insurance company which is headquartered in Japan. Its products focus on personal lines, large commercial property, various marine insurance solutions, aviation, enterprise risk, accident and health, professional lines, surety.
This company is headquartered in New York and offers credit-related insurance, debt protection administration, warranties and service contracts, and pre-funded funeral insurance.
They have been rated as A++ by AM Best with a market share of 1.28% and direct written premiums of $9.3 billion.
American Family Insurance
They are headquartered in Wisconsin, and they have underwriting expertise in business and personal insurance.