Largest Insurance Companies in the US 2026: Top 25 Ranked by Premiums, State Farm Leads at $115.3 Billion
The largest insurance companies in the US for 2026, ranked by direct premiums written in NAIC's 2025 market share data. State Farm leads property and casualty at $115.3 billion, with Progressive, Berkshire Hathaway and Allstate behind it.
State Farm is the largest insurance company in the US, with $115.3 billion in direct premiums written in 2025 (NAIC). That's 10.39% of the $1.11 trillion property and casualty market.
This page ranks the 25 largest US insurance groups by premiums, using the National Association of Insurance Commissioners' 2025 market share data. It also ranks the biggest car, home, life, annuity and health writers.
Key Takeaways
- State Farm leads at $115.3 billion, ahead of Progressive at $84.2 billion (NAIC)
- The top 10 groups write 47.87% of all property and casualty premiums; the top 25 write 65.71% (NAIC)
- In car insurance, Progressive trails State Farm by only $158 million (18.64% vs 18.60%) (NAIC)
- New York Life is the largest life insurer at $15.6 billion in life premiums (NAIC)
- Apollo (Athene) sells the most annuities, at $36.7 billion (NAIC)
How this list of the largest US insurers works
Every US insurer files an annual statement with state regulators, and the NAIC totals each group's direct premiums written across all lines of business (NAIC market share report).
The main ranking covers property and casualty insurance: car, home, business and liability cover. Life insurers, annuity sellers and health plans file a separate statement, so they get their own tables further down.
Direct premiums written is the cleanest measure of how much insurance a company sells. It isn't revenue or market cap, so investment income and overseas business don't count.
Top 10 largest insurance companies in the US
The ten biggest property and casualty groups wrote 47.87% of the market's $1.11 trillion in 2025 (NAIC).
| Rank | Insurance group | Direct premiums written | Market share | Loss ratio |
|---|---|---|---|---|
| 1 | State Farm | $115.3 billion | 10.39% | 70.2% |
| 2 | Progressive | $84.2 billion | 7.59% | 57.2% |
| 3 | Berkshire Hathaway (GEICO) | $64.5 billion | 5.81% | 62.6% |
| 4 | Allstate | $59.5 billion | 5.36% | 55.5% |
| 5 | Travelers | $43.2 billion | 3.89% | 52.8% |
| 6 | Liberty Mutual | $42.3 billion | 3.82% | 50.8% |
| 7 | USAA | $38.5 billion | 3.47% | 65.4% |
| 8 | Chubb | $35.3 billion | 3.18% | 58.7% |
| 9 | Farmers Insurance | $29.6 billion | 2.67% | 52.5% |
| 10 | Zurich | $18.9 billion | 1.70% | 65.8% |
Source: NAIC Top 25 P/C groups, 2025 data. Industry total $1.11 trillion.
State Farm is the biggest by a wide margin. It wrote $31.1 billion more than Progressive, the No. 2 group (NAIC).
Berkshire Hathaway ranks third mostly through GEICO, its car insurance arm. USAA, which serves only military members, veterans and their families, still ranks No. 7 at $38.5 billion (NAIC).
The top 4, State Farm, Progressive, Berkshire Hathaway and Allstate, hold 29.15% of the market between them (NAIC).
Full list: the 25 largest insurance companies in the US
Here's the complete top 25 by 2025 direct premiums written. Together they wrote 65.71% of all US property and casualty premiums (NAIC).
The loss ratio column shows how much of each premium dollar went back out in claims. A lower number usually means a more profitable year.
| Rank | Insurance group | Direct premiums written (2025) | Market share | Cumulative share | Loss ratio |
|---|---|---|---|---|---|
| 1 | State Farm | $115.3 billion | 10.39% | 10.39% | 70.2% |
| 2 | Progressive | $84.2 billion | 7.59% | 17.97% | 57.2% |
| 3 | Berkshire Hathaway (GEICO) | $64.5 billion | 5.81% | 23.79% | 62.6% |
| 4 | Allstate | $59.5 billion | 5.36% | 29.15% | 55.5% |
| 5 | Travelers | $43.2 billion | 3.89% | 33.04% | 52.8% |
| 6 | Liberty Mutual | $42.3 billion | 3.82% | 36.85% | 50.8% |
| 7 | USAA | $38.5 billion | 3.47% | 40.33% | 65.4% |
| 8 | Chubb | $35.3 billion | 3.18% | 43.50% | 58.7% |
| 9 | Farmers Insurance | $29.6 billion | 2.67% | 46.17% | 52.5% |
| 10 | Zurich | $18.9 billion | 1.70% | 47.87% | 65.8% |
| 11 | The Hartford | $18.7 billion | 1.68% | 49.56% | 53.6% |
| 12 | American Family | $17.9 billion | 1.62% | 51.17% | 51.5% |
| 13 | Auto-Owners | $17.0 billion | 1.53% | 52.71% | 52.6% |
| 14 | Nationwide | $16.7 billion | 1.50% | 54.21% | 49.8% |
| 15 | AIG | $16.5 billion | 1.48% | 55.70% | 51.5% |
| 16 | CNA | $14.5 billion | 1.31% | 57.00% | 61.8% |
| 17 | Tokio Marine | $13.4 billion | 1.20% | 58.21% | 56.8% |
| 18 | Erie Insurance | $13.0 billion | 1.17% | 59.38% | 69.3% |
| 19 | Fairfax Financial | $12.2 billion | 1.10% | 60.48% | 64.6% |
| 20 | W. R. Berkley | $11.6 billion | 1.05% | 61.53% | 53.8% |
| 21 | American Financial Group | $10.2 billion | 0.91% | 62.44% | 55.6% |
| 22 | Markel | $9.7 billion | 0.88% | 63.32% | 63.4% |
| 23 | Cincinnati Financial | $9.5 billion | 0.86% | 64.18% | 57.6% |
| 24 | Auto Club Enterprises (AAA) | $9.0 billion | 0.81% | 64.98% | 90.0% |
| 25 | AXA | $8.1 billion | 0.73% | 65.71% | 63.3% |
Source: NAIC, 2025 Top 25 Property/Casualty Groups by Countrywide Premium (all lines; US states, territories, Canada and other alien; filings received by 18 March 2026). Industry total $1.11 trillion. Loss ratio = direct losses incurred / direct premiums earned. Group names shortened from the NAIC listing.
Largest car insurance companies in the US
Private passenger auto is the biggest single line, at $371.0 billion in 2025 premiums (NAIC).
| Rank | Insurance group | Auto premiums written | Market share |
|---|---|---|---|
| 1 | State Farm | $69.2 billion | 18.64% |
| 2 | Progressive | $69.0 billion | 18.60% |
| 3 | Berkshire Hathaway (GEICO) | $42.9 billion | 11.56% |
| 4 | Allstate | $37.7 billion | 10.15% |
| 5 | USAA | $23.0 billion | 6.19% |
| 6 | Farmers Insurance | $13.2 billion | 3.57% |
| 7 | Liberty Mutual | $10.4 billion | 2.81% |
| 8 | Travelers | $7.2 billion | 1.93% |
| 9 | Auto Club Enterprises (AAA) | $7.1 billion | 1.90% |
| 10 | American Family | $5.7 billion | 1.53% |
Source: NAIC Top 25 Private Passenger Auto, 2025 data. Industry total $371.0 billion.
State Farm and Progressive are almost tied, at 18.64% and 18.60% of the auto market. The top 4 car insurers write 58.95% of all private auto premiums (NAIC).
Largest home insurance companies in the US
Homeowners insurance brought in $188.7 billion in premiums in 2025 (NAIC).
| Rank | Insurance group | Homeowners premiums written | Market share | Loss ratio |
|---|---|---|---|---|
| 1 | State Farm | $35.3 billion | 18.69% | 74.4% |
| 2 | Allstate | $17.8 billion | 9.42% | 55.7% |
| 3 | USAA | $13.3 billion | 7.02% | 61.4% |
| 4 | Liberty Mutual | $10.4 billion | 5.51% | 49.9% |
| 5 | Farmers Insurance | $10.3 billion | 5.46% | 48.8% |
| 6 | American Family | $9.7 billion | 5.15% | 44.4% |
| 7 | Travelers | $8.6 billion | 4.57% | 57.6% |
| 8 | Chubb | $4.7 billion | 2.50% | 75.1% |
| 9 | Auto-Owners | $4.1 billion | 2.19% | 48.4% |
| 10 | Erie Insurance | $3.7 billion | 1.97% | 66.8% |
Source: NAIC Top 25 Homeowners, 2025 data. Industry total $188.7 billion.
State Farm writes 18.69% of all US home insurance, about twice as much as Allstate at 9.42% (NAIC).
Two California-heavy writers had brutal home insurance years. Auto Club Enterprises posted a 167.4% homeowners loss ratio and Mercury General 137.8%, meaning claims topped premiums (NAIC). Both rank in California's top 10 property and casualty writers (California Department of Insurance).
Largest life insurance companies in the US
Life insurers file a separate NAIC statement. Life insurance premiums totaled $210.2 billion in 2025 (NAIC).
| Rank | Insurance group | Life premiums | Market share |
|---|---|---|---|
| 1 | New York Life | $15.6 billion | 7.40% |
| 2 | Northwestern Mutual | $14.2 billion | 6.75% |
| 3 | MetLife | $13.0 billion | 6.19% |
| 4 | Prudential | $12.5 billion | 5.97% |
| 5 | Lincoln Financial | $9.2 billion | 4.36% |
| 6 | MassMutual | $9.2 billion | 4.35% |
| 7 | Nationwide | $7.2 billion | 3.41% |
| 8 | Pacific Life | $7.0 billion | 3.35% |
| 9 | State Farm | $6.1 billion | 2.89% |
| 10 | Guardian Life | $5.5 billion | 2.60% |
Source: NAIC Top 25 Life/Fraternal groups, Life Insurance, 2025 data. Industry total $210.2 billion.
New York Life, Northwestern Mutual and MetLife lead. The top 10 life insurers write 47.28% of all life premiums (NAIC).
Largest annuity companies in the US
Annuities are far bigger than life cover by premium: $618.3 billion in 2025 (NAIC).
| Rank | Insurance group | Annuity premiums | Market share |
|---|---|---|---|
| 1 | Apollo (Athene) | $36.7 billion | 5.93% |
| 2 | New York Life | $33.5 billion | 5.42% |
| 3 | Nationwide | $30.0 billion | 4.85% |
| 4 | MassMutual | $28.9 billion | 4.67% |
| 5 | AIG | $28.7 billion | 4.65% |
| 6 | Prudential | $26.1 billion | 4.22% |
| 7 | Equitable | $25.1 billion | 4.06% |
| 8 | Lincoln Financial | $23.9 billion | 3.87% |
| 9 | Jackson National | $23.0 billion | 3.72% |
| 10 | Allianz | $22.6 billion | 3.65% |
Source: NAIC Top 25 Life/Fraternal groups, Annuities, 2025 data. Industry total $618.3 billion.
Apollo Global Management, through its Athene insurers, tops the annuity table, ahead of New York Life and Nationwide (NAIC).
Largest life, annuity and health insurers combined
Adding life, annuity and accident and health premiums on the life statement gives a $1.06 trillion market (NAIC).
| Rank | Insurance group | Total premiums (life, annuity, A&H) | Market share |
|---|---|---|---|
| 1 | UnitedHealth | $61.1 billion | 5.75% |
| 2 | CVS Health (Aetna) | $61.1 billion | 5.75% |
| 3 | New York Life | $52.4 billion | 4.94% |
| 4 | MetLife | $45.0 billion | 4.24% |
| 5 | Prudential | $41.0 billion | 3.86% |
| 6 | MassMutual | $38.8 billion | 3.66% |
| 7 | Nationwide | $37.7 billion | 3.55% |
| 8 | Lincoln Financial | $36.9 billion | 3.48% |
| 9 | Apollo (Athene) | $36.8 billion | 3.47% |
| 10 | AIG | $32.9 billion | 3.10% |
Source: NAIC Top 25 Life/Fraternal groups, all lines, 2025 data. Industry total $1.06 trillion.
Best Firms' take
For other ranked lists of US companies, see the Fortune 500 companies list, the largest banks in the US and the largest companies by market cap.
FAQ
What is the largest insurance company in the US?
State Farm, with $115.3 billion in property and casualty direct premiums written in 2025, a 10.39% market share. Source: NAIC.
What are the 10 largest insurance companies in the US?
1. State Farm ($115.3 billion), 2. Progressive ($84.2 billion), 3. Berkshire Hathaway (GEICO) ($64.5 billion), 4. Allstate ($59.5 billion), 5. Travelers ($43.2 billion), 6. Liberty Mutual ($42.3 billion), 7. USAA ($38.5 billion), 8. Chubb ($35.3 billion), 9. Farmers Insurance ($29.6 billion), 10. Zurich ($18.9 billion). Ranked by 2025 property and casualty premiums. Source: NAIC.
What is the largest car insurance company in the US?
State Farm, with $69.2 billion in private passenger auto premiums (18.64%). Progressive is a close second at $69.0 billion (18.60%). Source: NAIC.
What is the largest life insurance company in the US?
New York Life, with $15.6 billion in life insurance premiums in 2025 (7.40% share), ahead of Northwestern Mutual and MetLife. Source: NAIC.
How big is the US insurance industry?
Is GEICO bigger than State Farm?
No. GEICO is part of Berkshire Hathaway, which ranks No. 3 at $64.5 billion in property and casualty premiums. State Farm is No. 1 at $115.3 billion. Source: NAIC.
How often is this ranking updated?
Once a year. NAIC publishes the prior year's top 25 market share data in spring as annual statements arrive, then fuller reports in summer. See the full NAIC 2025 market share report.
What to watch next
NAIC's 2026 data should land in spring 2027. Watch whether Progressive passes State Farm in car insurance, since the gap is now only $158 million.
If you're hiring actuaries, underwriters or engineers away from these insurers, Best Firms' hire pages cover the roles. Bookmark this page for the next annual ranking.
Cover photo: Lloyd's building, London, by mattbuck (Wikimedia Commons, CC BY-SA 4.0).
