For farmers in the United States, crop insurance is considered as a critical financial safety net, serving as protection against natural disasters and market volatility that threaten their farm operations. When devastating floods, relentless droughts, or sudden price fluctuations strike, these policies provide farmers with some level of security against financial ruin.
Farmers access comprehensive coverage options including multi-peril crop insurance and specialized policies for specific risks like hail damage through a combination of federal programs and private insurers.
As challenges intensify in the agricultural scene, understanding the key players in this sector becomes increasingly important for farmers, policymakers, and industry stakeholders.
The following are the largest crop insurance companies in the US, based on market share data taken from our IB Data Hub platform. You can see this data for yourself, and much more, in this data resource with options to filter by state, year, and other lines of business.
Market share: 28 percent
Direct premiums written: $3.8 billion
Sydney-based International insurer QBE Insurance Group (QBE) has focused on portfolio management strategies to enhance resilience and reduce volatility across its diverse insurance offerings. The Sydney-based insurer demonstrated strong financial performance in 2024, reporting $1.78 billion in net profit and achieving a 93.1% combined operating ratio.
QBE provides multi-peril crop insurance with comprehensive protection against agricultural perils including hail and drought through its subsidiary, NAU Country Insurance Company (NAU Country). The company offers tailored coverage plans such as yield protection and revenue protection, operating as a Federal Crop Insurance Corporation (FCIC)-backed insurer. NAU Country provides dedicated support services for both farmers and insurance agents.
Market share: 21 percent
Direct premiums written: $2.8 billion
Chubb is also considered a large crop insurance company in the US. In 2024, the group achieved record-breaking financial results with net income reaching $9.27 billion and core operating income of $9.20 billion.
Operating across 54 countries, Chubb’s total consolidated net premiums written reached $51.5 billion, with global property and casualty business growing 9.6 percent and life insurance expanding 15.7 percent. The company maintained a strong full-year property and casualty combined ratio of 86.6 percent.
Chubb Agribusiness offers comprehensive Farm and Ranch programs designed for diverse agricultural operations of all sizes. Their customized coverage protects farm personal property, including unharvested products, with specialized options for orchards and vineyards against fire and windstorm damage.
The company also provides:
Policies include protection against fire, lightning, windstorms, hail, explosion, and theft.
Chubb is a multiple awardee across different categories in our Best Insurer for Claims in the USA 2024 awards.
Market share: 18 percent
Direct premiums written: $2.5 billion
Sompo Holdings Inc. operates globally with 75,000 employees across 46+ countries. It reported total assets of $98 billion as of September 30, 2024.
The company entered the US crop insurance market through its subsidiary Sompo International Holdings (SIH), which acquired Diversified Crop Insurance Services in 2020. The acquisition resulted in the establishment of AgriSompo North America.
Through its AgriSompo platform, Sompo offers various federally subsidized crop insurance policies covering losses from natural disasters, drought, and disease. Their comprehensive offerings include:
AgriSompo provides both yield protection against physical losses and revenue protection against price declines. It also offers specialized products like Whole-Farm Revenue Protection (WFRP) and Supplemental Coverage Option (SCO).
Market share: 14.75 percent
Direct premiums written: $2 billion
American Financial Group (AFG) reported solid first-quarter 2025 results with $154 million in net earnings and a 13 percent return on equity, returning $292 million to shareholders.
The company’s specialty property and casualty operations recorded a 94 percent combined ratio due to higher catastrophe losses. The property and casualty group, meanwhile, achieved 7 percent average renewal rate increases despite slightly lower premiums.
AFG, operating through Great American Insurance Group, stands as a leading US-owned crop insurance provider with agricultural insurance experience dating to 1915.
The company offers specialized coverage including multi-peril crop insurance, crop-hail, and named peril policies. These products help farmers mitigate risks from weather events, pests, and price fluctuations while ensuring income stability through participating in the USDA’s Federal Crop Insurance Program.
Market share: 13 percent
Direct premiums written: $1.8 billion
Farmers Mutual Hail Insurance Group (FMHIG) pursued strategic expansion throughout 2024, acquiring Global Ag Insurance Services in April to strengthen its presence in western US specialty crop markets.
The company, also considered among the largest crop insurance companies in the US by market share, continued its growth trajectory in February 2025 by acquiring Palliser Insurance, a Canadian crop insurer.
AM Best affirmed FMHIG’s A- (Excellent) credit rating in September 2024, confirming the company’s financial stability.
Founded in 1893, FMHIG offers comprehensive risk management solutions. Their product portfolio includes federal multi-peril crop insurance, private crop-hail coverage, and various endorsements.
The company has set intentions to protect farmers against losses from natural disasters, price fluctuations, and specific perils like hail and fire. It often incorporates precision agriculture data to enhance coverage effectiveness.
Market share: 1.4 percent
Direct premiums written: $187.5 million
Iowa Farm Bureau Group navigated challenging market conditions in 2024 as net US farm income declined to $140.7 billion (around a 4 percent decrease), primarily due to a $25 billion reduction in corn and soybean receipts.
The insurer saw severe impacts with net farm income dropping nearly 20 percent to around $8.1 billion, despite falling operational expenses partially offsetting a $3.7 billion decline in crop receipts.
Despite market challenges, the company maintains diverse crop insurance offerings to protect farmers from natural disasters and market volatility. Their products include:
With increased federal subsidies available for 2025, farmers can customize policies to ensure revenue stability and comprehensive risk management.
Market share: 0.92 percent
Direct premiums written: $124.8 million
COUNTRY Financial demonstrated strong financial stability in 2024, earning an A+ (Superior) rating from AM Best for its life and mutual insurance companies.
Also considered a large crop insurance company in the US based on market share, COUNTRY Financial achieved recognition on the Fortune 1000 list at #675. NerdWallet awarded COUNTRY Financial a five-star rating for home insurance in September 2024.
COUNTRY Financial provides comprehensive agricultural protection, primarily serving Illinois with availability in Indiana, Iowa, Missouri, Minnesota, and Wisconsin.
Their offerings include federal multi-peril crop insurance for yield or revenue losses due to natural disasters, and crop hail insurance powered by GrainGuard technology protecting against hail, lightning, fire, vandalism, aircraft damage, and vehicle strikes.
The company also provides specialized endorsements including replant, wind, and green snap coverage.
Market share: 0.77 percent
Direct premiums written: $104.7 million
Palomar Holdings reported exceptional first-quarter 2025 performance with net income surging to $43 million from $26.4 million in the previous year’s first quarter. The company achieved robust growth with gross written premiums increasing 20 percent to $442.2 million, making it to the list of largest crop insurance companies in the US. It has maintained an “A” (Excellent) financial strength rating from AM Best.
The company is expanding its crop insurance presence through strategic acquisitions, including Advanced AgProtection (AAP) in March 2025, strengthening its position in the competitive US crop insurance market.
Palomar participates in the multi-peril crop insurance program through its public-private partnership with the USDA’s Risk Management Agency, providing coverage for over 130 different crops alongside livestock and specialized private product crop solutions.
Market share: 0.75 percent
Direct premiums written: $101.7 million
American Agricultural Insurance Company (AmericanAg) delivered strong 2024 results with net income reaching $81.6 million, an increase from $-.8 million in 2023.
AmericanAg operates as a large USDA-authorized crop insurance company, offering federally backed multi-peril crop insurance and federal livestock insurance products such as Dairy Revenue Protection.
The company offers innovative private products and crop-hail insurance plans, tapping into Farm Bureau insurance companies and independent agents for distribution. Their comprehensive approach includes commodity-specific plans for both yield and revenue protection, serving diverse agricultural operations nationwide.
Market share: 0.47 percent
Direct premiums written: $64 million
AXA Group reported strong 2024 performance with gross written premiums and other revenues reaching €110 billion, representing an 8 percent increase from 2023.
The company achieved underlying earnings per share growth of 8 percent to €3.59, with expansion across property and casualty, life and health, and asset management sectors. This demonstrates the effectiveness of AXA’s focused insurance strategy and robust financial foundation.
AXA XL’s Global Ag Insurance Services participates in the Federal Crop Insurance Program while offering multi-peril and named peril policies throughout North America. The company develops innovative parametric insurance solutions, including programs protecting farmers in regions like the Democratic Republic of Congo against climate risks such as drought and excessive rainfall.
When examining crop insurance coverage, it becomes clear that the largest crop insurance companies consistently provide a similar set of key features:
Almost all largest crop insurance companies are approved providers for the USDA’s federally backed multi-peril crop insurance. This core offering shields farmers from a broad spectrum of natural perils, such as drought, excessive moisture, disease, and prevented planting, demonstrating its critical role in risk management.
The largest crop insurance companies universally provide both yield protection and revenue protection policies.
Yield protection protects against physical yield losses. Revenue protection, meanwhile, offers a broader safety net, covering revenue drops due to either lower yields or declining market prices. It’s a crucial feature for volatile commodity markets.
Beyond federal programs, the largest crop insurance companies offer private crop-hail insurance. This supplemental coverage targets damage from hail and often includes fire, providing localized, acre-by-acre protection that complements broader federal policies. Many also offer specialized products, tailored for unique crops or risks.
The largest crop insurance companies are increasingly integrating advanced tools and data, such as precision agriculture insights, to enhance coverage effectiveness and provide tailored risk management solutions. This forward-thinking approach ensures farmers receive comprehensive support against both environmental and economic challenges.
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