Property and casualty insurance plays a vital role in making sure that businesses and individuals have sufficient financial protection against a wide range of risks. Insuring against these risks has many positive implications. When businesses and individuals have P&C insurance required by contracts, they remain compliant with regulatory obligations, apart from having sufficient protection from ruinous liability.
When businesses and individuals can cushion the blows of unexpected perils, recover from them, and are able to guarantee a degree of continuity, this has wide implications for the economy. Businesses that recover after a disaster can continue to pay workers who have mortgages. In turn, they can keep paying state and federal taxes.
That's why it’s crucial for brokers to know what the top 10 property and casualty insurance companies in the US are and recommend their products to clients. P&C insurance helps keep the economy running.
The following are the largest property and casualty 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.
Retired farmer George J. Mecherle founded State Farm Insurance in 1922. The company’s original purpose was to offer affordable auto insurance to farmers in Illinois, since they were perceived as low-risk drivers. State Farm was originally named State Farm Mutual Automobile Insurance Company, and it began as a mutual insurer owned by its policyholders, offering mainly auto insurance for farming vehicles.
By the mid-1930s, State Farm extended its coverage beyond auto insurance to include homeowners’ and property insurance. This marked its first venture into P&C insurance and quickly established itself as one of the top auto insurance companies in the country. State Farm remains the largest property and casualty insurance company in the US today.
As the number one P&C insurance company in the US, State Farm offers a wide range of top-performing products. Its portfolio includes:
Auto Insurance
State Farm provides coverage for passenger vehicles, including liability, collision, comprehensive, and uninsured motorist protection. Auto insurance remains State Farm’s dominant product line by premium volume.
Homeowners’ Insurance
This product protects homeowners against risks like fire, theft, and natural disasters. State Farm’s homeowners’ insurance covers both the structure and the policyholder’s personal belongings. It also comes with liability insurance for accidents occurring on the property.
Renters’ insurance
Made for tenants, this coverage provides protection for personal property and liability protection.
Condo insurance
This is like homeowners’ insurance but tailored for condo owners. Condo insurance covers personal property, interior damage, and liability.
Watercraft insurance
This is insurance for boats and other types of watercrafts, protecting against physical damage and liability.
Progressive Insurance can trace its origins back to 1937 in Ohio and was originally called Progressive Mutual Insurance Company. Founded by Joseph Lewis and Jack Green, the company was created with the aim of providing affordable, accessible coverage to vehicle owners – particularly to those who were underserved by existing auto insurers.
In 1956, Progressive quickly innovated in the P&C sector by introducing industry firsts like drive-in claims services and later specialized in insuring high-risk drivers via its Progressive Casualty Insurance. This early focus on innovative auto insurance products laid the foundation for Progressive’s growth into one of the largest and most recognized US auto insurers.
As major industry player, Progressive Insurance offers a wide range of property & casualty insurance products in the US, including:
Homeowners’ insurance
As with most homeowners’ insurance policies, this protects the home and the policyholder’s personal items from perils like fire, storms, and floods. This also includes personal liability cover for third-party injuries or property damage occurring within the property's premises.
Auto insurance
This covers bodily injury liability, property damage liability, collision, and comprehensive coverage for vehicles. It protects against events like accidents, theft, vandalism, and damage due to bad weather.
Renters' insurance
This provides cover for personal property and liability protection for tenants.
Condo insurance
This is very similar to homeowners’ insurance, but the main difference is that coverage is for condo unit owners. Condo insurance, like homeowners’ insurance, covers the condo unit, its contents, and liability for accidental damage or injury that occurs within the condo unit.
Commercial insurance
This type of insurance offers business coverage, including general liability, professional liability, property insurance, and workers' compensation. Commercial insurance is a comprehensive package designed to protect business assets and operations, as well as help businesses recover from covered events.
The United Services Automobile Association (USAA) was founded in 1922 by 25 US Army officers in San Antonio, Texas. They decided to self-insure each other’s automobiles, since it was difficult to procure auto insurance, since their jobs required them to relocate frequently.
Originally known as the US Army Automobile Association, the USAA began offering P&C insurance focused on auto insurance for army officers exclusively. Then two years later, the organization expanded to include officers from the Navy and Marine Corps, changing its name to the United Services Automobile Association.
The USAA was first to offer a member-owned reciprocal insurance model, providing reliable and economical auto insurance to military service members. This laid the foundation for the USAA’s growth into the top property and casualty insurer in the US for active military service members, veterans, and their families.
The USAA’s most popular P&C products include:
Auto insurance
This is comprehensive coverage for vehicles and includes liability, collision, and comprehensive protection. USAA is highly rated for its customer satisfaction and offers military-focused benefits and discounts. There are a couple of unique auto insurance programs from USAA, namely:
SafePilot
This is a special safe driving program that gives USAA auto insurance policyholders a 10 percent discount upon enrollment. SafePilot enrollees can also get up to 30 percent off premiums if the mandatory mobile driving app finds that they are practicing good driving habits.
SafePilot Miles
This is a mileage-based driving program suitable for drivers who don’t drive as often. Those enrolled in SafePilot Miles can get up to 20 percent savings for lower mileage and an earned driving discount of up to 20 percent off their premiums for practicing safe driving. SafePilot Miles also requires participants to install a proprietary app on their mobile phones.
Homeowners' insurance
This policy protects the dwelling, other structures, personal property, and provides liability coverage. USAA offers robust coverage options, including replacement cost coverage and tailored policies for military families.
Renters' insurance
This covers personal belongings and liability for military service members renting homes or apartments, with flexible coverage limits.
Condo insurance
This is a lot like homeowners’ insurance but meant for condominium unit owners. Condo insurance covers the condo unit’s interiors, as well as providing cover for the property itself and liability for incidents that occur within the property.
But unlike homeowners’ insurance, this does not cover the building’s exterior or common areas, which are insured under the condo associations’ master policy.
Other P&C insurance products
USAA also offers specialty coverages like watercraft insurance and commercial auto insurance, catering especially to military members and their families.
Berkshire Hathaway first entered the property and casualty insurance market in 1967 with its acquisition of National Indemnity Company and National Fire & Marine Insurance Company. This also marked its shift from textiles to insurance under Warren Buffett’s leadership.
Over time, BH expanded its insurance operations via multiple subsidiaries like Berkshire Hathaway Homestate Companies (BHHC), which started over 50 years ago as a group of regional personal lines insurers. Today, Berkshire Hathaway is among the top property and casualty insurers in the US. The conglomerate is known for its strong financial stability, diverse insurance offerings, and ownership of prestigious industry players like GEICO.
Berkshire Hathaway offers a wide range of P&C insurance products through its subsidiaries, namely:
Key P&C products from these companies include:
Liberty Mutual Insurance Group was founded in 1912. Originally called the Massachusetts Employees Insurance Association (MEIA), it was created in response to a 1911 law in that state to provide workers’ compensation insurance.
In 1914, Liberty Mutual opened its first branch office and wrote its first automobile insurance policy. Three years later, MEIA changed its name to Liberty Mutual Insurance Company and expanded its product portfolio to include full-coverage auto insurance.
Over the decades, Liberty Mutual grew from a regional workers’ compensation insurer into one of the top 10 property and casualty insurers in the US. By 1937, Liberty Mutual had established offices across America, offering a wide range of personal and commercial insurance products, and it still does so today.
Liberty Mutual offers a wide range of P&C insurance products, including:
Homeowners’ insurance
This protects the home’s structure, the policyholder's personal belongings, and provides liability coverage. Policies can be customized to have add-ons like water backup, hurricane damage, and inflation protection.
Condo insurance
As with homeowners’ insurance, condo insurance covers the interior of the property, personal possessions, and additional living expenses if the condo owner is displaced.
Renters’ insurance
This covers personal property and liability for tenants against theft, fire, and certain weather-related damage.
Commercial property insurance
This protects business properties from damage or loss due to fire, theft, natural disasters (like floods), and business interruptions.
Flood insurance
This policy covers damage from floods, which is not covered by homeowners’ policies.
Business owners in flood-prone areas should keep in mind that the US is projected to remain the biggest market for flood insurance.
Commercial casualty insurance
This includes general liability, excess and umbrella liability, professional liability (E&O), directors’ & officers' liability, and workers' compensation insurance.
Specialty insurance
This covers niche areas like construction, environmental liability, and risks for a public entity.
Allstate was founded in 1931 as a subsidiary of retail giant Sears, Roebuck & Co., initially offering auto insurance via direct mail and the Sears catalog. The company was named after Sears’ tire brand, Allstate. Originally, the company aimed to provide affordable car insurance during the Great Depression.
Allstate expanded quickly, opening its first sales office in a Sears store in 1934 and growing its customer base as car insurance laws spread across the country. Over time, Allstate evolved into one of the largest and most well-known property and casualty insurers in America. To date, Allstate still uses its long-running slogan, "You’re in good hands with Allstate.”
Allstate’s key property and casualty line includes auto, homeowners', condo, renters', and flood insurance. These types of P&C insurance are standard offerings and have a lot in common with the products of other insurers. Other more unique P&C insurance products from Allstate include:
Flood insurance
This is available through the National Flood Insurance Program (NFIP) to protect against flood-related damages, which are typically not covered by standard homeowners’ policies.
Landlord insurance
This provides coverage for property owners renting out homes or apartments, including property damage and liability protection.
Personal umbrella policy
This offers additional liability coverage beyond the limits of the auto or homeowners’ policies for large claims or lawsuits.
Commonly known as Travelers, the Travelers Companies Inc is one of the top 10 property and casualty insurers in the US. Founded in 1864 by James G. Batterson in Hartford, Connecticut, Travelers introduced accident insurance to the US market. Travelers wrote their first auto insurance policy in 1897, becoming one of the earliest insurers to get into auto insurance.
Over time, Travelers broadened its P&C portfolio to include liability, aviation, and commercial insurance, making it a diversified, multi-line insurer with a strong US presence. Its long history of innovation and financial strength has ranked it among the largest and most respected P&C insurance businesses in America.
Apart from the standard homeowners, renters, condo, commercial property, and workers' compensation insurance, Travelers offers the following P&C policies:
Chubb & Son was the first iteration of the Chubb Limited Group. Founded in 1882 by Thomas Caldecot Chubb and his son Percy, Chubb started as a marine insurance underwriting firm in New York City.
The company engaged in insuring ships and cargo, marking the beginning of their P&C insurance offerings in the US.
Over the next few decades, Chubb & Son expanded its coverage to include fire, liability, and other P&C insurance lines. With their strong relationships with brokers and clients, Chubb & Son grew into a leading P&C insurer known for its financial strength and innovative risk management. In 1967, Chubb & Son was renamed the Chubb Corporation. Then in 2016, Chubb was acquired by ACE Limited but kept the name, continuing its legacy as a global P&C company.
Chubb offers standard commercial property insurance but also offers several P&C insurance policies. Their product portfolio includes:
Farmers Insurance Group was founded in the year 1928 by John C. Tyler and Thomas E. Leavey. They put up the company based on the belief that farmers and rural drivers deserved affordable auto insurance, since they were low-risk compared to their urban counterparts. With this belief, they started with the Farmers Automobile Inter-Insurance Exchange in Los Angeles to offer affordable auto insurance specifically for this underserved market.
The company issued its first policy almost immediately after its founding, insuring a 1928 Cadillac Phaeton. As time passed, Farmers expanded beyond its auto insurance roots to include a wide range of P&C insurance products. It soon became one of the largest insurers in the US, with a strong focus on personalized service provided by a network of agents.
Specialty home insurance
This includes coverage for mobile and manufactured homes, landlord and rental properties, seasonal and vacation homes, and flood insurance via the National Flood Insurance Program.
Business insurance
This offers liability insurance, along with property, commercial auto, and workers’ compensation insurance for small to medium-sized businesses across a wide range of industries.
Recreation insurance
This applies to recreational vehicles like boats, ATVs, RVs, and travel trailers.
Commonly referred to as AmFam, American Family Insurance was founded in 1927 by Herman Wittwer in Wisconsin. Originally named Farmers Mutual Automobile Insurance Company, it began by offering auto insurance specifically for farmers, whom Wittwer considered to be low-risk drivers.
Over the years, the company grew and changed its name to the American Family Mutual Insurance Company in 1963 to reflect its expanded product range and customer base. Today, American Family Insurance is one of the top property and casualty insurance companies in the US. It offers a wide range of commercial and personal insurance products.
This insurer provides the standard homeowners’, renters', condos, and auto insurance. However, AmFam has some distinct P&C insurance products that include:
Read next: What American Family Insurance rating says about its performance
Given that your client has their pick of the top 10 property and casualty insurance companies in the US and their products, how do you know which one is best for them? Don't rely on market share alone – the trick is to consider these other factors:
Research the insurer’s reputation, which can be gleaned from customer reviews and their complaint history. Insurance rating companies like A.M. Best and S&P Global Ratings that provide info on insurers like premiums written can give you a good overview of an insurer’s financial stability and strength.
Checking stats like these can be crucial to determining whether the insurer has the capacity to pay out claims. Read about insurance ratings companies and their importance to help you choose the right P&C insurer.
Ensure that the insurer’s policy provides adequate coverage for your client’s assets and liabilities without having to pay more or underinsure. Understand the coverage and be certain of any exclusions.
Be sure to balance deductible amounts with premium affordability. Higher deductibles can lower premiums, but this will require your client to pay more out-of-pocket when making claims. Get to know more about deductibles in our detailed guide.
Check if the insurer offers bundling options, safety feature discounts, or any specialized endorsements or rewards programs that fit your clients' needs.
Consider whether the insurer offers products suitable for your client’s particular needs and specific risks. For example, if your client owns and operates a farming business, does the insurer offer agricultural coverage or other relevant products?
Be sure to choose an insurer that is known to give fair, prompt, and straightforward claims handling procedures, as this can impact your client during stressful times.
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