Property and casualty insurance providers across the country wrote more than $797 billion in premiums in 2021, generating about $767 billion in earned premiums, the latest industry report from the National Association of Insurance Commissioners’ (NAIC) has revealed.AutoPropertyWorkers' CompensationLiabilityMarineLife & HealthInsurance Industry
These figures represent a 9.5% and 7.5% rise, respectively, from the previous year.
The nation’s 10 largest P&C insurance companies command almost half (47%) of the market, with the top 25 insurers accounting for two-thirds of the overall share.
Direct written premiums (DWP) from these insurance providers reached almost $517 billion at the end of last year, while earned premiums slightly exceeded $488 billion.
Industry behemoth State Farm remains the largest property and casualty insurer in the US, controlling almost 9% of the market and writing more than $70.3 billion in premiums. The Bloomington, Illinois-headquartered insurance giant’s DWP is almost $19 billion more than that of Berkshire Hathaway, which sits on second place.