New Report Reveals Top 10 Largest Homeowners Insurance Companies in the US for 2025

America’s property and casualty (P&C) insurance industry is competitive, with standings frequently shifting.

Thanks to a new report by Insurance Business’s IB+ Data Hub, however, we know the top 10 largest property and casualty insurance companies in the United States for 2025.

The property and casualty (P&C) insurance marketplace includes companies offering homeowners insurance, business insurance, liability insurance, and other products.

According to a new report from IB+ Data Hub, the top 10 largest P&C insurers in the United States for 2025 include:

1. State Farm (12.81% market share)
2. Progressive (6.18% market share)
3. USAA (4.46% market share)
4. GEICO / Berkshire Hathaway (4.35% market share)
5. Liberty Mutual (4.28% market share)
6. Allstate (3.93% market share)
7. Travelers (3.9% market share)
8. Chubb (3.56% market share)
9. Farmers (2.94% market share)
10. American Family (2.1% market share)

How State Farm Became the Largest Insurer in the United States

Originally known as State Farm Mutual Automobile Insurance Company, State Farm has grown to become America’s largest insurer, with twice the market share as the next leading company (Progressive, with 6.18% market share).

In 1922, State Farm founder George J. Mecherle believed farmers in Illinois were less risky to insure than the average driver, so he created an insurance company specifically for that demographic. As a mutual insurance policy, State Farm was owned by policyholders – not public shareholders.

Today, State Farm continues to be a mutual insurance company. While many of its competitors are public companies, State Farm is not. You can’t buy State Farm stock; it’s owned by its policyholders.

Of course, State Farm is far from a mom-and-pop shop. The company reported a net income of $5.3 billion in 2024 (a sharp turnaround from a net loss of $6.3 billion in 2023).

65% of State Farm’s premiums come from its auto insurance division. As the largest auto insurance company in the United States, State Farm covers millions of vehicles nationwide. In 2024, State Farm collected $67.5 billion in auto insurance premiums while paying $56.2 billion in claims and losses.

State Farm also offers homeowners insurance, renters insurance, condo insurance, watercraft insurance, and other property and casualty insurance products across the United States.

Who Will Take Down State Farm?

State Farm has been the largest property and casualty insurance company in the United States for many years.

In 2020, State Farm had a market share of around 9.7%. That market share has risen over the past four years. Today, roughly 1 in 8 Americans get property and casualty insurance through State Farm.

State Farm is even more dominant in the auto insurance space: roughly 1 in 5 vehicles in the United States are covered by State Farm – a number that has remained mostly stable since the mid-2000s.

With the next largest competitor, Progressive, holding less than half its market share, State Farm has a dominant position in the marketplace and has remained on top for decades.

To view the full report on the largest property and casualty insurance companies in the United States, visit Insurance Business.