How Big is the Property Casualty Market? | WaterStreet Company (2024)

FAQs

How big is the P&C industry? ›

In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022.

The global market for insurance was valued at $9.8 trillion in 2021 and is estimated to grow from $5.6 trillion in 2022 to $9.8 trillion 2027, with a compound annual growth rate (CAGR) of 12% for the period of 2022-2027.

1. State Farm. State Farm is the industry's biggest player, both in the US and overseas. The Bloomington, Illinois-based P&C insurance giant wrote almost $78 billion worth of premiums in the past year.

What is the market size of the Homeowners' Insurance industry in the US? The market size of the Homeowners' Insurance industry in the US is measured at $147.8bn in 2023.

The United States is the largest insurance market globally by a wide margin. In 2022, the. China was the second largest market, though the U.S. market was more than four times the size of the Chinese market. The UK, Germany, Japan, and France were the next largest OECD insurance markets after the United States.

Despite this, the P&C insurance industry recorded a modest improvement in statutory underwriting performance and slight growth in net earnings for 2023, with a combined ratio (CR) of 101.6% and a return on surplus (ROS) of 3.7%, which is below historical norms.

Rate increase, capacity improvement variations

Alera Group's recent P&C Market Outlook shows that prices will continue to go up in 2024, with most lines of business likely to experience a 1%-10% increase.

What Is Market Sizing? The "market size" is made up of the total number of potential buyers of a product or service within a given market, and the total revenue that these sales may generate.

We forecast industry ROE of 9.5% in 2024 and 10.0% in 2025. Personal lines are the anticipated key driver of growth this year; commercial lines are bifurcated, with strong property growth offset by weak liability growth.

There are 927,600 licensed agencies and brokers working in the US. 2023 totals show 902,500 life and health insurance agents and 686,300 property/casualty insurance agents. On average, 57.9% of first-time insurance exam takers pass the test.

Who is the #1 insurance company in the USA? ›

State Farm is the biggest auto insurance company in the country by market share, while Progressive, Geico and Allstate are the next three.

The term property and casualty insurance typically contains two primary coverage types: liability coverage and property protection coverage.

According to Statistica, the market size for P&C and Direct insurance is at an all time high, up to $843.63 billion, and up by $22 billion from the previous year in 2023.

State Farm

State Farm is the largest home insurance company in the U.S. The company collected close to 18% of dollars spent on homeowners insurance premiums in the country — double that of its closest competitor.

Travelers is the most expensive homeowners insurance company for $200,000, $350,000, $500,000 and $750,000 dwelling coverage amounts. Rates vary significantly among companies because they each have their own formulas for pricing. That means it's vital to comparison shop homeowners insurance quotes when buying a policy.

The U.S. individual health insurance market size was estimated at USD 1.60 trillion in 2022 and is expected to reach USD billion 1,684.8 in 2023.

We forecast industry ROE of 9.5% in 2024 and 10.0% in 2025. Personal lines are the anticipated key driver of growth this year; commercial lines are bifurcated, with strong property growth offset by weak liability growth.

Market Overview:

The United States commercial insurance market size reached US$ 277.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 470.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.02% during 2024-2032.