AM Best: State Farm continues to lead P&C insurers; Progressive moves to No. 2
State Farm continues to lead U.S. property and casualty insurers with the most net premiums written in 2025, according to AM Best’s review of the industry.
The company made $113.79 billion in net premiums written in 2025, a 5.6% increase from 2024, the review finds.
Progressive passed Berkshire Hathaway Insurance, which includes GEICO, for the second place position with $83.15 billion in net premiums written, an increase of 11.7%.
Berkshire Hathaway made $80.97 billion in 2025, an increase of 0.8%.
The review also found that Hartford Insurance Group moved into the top 10 rankings after being 12th last year. The company brought in $17.7 billion in 2025, up 7.3% from 2024.
American Family Insurance Group previously held the 10th position on the list.
The largest jump on the list was made by Axis U.S. Operations, which climbed from 219 in 2024 to the 80th position in 2025. It had a 448.6% increase with $1.37 billion in net premiums last year.
Tesla Insurance Group also climbed the chart with a 222.4% increase and $1.04 billion in net premiums written. It moved from No. 192 to No. 102.
Citizens Property Insurance Corp. witnessed the biggest decrease in the rankings, falling from 55th to 136th. It decreased 76.6% with $632.8 million in net premiums written.
BAMR U.S. PC Group also fell from 56th to 63rd on the list with a 27.7% decrease in net premiums written to $1.9 million.
The top 10 P&C insurance companies include:
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- State Farm Group $113.7 billion
- Progressive Ins Group $83.1 billion
- Berkshire Hathaway Ins $80.9 billion
- Allstate Ins Group $56.7 billion
- Travelers Group $42.1 billion
- USAA Group $37.5 billion
- Liberty Mutual Ins Cos $37.2 billion
- Chubb Ins Group $27.5 billion
- Farmers Ins Group $21.5 billion
- Hartford Ins Group $17.7 billion
In May, S&P Global Market reported that State Farm lost its position as the No. 1 auto insurer on a 12-month basis to Progressive.
Progressive wrote more private direct premiums for the trailing 12-month period ending March 31 than any other auto insurer, S&P says.
It wrote more than State Farm by over $1.57 billion, based on S&P’s analysis of disclosures in Q1 2026 statutory financial statements and select, limited proprietary estimates.
“This marks the first time that Progressive’s market share over a 12-month span has surpassed that of State Farm, which had ranked as the No. 1 U.S. private auto insurer since 1942 — five years before Progressive’s founding,” an article from S&P’s Market Intelligence says.
Progressive surpassed GEICO to take the No. 2 position for auto insurance in 2022, the report says. GEICO took the position from Allstate in 2013.
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