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Property & Casualty Insurance Market Share

Report ID: GMI7113
Published Date: Jul 2024
Report Format: PDF

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Property & Casualty Insurance Market Share

State Farm Group and Berkshire Hathaway Inc. are the major companies in the market due to their extensive customer base, financial strength, and diverse portfolio of insurance products. State Farm is known for its wide range of insurance offerings and a vast network of agents, while Berkshire Hathaway through GEICO, its subsidiary, is a leader in auto insurance. Their financial stability, innovations, and customer trust solidify their prominent positions in the P&C insurance industry.

Property & Casualty Insurance Market Companies

The major companies operating in the property & casualty insurance industry are-

State Farm Group
Berkshire Hathaway Inc.
Progressive Corporation
Allstate Corporation
Liberty Mutual Insurance
Travelers Companies Inc.
Chubb Limited

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of property & casualty insurance reached USD 1.8 trillion in 2023 and is set to witness over 5.5% CAGR between 2024 and 2032, owing to the rising rate of urbanization along with the higher insurance coverage on properties, homes, commercial enterprises, and vehicles.

The agency distribution channel segment held over 38% of the market share in 2023, attributed to the rising expansion of digital channels.

North America recorded over 30% of the market share in 2023, due to the presence of robust insurance sector, high urbanization rates, and the strong focus on risk management.

Some of the prominent property & casualty insurance companies are State Farm Group, Berkshire Hathaway Inc., Progressive Corporation, Allstate Corporation, Liberty Mutual Insurance, Travelers Companies Inc., and Chubb Limited.