Progressive rises to No. 2 in U.S. P/C premiums as 2025 rankings show double-digit growth
Competition among the largest U.S. property/casualty insurers is tightening as annual premium growth reshapes the industry ranking. Progressive Insurance Group moves ahead of Berkshire Hathaway Insurance in 2025 net premiums written, while overall U.S. property/casualty premiums climb to $983.06 billion.
Highlights
- Progressive Insurance Group rises to the No. 2 spot in U.S. P/C net premiums written after an 11.7% gain to $83.15 billion for 2025.
- State Farm Group retains the top position with $113.79 billion in net premiums written, up 5.6%, as overall U.S. P/C market premiums reach $983.06 billion.
- Axis U.S. Operations jumps from rank 219 to 80 with a 448.6% increase in net premiums written to $1.37 billion, highlighting uneven sector growth.
2025 ranking shifts among top insurers
As reported by AM Best, Progressive Insurance Group becomes the second-largest U.S. property/casualty writer by 2025 net premiums written after its premiums increase 11.7% to $83.15 billion.Berkshire Hathaway Insurance remains close behind, with net premiums written edging up 0.8% to $80.97 billion in the latest Best's Rankings report. State Farm Group keeps the top position, with net premiums written rising 5.6% to $113.79 billion, roughly in line with the broader industry's 4.7% increase.
The report tracks annual net premiums written for U.S. property/casualty writers, along with percentage changes from the prior year and each company's rank. Overall U.S. property/casualty net premiums written increase to $983.06 billion last year.
Growth patterns across the sector
Progressive is one of only six insurers in the top 50 to post a double-digit percentage increase in net premiums written. The other carriers in that group are No. 9 Farmers, No. 33 XL America Cos., No. 34 Sentry Insurance Group, No. 39 QBE North America Insurance Group and No. 47 NJM Insurance Group.Outside the largest groups, some specialty insurers and reinsurers record much sharper gains. Axis U.S. Operations, ranked No. 80 with $1.37 billion in net premiums written after previously sitting at No. 219, posts a 448.6% jump, highlighting how uneven premium growth remains across the U.S. property/casualty market.
Our earlier article on the May U.S. jobs report explained that payroll growth came in stronger than expected while the unemployment rate held steady at 4.3%. We also noted that the data supported a “slow-hire, slow-fire” labor market narrative and could give the Federal Reserve more room to keep interest rates unchanged despite lingering inflation and geopolitical uncertainty.
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