U.S. property/casualty premiums rise in first quarter as Farmers posts fastest growth

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U.S. property/casualty premiums rise

Highlights

Farmers Insurance Group posts the fastest premium growth among top U.S. property/casualty writers, up 15.9% to $5.68 billion in Q1 2026.
State Farm Group remains the largest U.S. property/casualty insurer with net premiums written rising 2% to $27.86 billion; Allstate premiums decline 0.2% to $13.84 billion.
Underwriting profitability improves sector-wide, with Farmers' post-dividend combined ratio dropping to 74.8 and State Farm's improving to 111.4 from 118.6.

First-quarter insurer rankings and underwriting trends

As reported by AM Best's Best's Rankings report, premium growth extends across nearly all of the 10 largest U.S. property/casualty writers in the first quarter of 2026. The ranking is based on submissions from affiliated and unaffiliated U.S. companies and licensed foreign insurers that submit three-month statutory statements to AM Best by June 10.

Farmers Insurance Group records the strongest growth among the top writers, with net premiums written rising 15.9% to $5.68 billion. That performance makes Farmers the ninth-largest U.S. property/casualty insurer in the quarter, and its post-dividend net combined ratio improves to 74.8 from 99.8.

Net premiums written increase for each of the 10 largest writers except Allstate Insurance Group, where they decline 0.2% to $13.84 billion. State Farm Group remains the largest writer, with net premiums written up 2% to $27.86 billion, while Progressive Insurance Group holds the No. 2 position as net premiums written increase 6.5% to $23.64 billion.

Market implications for U.S. property/casualty carriers

Underwriting results also show a broader improvement in operating conditions for the sector. State Farm's post-dividend combined ratio improves to 111.4 from 118.6 in the prior-year period, although it remains the only top-10 writer and one of two top-20 writers with a ratio above 100.

Progressive's post-dividend combined ratio worsens slightly to 84.8 from 84.4 a year earlier, but it stays well below the 100 threshold that generally marks underwriting profitability. The three-month 2026 financial results report also includes admitted assets, policyholder surplus, percentage changes and associated ratios, offering a broader view of balance sheet and operating trends across the U.S. property/casualty market.

Our previous coverage of Pinnacle Bancorp’s credit rating surveillance update noted that all key ratings and outlooks were affirmed and kept Stable across the parent company and its subsidiary banks. The review highlighted that the unchanged assessments point to no material shift in perceived credit risk, supporting continuity for funding access and broader confidence in the regional banking group’s credit standing.

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