Facts + Statistics: Industry overview
Employment In Insurance, 2016-2025
| Insurance carriers | Insurance agencies, brokerages and related services | |||||||
|---|---|---|---|---|---|---|---|---|
| Direct insurers (1) | ||||||||
| Year | Life and health (2) |
Property/ casualty |
Reinsurers | Total | Insurance agencies and brokers |
Other insurance- related activities (3) |
Total | Total industry |
| 2016 | 818.9 | 643.5 | 25.3 | 1,487.7 | 783.5 | 321.5 | 1,105.0 | 2,592.7 |
| 2017 | 850.4 | 639.7 | 26.6 | 1,516.7 | 809.6 | 333.3 | 1,142.9 | 2,659.6 |
| 2018 | 882.8 | 629.5 | 28.6 | 1,540.9 | 825.6 | 346.2 | 1,171.8 | 2,712.7 |
| 2019 | 931.2 | 650.3 | 28.6 | 1,610.1 | 842.8 | 349.5 | 1,192.2 | 2,802.3 |
| 2020 | 945.6 | 653.9 | 27.6 | 1,627.1 | 856.5 | 352.3 | 1,208.8 | 2,835.9 |
| 2021 | 908.7 | 646.9 | 28.1 | 1,583.7 | 886.6 | 354.5 | 1,241.2 | 2,824.9 |
| 2022 | 900.9 | 684.9 | 30.2 | 1,616.0 | 934.8 | 367.2 | 1,302.0 | 2,918.0 |
| 2023 | 907.9 | 679.7 | 30.8 | 1,618.4 | 966.6 | 384.3 | 1,351.0 | 2,969.3 |
| 2024 | 903.7 | 682.9 | 31.0 | 1,617.6 | 996.1 | 385.7 | 1,381.7 | 2,999.3 |
| 2025 (4) | 888.3 | 699.3 | 30.4 | 1,618.0 | 1,003.0 | 392.4 | 1,395.3 | 3,013.3 |
(1) Establishments primarily engaged in initially underwriting insurance policies.
(2) Includes establishments engaged in underwriting annuities, life insurance and health and medical insurance policies.
(3) Includes claims adjusters, third-party administrators of insurance funds and other service personnel such as advisory and insurance ratemaking services.
(4) Preliminary.
Source: U.S. Department of Labor, Bureau of Labor Statistics.
A property/casualty insurer must maintain a certain level of surplus to underwrite risks. This financial cushion is known as “capacity.” When the industry is hit by high losses, such as a major hurricane, capacity is diminished. It can be restored by increases in net income, favorable investment returns, reinsuring more risk, and/or raising additional capital.
Property/Casualty Insurance Industry Income Analysis, 2020-2024
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Net premiums written | $655.8 | $715.7 | $778.2 | $857.9 | $918.6 |
| Percent change | 2.5% | 9.1% | 8.7% | 10.2% | 7.1% |
| Premiums earned | $643.0 | $689.8 | $748.7 | $821.7 | $888.5 |
| Losses and loss adjustment expenses incurred | 451.0 | 500.7 | 569.8 | 627.5 | 631.7 |
| Other underwriting expenses | 179.4 | 188.6 | 199.8 | 213.9 | 230.9 |
| Policyholder dividends | 7.7 | 4.6 | 3.3 | 3.6 | 4.2 |
| Net underwriting gain/loss | 12.1 | -0.4 | -22.4 | -20.3 | 26.2 |
| Net investment income | 53.5 | 56.1 | 71.5 | 72.7 | 86.7 |
| Miscellaneous income/loss | -1.9 | 0.1 | -1.5 | -2.8 | -2.9 |
| Operating income | 59.3 | 54.6 | 47.9 | 49.9 | 110.1 |
| Realized capital gain | 10.7 | 17.5 | -3.9 | 48.1 | 79.3 |
| Federal income tax | 8.7 | 9.1 | 6.1 | 11.0 | 19.6 |
| Net income after taxes | 61.3 | 63.0 | 37.9 | 87.0 | 169.8 |
Source: NAIC data, sourced from S&P Global Market Intelligence: Income Statement; Insurance Information Institute.
Top 10 Writers Of Property/Casualty Insurance By Direct Premiums Written, 2024
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | State Farm | $108,976,155 | 10.4% |
| 2 | Progressive | 75,884,809 | 7.3 |
| 3 | Berkshire Hathaway Inc. | 62,297,165 | 6.0 |
| 4 | Allstate Corp. | 55,859,006 | 5.3 |
| 5 | Liberty Mutual | 42,753,028 | 4.1 |
| 6 | Travelers Companies Inc. | 41,852,540 | 4.0 |
| 7 | USAA Insurance Group | 36,093,612 | 3.5 |
| 8 | Chubb Ltd. | 32,292,201 | 3.1 |
| 9 | Farmers Insurance Group of Companies | 28,288,709 | 2.7 |
| 10 | Zurich | 18,478,052 | 1.8 |
(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, excluding territories.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
Top 10 Writers Of Life/Annuity Insurance By Direct Premiums Written, 2025
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | MetLife Inc. | $114,534,965 | 9.3% |
| 2 | Equitable Holdings | 95,170,012 | 7.7 |
| 3 | New York Life Insurance Group | 76,120,380 | 6.2 |
| 4 | Athene Holding Ltd. | 54,287,584 | 4.4 |
| 5 | Prudential Financial Inc. | 47,609,525 | 3.9 |
| 6 | Massachusetts Mutual Life Insurance Co. | 44,580,803 | 3.6 |
| 7 | Nationwide | 42,844,641 | 3.5 |
| 8 | Pacific Life | 41,979,204 | 3.4 |
| 9 | Corebridge Financial Inc. | 39,089,278 | 3.2 |
| 10 | Western & Southern Financial Group | 38,781,454 | 3.1 |
(1) Includes life insurance, annuity considerations, deposit-type contract funds and other considerations; excludes accident and health insurance. Before reinsurance transactions.
(2) Based on U.S. total, excluding territories.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
Life/Annuity Insurance Income Statement, 2020-2024
| 2020 | 2021 | 2022 | 2023 | 2024 | Percent change, 2020-2024 (1) |
|
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Life insurance premiums | $141.6 | $159.1 | $163.1 | $121.4 | $172.8 | 42.4% |
| Annuity premiums and deposits | 301.2 | 290.2 | 350.6 | 360.8 | 432.2 | 19.8 |
| Accident and health premiums | 182.3 | 188.1 | 189.3 | 202.9 | 218.4 | 7.6 |
| Other premiums and considerations (2) | 6.5 | 6.0 | 7.3 | 0.7 | 1.1 | 57.0 |
| Total premiums, consideration and deposits | $631.6 | $643.3 | $710.3 | $685.8 | $824.5 | 20.2 |
| Net investment income | 192.2 | 208.3 | 205.5 | 225.3 | 247.7 | 9.9 |
| Reinsurance allowance | -22.8 | 8.4 | 38.2 | 28.6 | -7.9 | -127.8 |
| Separate accounts revenue | 38.1 | 41.8 | 39.2 | 38.1 | 36.3 | -4.8 |
| Other income | 52.4 | 57.6 | 58.1 | 63.3 | 66.0 | 4.3 |
| Total revenue | $891.4 | $959.5 | $1,051.2 | $1,041.1 | $1,166.6 | 12.1 |
| Expense | ||||||
| Benefits | 318.0 | 343.4 | 326.4 | 347.7 | 374.5 | 7.7 |
| Surrenders | 327.9 | 367.5 | 353.0 | 416.2 | 484.2 | 16.3 |
| Increase in reserves | 110.3 | 89.3 | 131.7 | 67.9 | 106.9 | 57.4 |
| Transfers to separate accounts | -70.0 | -76.3 | -51.1 | -82.8 | -87.8 | 6.1 |
| Commissions | 60.5 | 65.2 | 68.2 | 78.1 | 80.0 | 2.5 |
| General and administrative expenses | 68.4 | 71.1 | 72.2 | 77.6 | 79.1 | 2.0 |
| Insurance taxes, licenses and fees | 11.5 | 10.1 | 10.5 | 10.9 | 11.9 | 8.9 |
| Other expenses | 6.3 | 15.0 | 61.7 | 35.7 | 45.9 | 28.8 |
| Total expenses | $832.9 | $885.2 | $972.5 | $951.3 | $1,094.7 | 15.1 |
| Net income | ||||||
| Policyholder dividends | 18.6 | 18.4 | 20.3 | 22.8 | 24.4 | 7.0 |
| Net gain from operations before federal income tax | 39.8 | 55.9 | 58.3 | 67.0 | 47.4 | -29.2 |
| Federal income tax | 5.2 | 8.2 | 8.4 | 13.1 | 8.5 | -35.7 |
| Net income before capital gains | $34.6 | $47.7 | $49.9 | $53.8 | $39.0 | -27.6 |
| Net realized capital gains (losses) | -10.7 | -7.6 | -10.6 | -15.4 | -6.4 | -58.3 |
| Net income | $23.9 | $40.1 | $39.3 | $38.5 | $32.6 | -15.4 |
| Pre-tax operating income | 39.8 | 55.9 | 58.3 | 67.0 | 47.4 | -29.2 |
| Capital and surplus, end of year | 460.4 | 499.7 | 489.5 | 512.7 | 523.0 | 2.0 |
(1) Calculated from unrounded data.
(2) The NAIC introduced changes for the Analysis of Operations and Analysis of Increase in Reserves exhibits for 2019 and future periods.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
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