How Big Is The Insurance Industry In The U.S.? 15+ Industry Statistics In For Mar 2024!

Written By Licensed Agent Sa ElFebruary 4, 2023

If the insurance industry were a country, it would be one of the 10 largest economies in the world. It's not just big--it's huge. This is an industry that, by some estimates, has more than $1.3 trillion of revenue annually and employs about 3 million people across all 50 states! This post will cover more information about the size and scope of the insurance industry in America today!

Top Insurance Industry Statistics:

  • 1.3 trillion was the market size of the insurance industry as of March 2021.
  • Life, Health, & Annuity net premiums accounted for $782.6 billion.
  • Property & Casualty Insurance net premiums accounted for $520.9. billion.
  • There are roughly 6,000 insurance companies
  • State Farm is the largest home and auto insurer in the country
  • The U.S. insurance industry employed 2.9 million people in 2020

Insurance Industry Market Size

How Big Is The Insurance Industry In America?


The insurance industry net premiums written in the United States was $1.3 trillion as of March 2021, with property/casualty (P/C) insurers accounting for 51% of the total, and life/annuity (L/A) insurers accounting for 49%. According to S&P Global Market Intelligence.

What is The Market Size Of The Life, Health & Annuity Industry?


The market size of the life health and annuity industry is over $637 billion as of March 2021. While there has been a recent decline in the industry of life, health, and annuities, there are many companies that make a large profit from this part of the insurance industry. 

What Is The Market Size Of The Property & Casualty Insurance Industry?


The Property & Casualty Insurance Industry is one of the most significant in the United States, with a market value of over $663 billion. It offers insurance to around 215 million Americans that protect them against the financial consequences of personal, property, and liability risks they may face.

Number Of Insurance Companies In The U.S.

How Many Insurance Companies Are There In America?  


According to the National Association of Insurance Commissioners (NAIC), there are more than 6,000 insurance companies in the United States (including overseas territories). The decrease in insurance companies shows a significant drop from the number of insurance firms in America in 2008 when there were over 7,000.

Top 10 Insurance Companies In America by Premiums Written


The largest insurance company by premiums written is Sate Farm with over $66 billion in written premium, followed by Berkshire Hathaway ($46 billion), Progressive ($42 billion), and Allstate with $39 billion in written premiums. 

  • State Farm Group - $66.2 billion
  • Berkshire Hathaway - $46.4 billion
  • Progressive Insurance Group - $41.7 billion
  • Allstate Insurance Group - $39.2 billion
  • Liberty Mutual - $36.2 billion
  • Travelers Group  - $28.8 billion
  • USAA Group - $24.6 billion
  • Chubb - $24.2 billion
  • Farmers Insurance Group - $20.1 billion
  • Nationwide - $18.5 billion

How Many Car Insurance Companies Are There In The U.S.?


There are over 2,496 insurance companies in America that sell car or auto insurance via property and casualty insurance. These companies include both major insurance providers as well as smaller, regional carriers.

How Many Health Insurance Companies Are There In The United States?


There are over 952 health insurance companies in the U.S., offering a wide range of health insurance plans from major carriers to smaller, regional providers.

How Many Life Insurance Companies Exist In The U.S.?


The number of companies selling life insurance and annuities in the U.S. totals 837. Both major insurance providers and smaller, regional companies offer life insurance policies.

Insurance Industry Employment Statistics

How Many People Does The U.S. Insurance Industry Employ?


According to the US Department of Labor, the insurance industry employed 2.9 million people in 2020. Of those, 1.7 million worked for insurance companies, including life and health insurers (962,500 workers), P/C insurers (665,900 workers) and reinsurers (27,300 employees). The remaining 1.2 million individuals worked for insurance agencies, brokers and other insurance-related businesses.

Concluding Thoughts

Taking Action


Insurance may not be the most exciting industry, but it’s one of the largest and fastest-growing. The market size was $1.3 trillion as of March 2021 and is expected to reach $2 trillion by 2025. 

As we grow into an increasingly digital world where more things are automated or self-driving, you can count on insurers being right there with us every step of the way to protect our investments from potential mishaps that might happen along the way. 

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