The Illinois-headquartered insurance company, State Farm, held over 18 percent of the homeowner insurance market in the United States in 2023. Meanwhile, Allstate Corporation only had 8.9 percent of the market.

In 2022, auto insurance was the insurance branch with the highest average net promoter score (NPS) in the United States. NPS demonstrates policyholder loyalty and measures how likely customers are to recommend their insurer. Auto insurers received, on average, a NPS of 37 percent in 2022. Who leads the U.S. auto insurance market? Also known as car insurance, auto insurance refers to coverage in the event of accidental injury or damage to people, animals, vehicles, and property caused in the event of an accident involving a motor vehicle. In 2021, the auto insurance market in the U.S. was led by Progressive Corporation, which had the largest market share of U.S. auto insurers. Progressive Corporation also had the highest value of direct premiums written that year. Auto insurance incurred losses In insurance, incurred losses refers to the benefits paid to policyholders during the current year, in addition to the changes to loss reserves from the previous year. In 2021, the incurred losses for the U.S. auto insurance industry amounted to almost 200 billion U.S. dollars.

Market Size statistics on the Homeowners' Insurance industry in the US

The Report Covers US Home Insurance Market Size & Industry Statistics and it is Segmented by Insurance Type and Distribution Channels.

The United States Property and Casualty Insurance Market is Segmented by Insurance Line (Homeowner, Private Passenger Auto, Commercial Auto, General Liability, and More), Distribution Channel (Direct, Agents, Brokers, Bancassurance, and More), Customer Segment (Personal Lines, Small Commercial, Mid-Market Commercial and More), and Region (California, Texas and More). The Market Forecasts are Provided in Terms of Value (USD)

The United States Homeowners Insurance market was valued at USD 52.89 billion in 2024 and is expected to grow to USD 87.10 billion by 2030 with a CAGR of 3.25% during the forecast period.

Homeowners insurance premiums in the United States have increased in cost over the past two decades and reached a peak in 2024. The average premiums for homeowners insurance increased from 1,245 U.S. dollars in 2007 to 1,984 U.S. dollars in 2024.

US Homeowner’s Insurance Market size was valued at USD 267.67 Billion in 2024 and is projected to reach USD 439.68 Billion by 2031, growing at a CAGR of 6.40% from 2024 to 2031.

The US Homeowner's Insurance Market is driven by several factors, including increasing property values, rising construction costs, and the growing threat of natural disasters such as hurricanes, wildfires, and floods. The increasing awareness of the financial risks associated with property damage and liability is also driving demand for homeowner's insurance. Additionally, regulatory changes and evolving consumer preferences are shaping the market, leading to increased demand for customized coverage options and digital solutions.

During the fourth quarter of 2023, Lemonade's registered a lower loss ratio than in the fourth quarter of the previous year. In the last three months of 2023, the insurtech company reported a loss ratio of 77 percent. Lemonade is a provider of home and pet insurance in the U.S. and select European markets.

The value of earned premiums of State Farm increased overall between 2011 and 2024, despite slight fluctuations. In 2024, State Farm saw the highest value of earned premiums during this period, amounting to approximately 69 billion U.S. dollars. This was a nearly 12 billion increase compared to the previous year.

General insurers can provide industry services at a fraction of the potential loss by pooling premiums to pay for losses some policyholders incur. The industry is an indispensable part of risk management in the domestic economy. General insurers derive income from insurance premiums and investing in bonds, stocks and other assets. Most property and casualty premiums are obtained through renewing policies relating to existing risks. Changes in risk exposure and pricing conditions affect remaining premiums. Many consumers view policies as inelastic, although some may choose to decrease consumption of insurance policies should premium prices increase too much. Policy pricing fluctuates between cycles of price-cutting (softening) and price raising (hardening). Over the past five years, revenue has grown at a CAGR of 3.4% to $1,021.1 billion, including an expected 2.1% increase in 2025 alone. Industry profit is also set to climb to 14.2% of revenue in the current year as insurance premiums have climbed and interest income has grown. Industry revenue has benefited from a hardening price cycle during the majority of the current period. Even though volatility at the onset of the period and a high inflationary environment in the latter part of the period hindered the broader economy, demand for industry services was not severely damaged. Net premiums increased for insurers, primarily because of the growth in the house price index and the rise of new car sales have led to higher insurance premiums to protect against potential liabilities. As economic conditions will continue to improve into the outlook period, employment and business activity in the broader economy are expected to increase and promote spending and the need for industry services. The Federal Reserve is anticipated to cut rates further following the recent rate cuts in the latter part of the period which will decrease investment income for P&C insurers, limiting industry revenue growth. Overall, revenue is forecast to grow at a CAGR of 2.0% to $1,126.8 billion over the five years to 2030.

Geographic insurance rate data showing variations by state for home insurance

This industry includes insurers that underwrite (e.g. assume and manage risk) homeowners’ insurance policies. Homeowners’ insurance protects households against property damage or losses due to catastrophic disasters, theft and other causes. These policies also protect against personal liability that may result from bodily injury that occurs on one’s property.

Version 2: I added a CSV with the state rows stripped out and added to each county so counties can be disambiguated. The code for this operation is included.

"This new report is the culmination of an investigation the Senate Budget Committee launched last fall. Over the course of the probe, the Committee obtained national county-level non-renewal data from nearly two dozen companies that collectively account for about 65 percent of the national homeowners’ insurance market. The data cover 249 million total insurance policies over the six-year period beginning in 2018 and ending in 2023. While sky-rocketing insurance premiums have been well documented, comprehensive non-renewal data of this scope and magnitude has never been publicly available—until now."

From the report: "The Committee ultimately obtained national, county-level non-renewal data from 23 of the 41 companies from which it requested this data. The data cover the years 2018 through 2023, and the companies responding collectively account for approximately 65 percent of the homeowners’ insurance market nationwide. The data released with this Report demonstrate climate change beginning to upend insurance markets around the country."

I am uploading this data here in February 2025 out of an abundance of caution given that climate change related data is currently being scrubbed from U.S. federal websites. In addition, I created a CSV of the data that is in a more usable format, in my opinion. The CSV adds a column for the year instead of separating data on different worksheet tabs, making longitudinal analysis more difficult.

Note that the formatting of the data is still terrible. County data is duplicated in state totals. "AK" is not a U.S. county, it is the state of Alaska, and it is the sum of the next several rows, which are for its counties. If you sum a column, you receive double the "grand total" listed at the bottom due to this duplication. Without states to disambiguoate, counties/districts are not uniquely identified and there are many duplicate county names. One should be able to move states/territories out and use them to disambiguate counties.

To the best of my knowledge, this dataset is in the public domain, as are most U.S. federal government publications.

Generation Z and millennial auto customers in the United States were more likely to be interested in receiving embedded insurance offers than other respondents. For instance, almost 80 percent of millennials and Generation Z agree insurance should be a part of the vehicle buying process.

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Property And Casualty Insurance Market Size 2025-2029

The property and casualty insurance market size is forecast to increase by USD 816.9 million, at a CAGR of 8.8% between 2024 and 2029.

The market is experiencing significant shifts, with the increasing frequency and severity of uncertain catastrophic events posing a considerable challenge. This trend is driving insurers to reassess risk management strategies and invest in advanced technologies to mitigate potential losses. Simultaneously, inorganic growth strategies, such as mergers and acquisitions, are becoming increasingly prevalent as companies seek to expand their reach and enhance their competitive positions. Another critical issue confronting the market is the growing concern over data privacy and security. With the proliferation of digital technologies and the increasing use of customer data, insurers must prioritize robust cybersecurity measures to safeguard sensitive information and protect their reputations.
This need for enhanced data security is likely to spur investments in advanced technologies and solutions, offering opportunities for innovative players to capitalize on this growing demand. In summary, the market is characterized by a dynamic landscape, with insurers navigating the challenges of catastrophic events, inorganic growth, and data security, while also capitalizing on opportunities for technological innovation and expansion.

What will be the Size of the Property And Casualty Insurance Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The property and casualty (P&C) insurance market continues to evolve, with dynamic market dynamics shaping various sectors. Regulatory compliance and financial reporting are crucial elements, ensuring policy sales align with insurance regulations. Commercial property insurance, including flood and earthquake coverage, requires advanced catastrophe modeling for accurate risk assessment and pricing. Insurance technology (insurtech) innovations, such as fraud detection and blockchain in insurance, streamline operations and enhance efficiency. Data breach insurance, homeowners insurance, boat insurance, and other personal lines, as well as commercial auto and workers' compensation insurance, benefit from these advancements. Umbrella insurance, liability insurance, and professional liability insurance provide risk transfer solutions, while actuarial modeling and accounting ensure accurate capital requirements and loss ratios.

How is this Property And Casualty Insurance Industry segmented?

The property and casualty insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Distribution Channel

  Direct business
  Agents
  Banks
  Others


Product Type

  Fire insurance
  Motor insurance
  Marine insurance
  Aviation insurance
  Others


End-User

  Individuals
  Businesses
  Government Entities


Coverage Type

  Standard Policies
  Customized Policies
  Bundled Policies


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Distribution Channel Insights

The direct business segment is estimated to witness significant growth during the forecast period.

In the dynamic the market, insurance companies play a pivotal role, offering direct business services that cater to customers' insurance needs from quotes to claims management. This all-encompassing support is a significant advantage, providing convenience and streamlining the insurance process. Competition among insurers drives innovation, with companies leveraging technology, such as actuarial modeling, insurance accounting, and catastrophe modeling, to assess risk and price policies effectively. Regulatory compliance is paramount, shaping financial reporting and capital requirements. Distribution channels, including insurance brokers and independent agents, expand reach and accessibility. Commercial property insurance, auto insurance, and workers' compensation insurance are key product offerings, with additional coverage for floods, earthquakes, motorcycles, boats, and cybersecurity.

Umbrella insurance, professional liability insurance, and liability insurance provide risk transfer solutions. Risk assessment and fraud detection are integral to underwriting, while insurance regulations ensure fair business practices. Insurtech and blockchain technology are transforming claims processing and policy administration. Catastrophe bonds offer alternative risk financing mechanisms. Overall, the market is characterized by

United States Property & Casualty Insurance Market By Size, Share, Trends, Growth, Forecast 2027, Segmented By Insurance Type, By End User, By Distribution Channel, By Region, Competition Forecast and Opportunities

Geographic insurance rate data showing variations by metro area for home insurance

Homeowners Association Insurance Market Outlook

According to our latest research, the global homeowners association insurance market size reached USD 19.4 billion in 2024, demonstrating robust expansion driven by rising property values and increasing regulatory requirements. The market is projected to grow at a CAGR of 7.2% from 2025 to 2033, with the forecasted market size expected to reach USD 36.3 billion by 2033. This growth is primarily fueled by the proliferation of planned residential communities and condominiums, as well as heightened awareness among association boards regarding risk management and liability coverage.

One of the principal growth factors for the homeowners association insurance market is the continuous expansion of urban and suburban residential developments across major economies. As cities grow and land becomes more valuable, there is a marked increase in high-density housing such as condominiums, townhouses, and planned communities. These developments typically require formal homeowners associations (HOAs) to manage shared amenities, enforce community rules, and maintain common areas. The complexity of managing these assets and mitigating potential risks—from property damage due to natural disasters to liability claims arising from accidents—drives demand for comprehensive insurance coverage. Furthermore, as property values rise, the financial exposure of HOAs increases, necessitating higher coverage limits and more specialized insurance products.

Another significant driver is the evolving regulatory landscape governing HOAs. Many jurisdictions have introduced or tightened regulations mandating minimum insurance requirements for associations, particularly regarding liability and property coverage. These legal frameworks are designed to protect homeowners, tenants, and third parties from losses associated with accidents or negligence in common areas. As a result, HOAs are increasingly compelled to purchase and maintain robust insurance policies that comply with local and state laws. This regulatory push not only boosts market demand but also encourages insurers to develop tailored products that address the unique risks faced by different types of associations, including condominium associations, planned communities, and cooperative housing organizations.

Technological advancements and digital transformation have also played a pivotal role in shaping the homeowners association insurance market. The adoption of sophisticated risk assessment tools, online policy management platforms, and digital claims processing has made it easier for HOAs to obtain, manage, and renew insurance policies. Digitalization has also facilitated the rise of online distribution channels, allowing associations to compare coverage options, customize policies, and streamline communication with insurers and brokers. This increased accessibility and transparency not only enhances customer experience but also fosters competition among insurers, leading to more innovative and cost-effective insurance solutions for HOAs.

From a regional perspective, North America continues to dominate the homeowners association insurance market, accounting for the largest share in 2024. This is attributable to the high prevalence of HOAs in the United States and Canada, as well as the region’s mature insurance sector. Europe follows closely, driven by steady urbanization and the growing popularity of communal living arrangements. Meanwhile, Asia Pacific is witnessing the fastest growth, spurred by rapid urban development, rising middle-class income, and increased adoption of Western-style residential communities. Latin America and the Middle East & Africa are also experiencing gradual growth, supported by ongoing infrastructure investments and regulatory reforms aimed at improving property management standards.

Coverage Type Analysis

The homeowners association insurance market is segmented by coverage type, with property insurance, general liability

The U.S. catastrophe insurance market is projected to be valued at $91 billion in 2024, driven by factors such as increasing consumer awareness and the rising prevalence of industry-specific trends. The market is expected to grow at a CAGR of 5.7%, reaching approximately $138 billion by 2034.