2024 Premium Totals — California’s $94 Million Tops List

Insurance Business took a look at the premium totals in 2024. The Insurance Business + survey found California at the top of the premium income list. Bringing in $94 billion, the Golden State had the highest direct premium income.

Florida was a distant second at $71 billion, Texas is third with $59 billion in direct premium income.

For the entire nation, the direct premium total hit $780 billion in 2024. That’s way up from 2023’s number of $742 billion.

Direct losses were 63% of direct premiums at $492 billion.

State Farm had the largest market share at 12.81%. That’s more than double second place Progressive’s 6.18%. Most of State Farm’s business comes from the PIA Western Alliance state of California. Citizens of California spent $9.9 billion with State Farm.

Progressive’s largest premium-generating state is Florida at $10.4 billion.

Source link: Insurance Business America — https://bit.ly/4kP3oL1