State Farm Mutual Automobile Insurance Co. has retained its position as the largest property and casualty insurer in the United States, according to S&P Global Market Intelligence’s annual ranking of the top 50 largest insurance companies in the world. The Bloomington, Illinois-based insurer recorded nearly $87.6 billion in direct premiums earned in 2023, an increase of 18.3% over the prior year. While State Farm had one of the highest loss ratios of 85.8 in 2023, it still managed to maintain its top spot on the list. The report also showed that the top 50 P/C companies collectively increased premiums by nearly 9% in 2023 compared to 2022, with only Canada’s Intact Financial Corp. experiencing a decline in insurance service revenues.
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