Big ‘I’ Releases 2025 Market Share Report

• By: AnneMarie McPherson Spears
• July 17, 2025

The independent agency channel is holding ground in lines of business penetration and is experiencing improved combined loss ratios as direct written premiums grow, according to the Big “I” 2025 Market Share Report.   

The annual Market Share Report compiles and analyzes property & casualty premium data from AM Best and provides insights for agencies and carriers on current market shares by distribution types.

Based on 2024 data, this year’s report found that the independent agency channel places 61.5% of all p&c insurance written in the U.S. While this is a decrease of 0.7% from 2023, penetration still holds steady across the five-year average of 61.3%, despite the challenges of the hard market.

The independent agency channel held steady in both commercial and personal lines. Independent agencies wrote 87.2% of commercial lines written premiums, consistent with 87.3% in 2023. It also wrote 39% of personal lines written premiums, compared to 38.7% in 2023—retaining its growth from 35.7% in 2020. Direct written premiums reached $1.05 trillion in 2024, up from $952 billion in 2023.

Despite loss factors continuing to impact the p&c market—including $113 billion in insured natural catastrophe losses in the U.S., according to Aon—direct written premium increases of 9.6% in 2024 resulted in combined ratios of 92% for 2024, down from 96% in 2023 and 98% in 2022. The highest combined loss ratios occurred in federal flood at 278%, private crop at 127% and multi-peril crop at 109%.

Surplus lines continues its steady growth, with 9.7% utilization rates among independent agencies in 2024, maintaining its trajectory from 9.4% in 2023 and an 8.7% average over the past five years. Private flood continued its growth at a 50.6% utilization rate, up from 46% in 2023 and 44.9% over the past five years.

“The hard market conditions of the last few years have presented independent agencies across the country with significant challenges, but the results of the 2025 Market Share Report demonstrate agencies’ ability to adapt to serve their communities,” says Charles Symington, Big “I” president & CEO. “In a complicated and fast-evolving market, the personalization, choices and education that independent agents provide are crucial, proving once again their role as key partners in the insurance distribution channel.”

The Market Share Report is free for Big “I” members and states associations. To download or purchase a copy of the complete 2025 Market Share Report, visit the Big “I” Market Share Report webpage. 

AnneMarie McPherson Spears is IA news editor.