Executives at America’s large auto and homeowners insurance companies received huge salaries, bonuses, and stock options in 2024, a 27 percent increase, while their customers faced another year of premium hikes and more non-renewal notices, according to an analysis by the Consumer Federation of America, or CFA, a consumer advocacy organization.
CEOs at the nation’s 10 largest insurance companies received more than $134 million in total compensation in 2024 and over $391 million for the past three years.
From 2021 to 2024 homeowners insurance costs increased by 24 percent nationwide, well above the rate of inflation, the analysis reports. And, according to the Bureau of Labor Statistics, auto insurance costs were 7 percent higher in May 2025 compared to May 2024. At the same time as insurance companies have claimed no other option but to raise consumer prices, industry profits skyrocketed in 2024 to $169 billion.
“2024 was a bad year for policyholders, but another great year for insurance company shareholders and their CEOs,” Michael DeLong, CFA’s Research and Advocacy Associate, said in a statement. “Insurance companies told regulators they had to charge consumers billions more in 2024 to stay afloat, but customers were just paying the price for insurer greed and executive excess.”
The table below summarizes the publicly reported insurance executive compensation paid in 2023 and 2024, as well as auto and homeowners insurance percentage rate increases for 2024.
Insurance CEO compensation
| Company | Title | Compensation for 2023 | Compensation for 2024 | 2024 Auto Insurance Increase | 2024 Homeowners Insurance Increase |
| Allstate | Chairman, Chief Executive Officer, and President | $16,516,626 | $26,147,258 | 12.2% | 10.4% |
| American Family | Chair and Chief Executive Officer | $4,094,460 | $8,422,016 | 16.9% | |
| Berkshire Hathaway (GEICO) | Chief Executive Officer | $10,000,000 | $15,000,000 | 3.7% | |
| Farmers | Chief Executive Officer | $3,352,972 | $5,100,068 | 9.8% | 11.9% |
| Liberty Mutual | Chairman, Chief Executive Officer, and President | $10,346,284 | $10,240,997 | 9.9% | 16.6% |
| Nationwide | Chief Executive Officer | $11,362,300 | $15,845,201 | 12.7% | |
| Progressive | Chief Executive Officer and President | $15,636,618 | $16,377,514 | 2.9% | 15.5% |
| State Farm | Chief Executive Officer and President | $3,578,361 | $4,412,867 | 8.0% | 10.9% |
| Travelers | Chairman and Chief Executive Officer | $22,730,072 | $23,059,498 | 7.4% | 8.8% |
| USAA | Chief Executive Officer and President | $8,118,816 | $9,610,174 | 2.6% | 4.2% |
| Totals | $105,736,509 | $134,215,593 | 7.7% | 11.2% |
Across the country, consumers have been struggling to keep up with continually increasing higher premiums and have had difficulty finding coverage in recent years. For example:
- A New York Times analysis found that, in 2023, insurance non-renewal rates rose in 46 states.
- The Wall Street Journal reported that homeowners insurance rates have increased by 30 percent or more since 2023 in at least nine states, including Arizona, Iowa, and Utah.
- In July 2025, State Farm hiked homeowners insurance rates by 27 percent in Illinois, which prompted calls for strengthening insurance regulation in the state. This month, the state sued State Farm for refusing to comply with state examination requirements that it provide data about its insurance policies in Illinois.
The CFA has called on lawmakers throughout the country to adopt strong “prior approval” oversight of insurance company rates, which requires insurers to disclose and justify their claims costs and their administrative expenses, including executive pay, to state regulators. It points to the California Department of Insurance rule that limits the amount of executive pay that can be passed on to policyholders in their insurance rates as a model that other states should adopt.
“Most Americans are required to buy insurance products, which means that lawmakers and regulators have a special obligation to make sure the premiums we are charged are reasonable,” DeLong said. “That must include protecting policyholders’ pocketbooks from these extraordinary CEO pay packages that are currently pushed onto our premiums.”
