Insurance Industry Reports $169B Profit Surge in 2024 Despite Rising Premiums

The Blue-Ribbon Committee on Insurance Rates convened on August 28, 2025, to address significant concerns regarding the property and casualty insurance industry in Georgia. The meeting highlighted alarming trends in insurance profits and the implications for policyholders.

During the session, committee members reviewed data indicating that the top nine property and casualty insurers in Georgia, including State Farm, Progressive, and Allstate, reported record-breaking profits. In 2023, these companies collectively earned $89 billion, more than doubling their profits from the previous year. This upward trend continued into 2024, with profits soaring to an unprecedented $169 billion, marking a staggering 90% increase from 2023 and a 333% increase from 2022.

The discussion raised critical questions about the rationale behind ongoing premium increases despite these substantial profits. Committee members expressed concern that if insurers are generating such high earnings, premiums should ideally decrease rather than rise. This contradiction prompted calls for further investigation into the practices of insurance companies and their pricing strategies.

The meeting concluded with a commitment to continue exploring these issues in future sessions, with an emphasis on using data to inform policy decisions. The committee acknowledged the importance of transparency and accountability in the insurance sector, recognizing the need for ongoing dialogue and analysis to protect consumers.

As the committee prepares for future discussions, stakeholders are encouraged to consider the implications of these findings on insurance policy and regulation in Georgia.