The top five paid property and casualty insurance executives made more than $114 million in 2024, according to a list compiled by Business Insurance. 

Chubb Chairman and CEO Evan G. Greenberg topped the list for the highest paid property and casualty insurance executive in 2024, the list says. 

Greenberg’s total compensation was $30,138,094. This includes $17,350,017 in stock awards, $9,500,000 in bonuses, $1,600,000 in salary and $1,688,007 listed as other, according to Business Insurance. 

Business Insurance reports Greenberg also had the largest compensation increase in 2024 with a 9% change. 

Peter Zaffino, American International Group chairman and CEO, was the second highest paid executive with a compensation of $25,638,373. A majority of his compensation was in stock awards at $10,339,947. He received $9,000,000 in non equity incentive, $3,499,984 in option awards, $1,500,000 in salary and $298,442 in income listed as other. 

Zaffino’s salary increased by 0.1% since 2023, according to Business Insurance. 

Alan D. Schnitzer, chairman and CEO of Travelers Cos. Inc., was the third highest executive on the list with a total compensation of $23,059,498. He received $8,400,049 in stock awards, $7 million in non equity incentive,  $5,600,024 in option awards, $1,450,000 in salary, $496,632 change in pension value and $112,793 in compensation listed as other.

Business Insurance reports his salary increased by 1.4% since 2023. 

Ajit Jain, vice chairman of insurance operations for Berkshire Hathaway Inc., which owns GEICO, had a total compensation of $21,017,250 in 2024. His salary was $21,000,000 and $17,250 was listed as other compensation. 

Jain’s compensation increased by 5% from 2023, according to Business Insurance. 

Timothy Sweeney, president and CEO of Liberty Mutual Holding Co. Inc., was fifth on the list with a compensation of $15,413,429. His appreciation units were $8,099,586, bonus $3,614,625, restricted units $2,025,400, salary $1,386,538 and other compensation $287,280. 

According to Business Insurance, his compensation decreased by 0.5%. 

Business Insurance says all data was compiled from Securities and Exchange Commision (SEC). 

P&C executive’s income has historicaly been of interest to consumer watch groups and the media. A 2023 Business Insurance article compared how the payscale for the executives climbed between 2020 and 2022.

Car Insurance costs increased by 24% in 2023 and 15% in 2024, according to a recent report by Insurify. It states an additional 5% increase is expected in 2025.

The average cost of car insurance annually in 2024 was $2,313, the report says. It projects the annual cost for 2025 to be $2,435. 

As of May 1, the average monthly premium cost for full coverage offered by Chubb insurance is $229, with liability insurance averaging $114, according to Insurify. 

Travelers monthly premium for full coverage is averaged at $189 and $91 for liability, according to the report. 

GEICO’s insurance full coverage premium is averaged at $178 monthly and $148 for liability, the report says. 

Liberty Mutual has the highest full coverage premium cost at $247 a month and $173 for liability insurance. 

Earlier this month Sen. Josh Hawley (R-Missouri) grilled Allstate and State Farm executives during a subcommittee hearing about evidence that he said made it appear the companies were “running a racket” in their response to natural disasters, while their executives were paid in the millions.

“I have to notice that your profits have never been better, they’re really quite extraordinary,” Hawley said. “Fiscal year ’24, Allstate had $64 billion in revenue; that’s 12% above the previous year. You made $4.6 billion in profits, and your CEO Tom Wilson, last year was paid $26 million, while Miss Migal can’t get her claim paid out, but Tom Wilson, whoever the heck he is, gets $26 million.”

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