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The Top P&C Insurers in the U.S v. in Massachusetts

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A look at the largest P&C Insurers in the nation

As it does every March, the National Association of Insurance Commissioners has released its annual market share report of the top 25 P&C insurers nationwide.  The list is based on filings to the N.A.I.C. and represents the top 25 groups and companies based upon data reported on the State Page of the NAIC’s annual statement for insurers.

In our final look at market shares this year, Agency Checklists compares the top 10 P&C insurers in the U.S. vis-a-vis the top insurers in Massachusetts.

The Top 25 P&C insurance companies in the U.S.

As of March 28, 2016, the industry total of Direct Premiums written for the top 25 P&C insurers in the United States was $588,291,234,550 dollars. Direct Premiums Earned was $578,851,634,594 dollars. The following is a list of the top 25 insurers…

 

Rank

Company Name

Direct Premium Written

Direct Premium Earned

Market Share

Cumulative Market Share
1. State Farm 59,361,684,546 58,870,733,210 10.09 10.09
2. Allstate 30,180,756,463 29,770,017,293 5.13 15.22
3. Berkshire Hathaway 29,967,353,903 28,838,276,381 5.09 20.31
4. Liberty Mutual 29,848,412,239 29,392,126,529 5.07 25.39
5. Travelers 23,200,304,436 22,974,826,405 3.94 29.33
6. Progressive 21,346,245,928 20,736,785,820 3.63 32.96
7. Nationwide 19,577,849,457 19,239,654,367 3.33 36.29
8. Farmers Ins. 19,050,733,473 18,858,172,288 3.24 39.53
9. American Intl. 18,997,007,876 18,652,889,512 3.23 42.76
10. USAA 16,744,764,052 16,355,800,840 2.85 45.60
11. Zurich Ins. Grp. 11,822,931,112 11,758,999,740 2.01 47.61
12. Hartford Fire & Cas. Grp. 11,135,128,166 11,007,971,784 1.89 49.50
13. Chubb 10,468,610,065 10,389,330,211 1.78 51.28
14. Chubb Ltd. 10,142,170,623 9,925,501,227 1.72 53.01
15. CNA 9,696,599,597 9,281,316,856 1.65 54.66
16. American Family 7,242,621,007 7,021,425,771 1.23 55.89
17. AMTRUST 7,137,817,412 6,454,106,782 1.21 57.10
18. Tokio Marine 6,121,604,053 5,994,096,230 1.04 58.14
19. Auto Owners 5,981,375,907 5,914,687,907 1.02 59.16
20. Erie Ins. 5,914,045,368 5,723,096,784 1.01 60.16
21. American Financial 5,417,855,005 5,335,320,820 0.92 61.08
22. WR Berkley 5,376,350,203 5,195,825,750 0.91 62.00
23. Assurant 4,974,523,323 5,125,910,279 0.85 62.84
24. QBE 4,700,516,757 4,655,437,282 0.80 63.64
25. Cincinnati Fin. 4,464,302,449 4,399,623,821 0.76 64.40

A comparison of the Top 10 in the U.S. v. Massachusetts

Massachusetts, unlike other states, differs from other insurance markets in that the majority of companies operating here are based in either the Commonwealth or New England. For example, four of the top five insurers are headquartered in the Boston area, while the fifth and largest carrier is based just outside of Boston in Webster.

These five carriers represent a 27.38% market share with $3,388,959,110 in Direct Written Premium.

Of note, only two of the top 10 P&C Insurers in the U.S. also appear on the Massachusetts list. The following is a side by side comparison on the top 10 in the U.S. v. the top 10 in Massachusetts.

 

Rank

Massachusetts Top 10 P&C Insurers

U.S. Top 10 P&C Insurers

1.

 MAPFRE/Commerce

State Farm Group

2.

 Safety Ins. Co.

Allstate Ins. Grp.

3.

Liberty Mutual Ins. Co.

Berkshire Hathway Grp.

4.

Arbella Mut. Ins. Co.

Liberty Mutual Grp.

5.

 Plymouth Rock Assur. Corp.

Travelers Grp.

6.

 Metropolitan Prop. & Cas. Ins. Co.

Progressive Grp.

7.

 Federal Ins. Co.

Nationwide Corp. Grp.

8.

 Government Employees Ins. Co.

Farmers Ins. Grp.

9.

 Amica Mut. Ins. Co.

American Intl. Grp.

10.

 Citizens Ins. Co. of America

USAA