The National Association of Insurance Commissioners has released its annual market share report for 2018 of the largest Property & Casualty Insurance companies nationwide for all lines of insurance.
The annual report, compiles the list based upon filings submitted to the NAIC ranks the top 25 Property & Casualty Insurance Companies based upon Countrywide Premium as reported on the State Page of the NAIC’s annual statement for insurers.
A look at the overall numbers of The Top 25 P&C insurance marketplace in the U.S.
As of March 18, 2019, the industry total of Direct Premiums Written in 2018 for this group of U.S. insurers was $674,763,189,749 dollars. Direct Premiums Earned was $660,722,431,972 dollars.
Noteworthy movements from this year’s Market Share Report
As stated in past reports, the only Massachusetts-based insurer making the list, is Boston-based Liberty Mutual Group. In 2016, Liberty Mutual overtook Allstate to become the third largest insurer in the U.S., a spot that it continues to hold this year as well. Berkshire Hathaway continues to rank as the second largest insurer in the land, while State Farm still dominates at the top, albeit by less market share than in past years. Berkshire Hathaway continues to increase its market share across the country.
After doing a quick comparison between this year’s this and last year’s Top 25, here are some of the other major movements in market share noticed:
- Progressive moves up a spot to overtake Allstate as the third largest P&C insurer in the nation,
- Allstate moves down to fourth place on this year’s list,
- In addition to Progressive, American Family, AutoOwners, Tokio Marine all moved up a spot from their position last year,
- In addition to Allstate, Erie, American Financial, and WR Berkley all moved down a spot,
- The largest move upwards was first Assurant which moved up five spots, followed by Fairfax Financial which increased three spots on the list,
- The largest move downwards was AmTrust which fell down eight places from last year,
- AXA was new to the 2018 list ranking this year as the 24th largest P&C insurer this year.
|
Rank |
Company Name |
Direct Premium Written |
Direct Premium Earned |
Market Share |
| 1. |  State Farm Group |
$65,856,898,170 |
$65,548,126,371 |
9.76% |
| 2. |  Berkshire Hathaway |
$43,869,809,385 | $42,425,299,246 | 6.50% |
| 3. | 
Liberty Mutual Group |
$34,605,081,217 | $34,188,052,776 | 5.13% |
| 4. |  Progressive Group |
$33,754,922,894 | $31,972,011,125 | 5.00% |
| 5. |  Allstate Ins Group |
$33,251,176,400 | $32,751,848,252 | 4.93% |
| 6. |  Travelers Group |
$26,244,171,590 | $25,641,953,421 | 3.89% |
| 7. | 
Chubb Ltd. Group |
$22,008,957,111 | $21,869,143,670 | 3.26% |
| 8. | 
USAA Group |
$21,984,970,084 | $21,428,303,127 | 3.26% |
| 9. |  Farmers Ins Group |
$20,309,965,620 | $20,151,472,075 | 3.01% |
| 10. |  Nationwide Corp Group |
$18,416,860,937 | $18,617,031,408 | 2.73% |
| 11. |  American Intl Group |
$14,724,754,898 | $15,251,392,318 | 2.18% |
| 12. |  Zurich Ins Group |
$12,412,211,313 | $12,659,561,445 | 1.84% |
| 13. | 
Hartford Fire & Cas Group |
$11,054,644,065 | $11,093,788,238 | 1.64% |
| 14. |  CNA Ins Group |
$10,690,865,252 | $10,381,388,244 | 1.58% |
| 15. |  American Family Ins Group |
$8,939,812,246 | $8,642,091,092 | 1.32% |
| 16. |
Auto Owners Group |
$7,918,031,340 | $7,560,713,373 | 1.17% |
| 17. |  Assurant Inc Group |
$7,199,061,040 | $6,726,481,832 | 1.07% |
| 18. | 
Tokio Marine Holdings Inc Group |
$7,167,501,411 | $6,943,486,690 | 1.06% |
| 19. |  Erie Ins Group |
$7,119,635,524 | $6,895,406,221 | 1.06% |
| 20. |  Fairfax Fin Group |
$6,077,237,304 | $5,844,942,917 | 0.90% |
| 21. | 
American Financial Group |
$5,997,652,323 | $5,906,642,987 | 0.89% |
| 22. |  WR Berkley Corp Group |
$5,930,759,725 | $5,863,556,250 | 0.88% |
| 23. |  AmTrust Financial Serv Group |
$5,915,667,790 | $5,861,233,705 | 0.88% |
| 24. | 
AXA Ins Group |
$5,256,829,296 | $4,913,088,117 | 0.78% |
| 25. | 
Markel Corp Group |
$ 5,255,184,549 |
$4,960,485,829 |
0.78% |
