State Farm is the largest U.S. P&C insurer with a 9.7% market share and 65,180,403,219 in Premiums Earned
The National Association of Insurance Commissioners has issued its annual Market Share Data Reports for both the Property & Casualty Insurance Marketplace as well as for the Life & Fraternal Insurance Marketplace. As in the past, the data offered by the NAIC reflects a compiled list of market share data based upon filings of countrywide premium submitted to the NAIC from Property & Casualty insurers as reported on the State Page of the NAIC’s annual statement for insurers.
The data is then compiled and included in various reports on cumulative market share data for the seven major lines of insurance in the United States: personal auto, commercial auto, workers’ compensation, medical professional liability, homeowners, and other liability (excluding auto liability) insurance.
The data is then compiled and included in various reports on cumulative market share data for the seven major lines of insurance in the United States:
- All Lines,
- Personal Auto,
- Commercial Auto,
- Workers’ Compensation,
- Medical Professional Liability,
- Homeowners Multi-Peril, and
- Other Liability (excluding auto liability)
The state of the P&C insurance marketplace in the U.S.
As of March 2020, with approximately 84.62% of Property & Casualty insurers having reported, the Direct Premiums Written for all lines of business is $623,639,809,558.
Of that, private passenger auto insurance continues to have the largest amount of direct premiums written with $222,554,185,066, representing approximately 36% of all reported written premiums.
As for the top 10 Property & Casualty insurers, based on the data provided, their cumulative market share is approximately 49.03% of the total P&C marketplace.
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 relinquishes this year to Progressive. 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 the market to note:
- Progressive has overtaken Liberty Mutual as the third-largest insurer in the United States for all lines.
- USAA moved a spot above Chubb to place as the seventh-largest insurer in the land, while Chubb is now the eighth.
- CNA and American Family also switched spots this year with CNA moving down to the 15th spot while American Family moved up to the 14th.
- AXA and Markel both move up a spot, while Tokio Marine moves down one.
- Allianz joins the list as the 25th largest P&C Insurer All Lines this year, while AmTrust leaves the list.
The Top 25 P&C Insurers By Countrywide Premium – All Lines
|Rank||Company Name||Direct Premium Written||Direct Premium Earned||Market Share %|
|1.||State Farm Group||65,627,585,590||65,180,403,219||9.27|
|2.||Berkshire Hathaway Group||46,106,971,139||45,091,623,230||6.51|
|4.||Liberty Mutual Group||35,600,051,448||34,954,640,834||5.03|
|5.||Allstate Ins Group||35,025,902,893||34,574,634,393||4.95|
|8.||Chubb Ltd. Group||23,388,385,288||22,705,810,835||3.30|
|9.||Farmers Ins. Group||20,643,558,551||20,428,641,665||2.92|
|10.||Nationwide Corp. Group||18,442,144,761||18,166,669,579||2.60|
|11.||American International Group||14,031,480,118||14,513,374,722||1.98|
|12.||Zurich Ins. Group||12,850,673,352||12,711,619,735||1.82|
|13.||Hartford Fire & Casualty Group||12,676,025,261||12,442,093,037||1.79|
|14.||American Family Ins. Group||11,513,720,422||11,298,074,729||1.63|
|15.||CNA Ins. Group||11,075,775,723||10,652,878,792||1.56|
|16.||Auto Owners Group||8,547,218,313||8,241,035,838||1.21|
|17.||Assurant Inc. Group||8,235,632,913||7,864,884,890||1.16|
|18.||Erie Ins. Group||7,482,058,567||7,311,729,512||1.06|
|19.||Tokio Marine Holdings Inc. Group||7,405,594,632||7,237,902,416||1.05|
|20.||Fairfax Fin. Group||6,978,088,684||6,566,785,642||0.99|
|21.||American Financial Group||6,383,231,670||6,204,447,397||0.90|
|22.||WR Berkley Corp. Group||6,321,804,076||6,130,454,971||0.89|
|23.||AXA Ins. Group||6,120,258,541||5,709,161,500||0.86|
|24.||Markel Corp. Group||5,851,671,860||5,575,314,617||0.83|
|25.||Allianz Ins. Group||5,392,645,533||5,084,965,646||0.76|
Links to Agency Checklists’s NAIC 2020 Market Share Reports:
- NAIC 2020 Market Share Report: The Top 25 Private Passenger Auto Insurers
- NAIC 2020 Market Share Report: The Top 25 Homeowners Multi-Peril Insurers
- NAIC 2020 Market Share Report: The Top 25 Workers’ Compensation Insurers
- NAIC 2020 Market Share Report: The Top 25 Commercial Auto Insurers
- NAIC 2020 Market Share Report: The Top 25 Other Liability Insurers