A look at who are the top 25 auto insurers ranked by market share
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 for the year 2019 (the latest date for which complete data is available).
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.
With approximately 84.62% of Property & Casualty insurers having reported, the Direct Premiums Written for all lines of insurance business in 2019 was $623,639,809,558.
The state of the Private Passenger Auto Insurance marketplace
Of that amount, the Private Passenger Auto Insurance marketplace continues to have the largest amount of direct premiums written in the industry with a total of $ 253,238,614,669 in 2019, representing approximately 36% of all reported written premiums. This amount reflects an increase in Direct Written Premiums of $7,166,220,843 from 2018 which had a total of $246,072,393,826.
As for Direct Premiums Earned, the amount also increased to $251,011,648,078 versus $242,054,605,219 in 2018.
Of note, the following movements were noted in comparing this year’s list with last year’s:
- Progressive continues as the third-largest private passenger auto insurer in the U.S. and actually increased its market share to 12.25% from 11.00% in 2018.
- The market share for Berkshire Hathaway, the second-largest private passenger auto insurer remained did not increase as much rising from 13.44% in 2018 to 13.78% in 2019.
- The top three insurers in this line of insurance have a combined market share of 42.17%.
- Three Massachusetts-based insurers continued to make the list this year: Liberty Mutual (#6), MAPFRE (#21), and The Hanover (#22). The Hanover is the only one of the Massachusetts-based insurers to increase its rank moving up a spot from the 23rd to the 22nd largest private passenger auto insurer.
In 2014, the Berkshire Hathaway Group’s GEICO, overtook Allstate as the second-largest private passenger auto insurer in the U.S. and has not relinquished the spot since. While State Farm continues to rank as the largest private passenger auto insurer, it’s market share decreased this year from a 17.05% share in 2018 to 16.14% in 2019.
The Top 25 Private Passenger Auto Insurers
|RANK||COMPANY NAME||DIRECT PREMIUMS WRITTEN||DIRECT PREMIUMS EARNED||MARKET SHARE %|
|1.||State Farm Group||40,878,781,217||40,993,444,273||16.14|
|2.||Berkshire Hathaway Group||34,892,003,836||34,479,179,112||13.78|
|4.||Allstate Ins. Group||23,626,742,688||23,433,615,275||9.33|
|6.||Liberty Mutual Group||11,701,810,697||11,678,047,959||4.62|
|7.||Farmers Ins. Group||10,533,343,298||10,543,627,288||4.16|
|8.||Nationwide Corp. Group||6,245,587,637||6,332,699,090||2.47|
|9.||American Family Ins. Group||5,776,711,158||5,778,885,966||2.28|
|11.||Auto Club Enterprises Ins. Group||3,621,177,764||3,531,431,558||1.43|
|12.||Erie Ins. Group||3,384,277,962||3,305,430,869||1.34|
|13.||Kemper Corp. Group||3,379,883,007||3,262,130,212||1.33|
|15.||National General Group||3,151,375,481||3,121,443,759||1.24|
|16.||CSAA Ins. Group||2,991,258,464||2,983,520,602||1.18|
|17.||Mercury General Group||2,790,375,526||2,728,557,648||1.10|
|19.||Automobile Club MI Group||2,048,048,895||2,039,993,657||0.81|
|20.||Hartford Fire & Casualty Group||2,028,296,977||2,068,827,351||0.80|
|21.||MAPFRE Ins. Group||1,465,187,448||1,521,926,813||0.58|
|22.||The Hanover Ins. Group||1,277,113,995||1,235,842,597||0.50|
|23.||Amica Mutual Group||1,255,492,562 1|| 1,385,434,309 ||0.50|
|24.||Country Ins. & Fin. Service Group||1,213,236,086||1,198,642,681||0.48|
|25.||Sentry Ins. Group||1,119,009,715||1,103,072,100||0.44|
Links to our other NAIC 2020 Market Share Reports:
- NAIC 2020 Market Share Report: The Top 25 Insurers in the United States – All Lines
- 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