The Direct Written Premium for the top 25 commercial auto insurers in the U.S. was approximately $45,141,569,289.
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 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.
Musings on the Commercial Auto Insurance marketplace
Only one Massachusetts-based insurer, Liberty Mutual, has made the list of the NAIC’s top 25 Total Commercial Auto insurers. Similar to last year, it is ranked as the third-largest insurer in this line of business based upon its 4.18% share of this market.
As for the following top 25 insurers, the combined total of Direct Premiums Written in this category is $45,141,569,289. This is an increase from the 2018 figures in which Direct Premiums Written totaled $40,472,305,050. The amount of Direct Premiums Earned also increased this year to $42,899,673,684 in 2019 from $38,607,259,430 in 2018. Progressive continues to be ranked as the number Total Commercial Auto insurer in 2019 with a total nationwide market share of 12.36%, almost double its closest competitor, Travelers Group, which ranks second with a 6.20% market share.
The Top 25 Total Commercial Auto Insurers
|RANK||COMPANY NAME||DIRECT PREMIUMS WRITTEN||DIRECT PREMIUMS EARNED||MARKET SHARE %|
|3.||Liberty Mutual Group||1,888,125,510||1,828,110,879||4.18|
|4.||Nationwide Corp. Group||1,673,431,307||1,634,564,544||3.71|
|5.||Old Republic Group||1,613,671,136||1,553,998,403||3.57|
|6.||Berkshire Hathaway Group||1,568,585,685||1,558,688,783||3.47|
|7.||Zurich Ins. Group||1,426,524,664||1,393,303,356||3.16|
|9.||Chubb Ltd. Group||966,796,984||891,155,579||2.14|
|10.||Allstate Ins. Group||917,778,360||896,770,474||2.03|
|11.||State Farm Group||859,962,992||738,285,794||1.91|
|12.||Hartford Fire & Cas. Group||775,899,674||742,974,786||1.72|
|13.||Tokio Marine Holdings Inc. Group||769,804,209||764,157,671||1.71|
|14.||American Financial Group||749,685,854||718,642,895||1.66|
|15.||Cincinnati Financial Group||736,698,284||709,272,971||1.63|
|16.||WR Berkley Corp. Group||715,051,522||660,410,529||1.58|
|17.||American Intl. Group||675,803,797||666,125,429||1.50|
|18.||Fairfax Financial Group||651,061,003||627,252,250||1.44|
|19.||Erie Ins. Group||635,742,917||603,332,624||1.41|
|20.||Farmers Ins. Group||629,698,511||540,820,205||1.39|
|21.||Selective Ins. Group||609,751,888||575,610,865||1.35|
|22.||Sentry Ins. Group||557,248,458||519,267,551||1.23|
|23.||CNA Ins. Group||512,641,528||467,586,710||1.14|
|24.||EMC Ins. Co. Group||504,732,347||477,054,828||1.12|
|25.||Acuity A Mutual Ins. Co.||503,342,513||460,184,621||1.12|