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.
Items worth noting from this year’s Market Share Report
Turning to the Other Liability insurance marketplace, the top 10 insurers in this line of business have a combined market share of 45.07%. The top-ranked insurer is Chubb Ltd. Group with an 8.69% share of the market. The only Massachusetts-based insurer to make this list is again Liberty Mutual, which ranks as the fifth-largest insurer with a 4.35% market share.
The Top 25 Other Liability Insurers
|RANK||COMPANY NAME||DIRECT PREMIUMS WRITTEN||DIRECT PREMIUMS EARNED||MARKET SHARE %|
|1.||Chubb Ltd. Group||6,992,401,000||6,728,101,838||8.69|
|3.||Assurant Inc. Group||4,032,991,194||3,751,690,439||5.01|
|5.||Liberty Mutual Group||3,501,902,751||3,216,555,669||4.35|
|6.||AXA Ins. Group||2,933,824,825||2,737,379,667||3.65|
|7.||CNA Ins. Group||2,826,155,601||2,679,497,336||3.51|
|8.||WR Berkley Corp. Group||2,768,726,236||2,609,774,431||3.44|
|9.||Fairfax Fin Group||2,749,730,459||2,499,235,036||3.42|
|10.||Zurich Ins Group||2,465,469,576||2,464,791,215||3.06|
|11.||Berkshire Hathaway Group||2,446,624,842||2,252,303,153||3.04|
|12.||Nationwide Corp. Group||2,275,670,399||2,165,564,82||2.83|
|13.||Hartford Fire & Cas. Group||2,255,352,154||2,099,385,350||2.80|
|14.||Markel Corp. Group||2,230,405,610||2,027,172,892||2.77|
|15.||Tokio Marine Holdings Inc. Group||1,832,227,887||1,788,662,278||2.28|
|16.||American Financial Group||1,695,553,520||1,576,387,593||2.11|
|17.||Allianz Ins. Group||1,348,095,469||1,232,667,048||1.67|
|18.||Axis Capital Group||1,219,747,620||1,120,315,828||1.52|
|21.||Cincinnati Financial Group||1,150,999,520||1,095,349,679||1.43|
|22.||Arch Ins. Group||992,743,254||959,983,842||1.23|
|23.||State Farm Group||978,996,877||947,286,887||1.22|
|24.||Everest Reins Holding Group||924,112,303||843,771,487||1.15|
|25.||Selective Ins. Group||875,020,674||848,481,564||1.09|