The National Association of Insurance Commissioners has issued its annual Market Share Data Reports for 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 2020 (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; Private Passenger Personal Auto; Commercial Auto; Workers’ Compensation; Medical Professional Liability; Homeowners’ Multi-Peril, and Other Liability (excluding auto liability). The following is a chart using data from the NAIC which shows the Market Share by Line of Business of the top seven lines of insurance in the U.S.:
How big is the U.S. private passenger auto insurance market?
The Private Passenger Auto Insurance marketplace continues to be the largest line of insurance as measured by direct premiums, even in the face of a worldwide pandemic. The total amount of Direct Premiums Earned in 2020 was a bit below the 2019 total of $253,238,614,669.
As for market share, the top three Auto insurers have a combined market share of 43.03%, while the top 10 claim a combined total of 73.54%. All in all, the top 25 dominate the market with an 86.83% share of the marketplace.
As of March 29, 2021, the NAIC has reported that the industry total of Direct Written Premiums was $249,495,199,569 representing 34.40% of the total U.S. insurance industry marketplace.
As for Direct Premiums Earned, the amount also saw a slight decrease in 2020 versus 2019. In 2019, this number was $251,011,648,078, while for 2020 total Direct Premiums Earned totalled $250,028,700,042.
Progressive is now only slightly behind GEICO in terms of total market share
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 again increased its market share to 13.54%. Last year, it had a 12.25% which was an increase from the 11.00% it had in 2018. It is now only .24% behind GEICO in terms of total U.S. market share.
The market share for Berkshire Hathaway, the second-largest private passenger auto insurer decreased to 13.54% from 13.78% pre-pandemic.
The top three insurers in this line of insurance have a combined market share of 43.03%; this is an increase as compared to their combined share in 2019 of 42.17%. The top largest insurers have a 73.54% share of the market while the top 25 have a combined market share of 87.30%.
Three Massachusetts-based insurers continued to make the list this year: Liberty Mutual (#6), MAPFRE (#21), and The Hanover (#23). There was no significant changes in any of these insurers’ market share ranking as compared to last year.
The Top 25 Private Passenger Auto Insurers In The U.S.
Please note the following data is updated on a weekly basis by the NAIC through the month of March. The updated data here reflects the latest data as of March 29, 2021 and may differ from the original publishing of this report.
|Rank||Group/Company Name||Direct Premiums Written||Direct Premiums Earned||Direct Loss & DCC To EP Ratio||Market Share %|
|1.||State Farm Group||$40,397,655,895||$40,964,164,912||58.06||16.19%|
|2.||Berkshire Hathaway Group||$33,785,461,624||$33,946,166,555||66.71||13.54%|
|4.||Allstate Insurance Group||$22,726,698,535||$22,827,102,532||54.29||9.11%|
|6.||Liberty Mutual Group||$11,847,079,323||$11,613,870,034||57.93||4.75%|
|7.||Farmers Insurance Group||$9,936,839,825||$10,003,158,900||56.80||3.98%|
|8.||Nationwide Corp. Group||$5,778,148,603||$5,849,710,269||59.00||2.32%|
|9.||American Family Insurance Group||$5,168,252,093||$5,225,588,228||56.01||2.07%|
|11.||Auto Club Enterprises Insurance Group||$3,566,844,221||$3,555,478,525||52.02||1.43%|
|12.||Kemper Corp. Group||$3,490,526,897||$3,448,675,367||60.48||1.40%|
|13.||Erie Insurance Group||$3,396,043,074||$3,401,407,223||58.40||1.36%|
|15.||National General Group||$3,151,989,840||$3,144,626,207||58.28||1.26%|
|16.||CSAA Insurance Group||$2,791,290,896||$2,826,744,526||51.51||1.12%|
|17.||Mercury General Group||$2,539,716,316||$2,564,701,356||53.31||1.02%|
|19.||Hartford Fire & Casualty Group||$1,863,451,605||$1,913,590,520||52.18||0.75%|
|20.||Automobile Club of MI Group||$1,818,881,182||$1,904,267,103||63.63||0.73%|
|21.||MAPFRE Insurance Group||$1,309,578,643||$1,369,350,221||52.87||0.52%|
|22.||Amica Mutual Group||$1,251,867,801||$1,358,306,179||50.27||0.50%|
|23.||The Hanover Insurance Group||$1,212,584,997||$1,229,381,927||58.72||0.49%|
|24.||Country Ins. & Fin. Service Group||$1,192,565,545||$1,195,178,349||62.28||0.48%|
|25.||Sentry Insurance Group||$1,176,384,866||$1,151,138,918||55.22||0.47%|
Links to our 2021 NAIC Market Share Reports
- NAIC 2021 Market Share Report | The Top 25 U.S. Insurers – All Lines
- NAIC 2021 Market Share Report | The Top 25 U.S. Commercial Auto Insurers
- NAIC 2021 Market Share Report | The Top 25 U.S. Homeowners Multiple Peril Insurers
- NAIC 2021 Market Share Report | The Top 25 U.S. Other Liability Insurers
Links to our 2020 NAIC 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 Auto Insurers in the United States
- 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