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.:
The U.S. commercial auto insurance marketplace
The Commercial Auto Insurance insurance marketplace is the second-smallest or sixth-largest of the top seven lines of insurance in the U.S.
The total amount of Direct Written Premiums for this line of insurance for 2020 was $45,788,021,304 as of March 29, 2021. As for Direct Premiums Earned, the total amount for 2020 was $44,752,906,662.
The top three Commercial Auto insurers in the U.S. are Progressive, Travelers, and Old Republic, who have a combined market share total of 22.53%.
As for market share data, the top 25 auto insurers have a combined market share of 65.44%, with the top 10 of these insurers claiming a 43.00% share of the market.
As was the case in 2020, the largest commercial auto writer in the U.S. is Progressive Insurance with a 12.32% share of the market and $5,572,154,326 in Direct Written Premiums. The next closest competitor is Connecticut-based Travelers with a 6.33% share of the market and $2,860,331,584 in Direct Written Premiums.
Musings & Movements in this line of business
Liberty Mutual continues to be the only Massachusetts-based insurer to make this national list. It is the fourth-largest writer by market share reporting $1,689,377,411 in Direct Premiums Written and $1,762,177,865 in Direct Premiums Earned. As of March 29, 2021, it has a 3.69% share of the U.S. Commercial Auto insurance marketplace.
As of March 29, 2021, Old Republic is the third-largest commercial auto insurer in the country reporting $ 1,883,080,608 in Direct Written Premiums and $1,766,707,604 in Direct Premiums Earned representing a 4.11% share of the marketplace.
While Traveler’s position as the second-largest writer of commercial auto insurance remained unchanged in 2020, it did increase both its DWP totals and market share over the last year from $2,798,420,481 in 2019 to $2,860,331,584. As of March 29, 2021 it has a 6.25% share of the marketplace.
Two insurers made a new appearance on this year’s list: Markel ranked this year as the 24th largest commercial auto writer with a 1.25% market share and $571,288,992 in DWP, while Federated Mutual Group came in as the 25th largest with a 1.22% market share and $560,053,019 in DWP.
The Top 25 Commercial Auto Insurers in the U.S.
|Rank||Company Name||Direct Premiums Written||Direct Premiums Earned||Direct Loss & DCC To EP Ratio||Market Share|
|3.||Old Republic Group||$1,883,080,608||$1,766,707,604||81.70||4.11%|
|4.||Liberty Mutual Group||$1,689,377,411||$1,762,177,865||70.30||3.69%|
|5.||Nationwide Corp Group||$1,659,268,204||$1,637,681,427||77.89||3.62%|
|6.||Zurich Insurance Group||$1,622,780,332||$1,585,927,087||88.83||3.54%|
|7.||Berkshire Hathaway Group||$1,417,137,849||$1,440,946,780||75.32||3.09%|
|9.||CHUBB Limited Group||$894,824,903||$872,573,238||76.83||1.95%|
|10.||WR Berkley Corp. Group||$841,905,918||$768,253,882||56.73||1.84%|
|11.||American International Group||$821,630,188||$752,616,895||84.69||1.79%|
|12.||Hartford Fire & Casualty Group||$776,778,364||$776,452,495||72.77||1.70%|
|13.||Allstate Ins. Group||$767,252,722||$744,060,167||74.40||1.68%|
|14.||Cincinnati Financial Group||$763,897,420||$755,347,230||57.82||1.67%|
|15.||American Financial Group||$761,841,282||$747,726,819||61.05||1.66%|
|16.||Tokio Marine Holdings Inc. Group||$747,656,537||$747,035,334||64.66||1.63%|
|17.||Erie Insurance Group||$684,684,400||$660,949,721||55.70||1.50%|
|18.||State Farm Group||$679,745,156||$784,783,408||76.33||1.48%|
|19.||Selective Insurance Group||$677,624,913||$633,719,596||62.59||1.48%|
|20.||Sentry Insurance Group||$656,741,952||$603,735,845||69.14||1.43%|
|21.||Fairfax Financial Group||$630,167,403||$617,946,107||68.55||1.38%|
|22.||CNA Insurance Group||$587,260,507||$540,926,601||74.53||1.28%|
|23.||Acuity Mutual Insurance Group||$586,432,562||$546,411,410||49.50||1.28%|
|24.||Markel Corp. Group||$571,288,992||$504,961,118||87.61||1.25%|
|25.||Federated Mutual Group||$560,053,019||$533,299,953||78.14||1.22%|
Links to our 2021 NAIC Market Share Reports published thus far
- NAIC 2021 Market Share Report | The Top 25 U.S. Insurers – All Lines
- NAIC 2021 Market Share Report | The Top 25 U.S. 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