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 here 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: 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 current make-up of the P&C insurance marketplace
With approximately 99.38%% of all Property & Casualty filings having been reported as of March 29, 2021, the total direct premiums written for all lines of business was $725,264,505,782 in 2020. The total amount Direct Premiums Earned was $710,699,877,156
Breaking down the data by market share, the top ten insurers have a cumulative market share of 46.96%. In comparison, the top five insurers have a combined market share of 30.96% while the top three have a 21.42% cumulative market share. As for the top 25, they claim a combined market share of 65.59%.
Noteworthy movements from this year’s Market Share Report
As stated in past reports, the only Massachusetts-based insurer making the top 25 P&C All Lines list is Boston-based Liberty Mutual Group. In 2016, Liberty Mutual overtook Allstate to become the third-largest insurer in the U.S., a spot that it has since relinquished to Progressive. Liberty Mutual’s market share, however, decreased a bit to 4.99%
As for the top two P&C Insurers, they remain the same. While State Farm continues to be the top P&C Insurer – All Lines, its market share did not grow over the past year. In fact, it decreased from a 9.27% market share in our 2020 update to 9.12%.
Berkshire Hathaway continues to rank as the second-largest insurer in the land. In our 2020 report, it had a 6.51% market share while this year it is 6.37%. In turn, third-ranked Progessive increased its market share over the same period of time from 5.54% in 2020 to 5.75%
The Top 25 P&C Insurers By Countrywide Premium – All Lines
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 | Company Name | Direct Premiums Written | Direct Premiums Earned | Direct Loss & DCC to EP Ratio | Market Share% | |
|---|---|---|---|---|---|---|
 | 1. | State Farm Group | $66,153,063,455 | $65,950,654,496 | 62.97 | 9.12% |
 | 2. | Berkshire Hathaway Group | $46,168,882,446 | $45,540,192,333 | 68.08 | 6.37% |
 | 3. | Progressive Group | $41,737,283,351 | $40,688,559,853 | 57.93 | 5.75% |
 | 4. | Liberty Mutual Group | $36,172,569,654 | $35,207,786,556 | 67.14 | 4.99% |
 | 5. | Allstate Insurance Group | $34,316,667,551 | $34,232,858,004 | 55.30 | 4.73% |
 | 6. | Travelers Group | $28,786,741,494 | $28,004,428,038 | 59.83 | 3.97% |
 | 7. | USAA Group | $24,621,245,970 | $24,225,885,492 | 60.14 | 3.39% |
 | 8. | Chubb Limited Group | $24,054,673,303 | $23,393,178,488 | 67.46 | 3.32% |
 | 9. | Farmers Insurance Group | $20,083,338,884 | $20,085,360,879 | 63.19 | 2.77% |
 | 10. | Nationwide Corp. Group | $18,499,967,365 | $18,218,307,430 | 70.55 | 2.55% |
 | 11. | Zurich Insurance Group | $13,623,337,989 | $13,335,393,023 | 87.63 | 1.88% |
 | 12. | American International Group | $13,408,425,055 | $13,506,722,093 | 76.89 | 1.85% |
 | 13. | Hartford Fire & Casualty Group | $12,378,219,253 | $12,366,706,308 | 57.65 | 1.71% |
 | 14. | CNA Insurance Group | $11,746,819,856 | $11,081,774,633 | 70.15 | 1.62% |
 | 15. | American Family Insurance Group | $11,338,489,352 | $11,155,691,740 | 61.68 | 1.56% |
 | 16. | Auto-Owners Group | $9,295,080,573 | $9,093,010,953 | 61.38 | 1.28% |
 | 17. | Assurant Inc. Group | $8,283,431,551 | $8,161,206,093 | 51.72 | 1.14% |
 | 18. | Tokio Marine Holdings Inc. Group | $7,717,104,740 | $7,490,580,877 | 85.26 | 1.06% |
 | 19. | Erie Insurance Group | $7,613,519,268 | $7,539,911,442 | 56.21 | 1.05% |
 | 20. | Fairfax Financial Group | $7,586,745,423 | $7,140,062,079 | 67.32 | 1.05% |
 | 21. | AXA Insurance Group | $7,015,963,255 | $6,565,631,107 | 83.39 | 0.97% |
 | 22. | WR Berkley Corp. Group | $6,807,601,872 | $6,470,395,405 | 55.55 | 0.94% |
 | 23. | American Financial Group | $6,689,564,365 | $6,446,255,390 | 60.12 | 0.92% |
 | 24. | Markel Corp. Group | $6,054,304,790 | $5,873,542,966 | 57.75 | 0.83% |
 | 25. | Cincinnati Financial Group | $5,549,240,572 | $5,426,176,780 | 59.76 | 0.77% |
| INDUSTRY TOTAL | $725,264,505,782 | $710,699,877,156 | 64.16 | 100.00% |
Links to our 2021 NAIC Market Share Reports
- NAIC 2021 Market Share Report | The Top 25 U.S. Auto Insurers
- 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
