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.:
Agency Checklists created the following chart based upon the NAIC market share data showing the seven major lines of insurance in the United States according to market share size:
Musings on this year’s Market Share Report
With approximately 99.7% of all filings having been submitted to the NAIC as of March 22, 2021, the U.S. Other Liability insurance marketplace in 2020 is fourth-largest insurance marketplace in the country with a 12.54% of the total insurance marketplace based Total Direct Premiums earned.
As for the total amount of Direct Written Premiums, the Other Liability market segment had a total of $90,967,443,122 in 2020.
The following are some statistics and insights from the latest report:
Chubb continues to be the largest Other Liability insurer in the U.S. with a total of $7,342,560,353 in Direct Written Premiums, representing a 8.07% market share. Chubb’s closest competitor in this line of insurance is Assurant, which has a market share of 4.65%, a little less than half the market share of Chubb.
AIG saw the biggest decrease in this category in 2020. In 2019, it was ranked as the second-largest Other Liability insurer in the U.S. with a total of $4,096,180,363 in Direct Written Premiums representing a 5.09% market share. In 2020, however, it now occupies the fifth spot with $3,918,453,895 representing a 4.32% market share.
Both Markel and Berkshire Hathaway increased their market share this month, moving up three spots each. Berkshire Hathaway, which was ranked 11th in 2019, now occupies the seventh spot, while Markel moved up from the 14th to the 11th spot.
The Top 25 Other Liability Insurers in the U.S.
The following is a complete this of the largest 25 Other Liability Insurers in the U.S. for the year 2020. 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 30, 2021.
|Rank||Company Name||Direct Premiums Written||Direct Premiums Earned||Direct Loss to EP Ratio||Market Share%|
|1.||Chubb Ltd. Group||$7,342,560,353||6,998,788,808||76.33||8.07%|
|2.||Assurant Inc. Group||$4,230,419,978||$4,031,150,371||67.08||4.65%|
|4.||Liberty Mutual Group||$4,025,211,563||$3,572,043,857||104.31||4.42%|
|6.||AXA Insurance Group||$3,691,466,026||$3,312,025,816||84.79||4.06%|
|7.||Berkshire Hathaway Group||$3,497,065,879||$2,898,437,994||86.47||3.84%|
|8.||FAIRFAX Financial Group||$3,380,584,460||$3,031,822,717||66.54||3.72%|
|9.||CNA Insurance Group||$3,204,470,881||$2,923,974,702||62.49||3.52%|
|10.||WR Berkley Corp. Group||$3,144,012,547||$2,924,950,817||59.50||3.46%|
|11.||Markel Corp Group||$2,609,443,157||$2,383,996,781||51.06||2.87%|
|12.||Zurich Insurance Group||$2,597,354,718||$2,543,119,576||111.53||2.86%|
|13.||Nationwide Corp. Group||$2,520,879,036||$2,393,391,121||75.63||2.77%|
|14.||HARTFORD FIRE & CAS GRP||$2,497,763,187||$2,352,404,606||85.77||2.75%|
|15.||AMERICAN FINANCIAL GRP||2,062,686,619||$1,873,457,787||78.74||2.27%|
|16.||TOKIO MARINE HOLDINGS INC GRP||$2,009,038,217||$1,874,258,721||76.91||2.21%|
|18.||ALLIANZ INS GRP||$1,474,746,228||$1,433,471,907||98.94||1.62%|
|19.||AXIS CAPITAL GRP||$1,436,498,399||$1,309,567,242||67.81||1.58%|
|21.||Cincinnati Financial Group||$1,284,980,644||$1,217,690,689||49.41||1.41%|
|22.||Everest Reins Holdings Group||$1,188,474,179||$1,064,091,170||76.31||1.31%|
|23.||Arch Insurance Group||$1,168,078,164||$1,096,455,106||82.82||1.28%|
|24.||Argo Group US Inc. Group||$1,137,563,011||$1,085,679,967||67.53||1.25%|
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. 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
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