The Homeowners marketplace is the third largest line of insurance in the U.S.
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 99.38% of all filings having been submitted to the NAIC as of March 29, 2021, the total amount of Direct Written Premium for the U.S. insurance industry, All Lines, was $725,264,505,782. Turning to the Homeowners Multiple Peril segment of the marketplace, the total amount of Direct Written Premiums for this line of insurance was $110,347,975,923.This represents an increase of $6,317,585,070 from the 2019 year-end total of $104,030,390,853.
According to the latest data compiled, the U.S. Homeowners insurance marketplace is the third largest line of insurance in the U.S. after the Private Passenger Auto Insurance marketplace and the All Other Lines marketplace, respectively. As for combined market share, the top three Homeowners insurers have a combined market share of 32.70%. while the top 10 dominate with a 60.52% market share. In total, the top 25 have a combined market share of 74.92%.
The following are some additional statistics and insights from the latest report.
As stated in past reports, the only Massachusetts-based insurer that continues to make the NAIC’s Top 25 list is Boston-based Liberty Mutual Group. Liberty, which moved down from the third to the fourth-largest homeowners insurer in 2019, is ranked as the fourth-largest with a 6.34% share of the market as of March 29, 2021.
As the number one homeowner’s insurer in the United States, State Farm continued to outpace all of its competitors. For 2020, it reported $19,717,031,703 in Direct Written Premiums and $19,086,083,377 in Direct Premiums Earned representing a 17.87% market share.
In 2020, Progressive officially overtook Erie Insurance to become the top 10th largest writer of homeowners’ insurance in the U.S. For the year 2020, it reported $1,897,224,860 in Direct Written Premiums and $1,763,134,3791.72 in Direct Premiums earned which translates into a 1.72% market share.
The top 25 Homeowners Multiple Peril Insurers
The following is a complete this of the largest 25 homeowners multiple peril insurers during 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 & DCC To EP Ratio||Market Share%|
|1.||State Farm Group||$19,717,031,703||$19,086,083,377||72.85||17.87%|
|2.||Allstate Insurance Group||$9,005,250,696||$8,853,466,966||55.67||8.16%|
|4.||Liberty Mutual Group||$6,991,282,920||$6,814,981,419||61.65||6.34%|
|5.||Farmers Insurance Group||$6,043,864,526||$5,982,639,940||74.12||5.48%|
|7.||American Family Insurance Group||$4,442,466,951||$4,233,933,538||62.87||4.03%|
|8.||Nationwide Corp. Group||$3,344,181,288||$3,295,773,040||77.73||3.03%|
|9.||Chubb Limited Group||$3,113,148,549||$3,064,190,332||55.61||2.82%|
|12.||Erie Insurance Group||$1,809,611,052||$1,771,003,516||64.00||1.64%|
|13.||Universal Insurance Holding Group||$1,432,075,093||$1,313,720,440||64.00||1.30%|
|16.||CSAA Insurance Group||$1,109,314,963||$958,746,151||79.23||0.89%|
|17.||Amica Mutual Group||$948,950,186||$947,182,037||59.79||0.86%|
|18.||United Insurance Holdings Group||$935,026,844||$896,324,151||93.41||0.85%|
|19.||Hartford Fire & Casualty Group||$926,851,924||$941,736,497||10.10||0.84%|
|20.||Heritage Insurance Holdings Group||$901,568,834||$839,503,359||56.47||0.82%|
|21.||Auto Club Enterprises Insurance Group||$855,255,847||$851,977,508||44.41||0.78%|
|22.||Pure Companies Group||$776,812,512||$714,765,618||59.82||0.70%|
|23.||National General Group||$768,246,630||$798,905,017||73.44||0.70%|
|24.||Country Ins. & Fin. Service Group||$754,557,198||$744,421,103||80.28||0.68%|
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. 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