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 Workers Compensation segment of the marketplace, the total amount of Direct Written Premiums for this line of insurance was $51,030,257,326.
According to the latest data compiled, the Workers’ Compensation marketplace is the fifth-largest line of insurance in the U.S. between the Other Liability and Commercial Auto insurance lines.
Looking at the make-up of this marketplace, the top three Workers’ Compensation insurers have a combined market share of 18.08%. As for top 10 insurers, they have a combined market share of 43.50% while the top 25 claim a combined market share of 66.73%.
The Top 25 Workers’ Compensation 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 & DD to EP Ratio | Market Share% | |
|---|---|---|---|---|---|---|
 | 1. | TRAVELERS GRP | $3,737,454,477 | $3,789,438,029 | 62.93 | 7.32 |
 | 2. | HARTFORD FIRE & CAS GRP | $2,992,053,652 | $3,099,375,472 | 54.91 | 5.86 |
 | 3. | ZURICH INS GRP | $2,495,405,266 | $2,535,867,511 | 58.86 | 4.89 |
 | 4. | CHUBB LTD GRP | $2,294,088,995 | $2,249,828,557 | 28.43 | 4.50 |
 | 5. | LIBERTY MUT GRP | $2,140,148,597 | $2,110,994,612 | 63.22 | 4.19 |
 | 6. | BERKSHIRE HATHAWAY GRP | $1,998,777,963 | $2,082,245,801 | 49.21 | 3.92 |
 | 7. | AMTRUST FINANCIAL SERV GRP | $1,956,223,895 | $1,991,739,826 | 43.34 | 3.83 |
 | 8. | BCBS OF MI GRP | $1,668,319,163 | $1,625,403,958 | 61.71 | 3.27 |
 | 9. | STATE INS FUND | $1,610,726,901 | $1,583,242,705 | 81.26 | 3.16 |
 | 10. | OLD REPUBLIC GRP | $1,302,497,849 | $1,326,233,987 | 62.87 | 2.55 |
 | 11. | AMERICAN INTL GRP | $1,188,756,527 | $1,273,341,863 | 62.71 | 2.33 |
 | 12. | AMERICAN FINANCIAL GRP | $1,165,278,893 | $1,188,932,978 | 46.25 | 2.28 |
 | 13. | WR BERKLEY CORP GRP | $1,087,051,530 | $1,121,475,066 | 55.05 | 2.13 |
 | 14. | STATE COMPENSATION INS FUND | $1,076,840,447 | $1,029,658,251 | 75.34 | 2.11 |
 | 15. | ICW GRP ASSETS INC GRP | $964,004,309 | $804,666,147 | 53.58 | 1.89 |
 | 16. | TEXAS MUT INS CO | $923,313,869 | $940,480,094 | 36.56 | 1.81 |
 | 17. | CNA INS GRP | $814,943,088 | $777,698,033 | 50.06 | 1.60 |
 | 18. | FAIRFAX FIN GRP | $700,028,695 | $717,154,423 | 34.44 | 1.37 |
 | 19. | STARR GRP | $662,253,309 | $684,788,744 | 52.85 | 1.30 |
 | 20. | ARCH INS GRP | $631,584,685 | $646,137,189 | 51.59 | 1.24 |
 | 21. | EMPLOYERS HOLDINGS GRP | $570,759,518 | $611,002,164 | 44.55 | 1.12 |
 | 22. | COPPERPOINT GRP | $569,546,954 | $519,449,176 | 49.35 | 1.12 |
 | 23. | PINNACOL ASSUR | $512,025,286 | $519,589,410 | 61.67 | 1.00 |
 | 24. | MARKEL CORP GRP | $497,735,806 | $508,054,378 | 47.87 | 0.98 |
 | 25. | EVEREST REINS HOLDINGS GRP | $493,542,656 | $509,023,699 | 50.24 | 0.97 |
| INDUSTRY TOTALS | $51,030,257,326 | $51,373,409,691 | 53.41 | 100.00 |
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 Multiple Peril Homeowners
- 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
