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.
Musings on the make-up of the P&C-All Lines insurance marketplace
With approximately 98.54% of all filings having been submitted to the NAIC as of March 21, 2022, the following are key figures from the current P&C marketplace:
- Total Direct Written Premium for the U.S. insurance industry, All Lines, was $793,719,555,911, while Total Premiums Earned was $763,286,825,746.
- Total private passenger auto insurance has the largest amount of direct premiums written reported as of March 1st, 2022, at $179,440,143,179, which is about 31% of all written premiums.
- In terms of market share, State Farm continues to be the largest P&C insurer with approximately $70,311,694,695 in Direct Premiums Written representing an 8.86% market share.
- The top three P&C insurers in the U.S.: State Farm, Berkshire Hathaway, and Progressive have a combined cumulative market share of 21.38%.
- The top five P&C insurers, which now includes Boston-based Liberty Mutual, have a cumulative market share of 31.51%, while the top ten command a cumulative market share of 47.58%.
- With respect to the top 25 Property & Casualty Insurers All Lines, this group dominates the marketplace with a cumulative market share of 66.80%.
Market Share by Line of Business
A chart ranking the seven major lines of insurance by market share from data collected by the NAIC. The following is the total Direct Written Premium for each of these lines as of March 15,2022.
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 14, 2022 and may differ from the original publishing of this report.
|RANK||COMPANY NAME||DIRECT PREMIUMS WRITTEN||DIRECT PREMIUMS EARNED||DIRECT LOSS TO EP RATIO||MARKET SHARE||CUMULATIVE MARKET SHARE|
|1.||State Farm Group||$70,311,694,695||$67,864,085,366||70.72||8.87%||8.87%|
|2.||Berkshire Hathaway Group||$51,603,817,860||$50,073,595,442||70.57||6.51%||15.38%|
|5.||Liberty Mutual Group||$39,022,756,847||$37,540,844,760||63.60||4.92%||31.56%|
|7.||Chubb Ltd. Group||$26,983,034,399||$26,118,498,856||58.92||3.40%||38.86%|
|9.||Farmers Insurance Group||$25,009,069,025||$24,492,747,411||64.21||3.16%||45.21%|
|10.||Nationwide Corp Group||$19,435,640,789||$18,906,814,579||63.87||2.45%||47.66%|
|11.||Zurich Insurance Group||$15,015,664,395||$14,520,381,333||60.70||1.89%||49.55%|
|13.||Hartford Fire & Cas Group||$13,557,707,379||$13,082,994,694||54.81||1.71%||53.12%|
|14.||CNA Insurance Group||$12,599,389,828||$12,020,600,724||59.24||1.59%||54.71%|
|15.||American Family Insurance Group||$12,579,932,096||$12,041,755,814||62.34||1.59%||56.30%|
|16.||Tokio Marine Holdings Inc. Group||$10,141,841,503||$9,616,676,758||66.27||1.28%||57.58%|
|18.||Fairfax Insurance Group||$9,575,851,012||$8,687,111,888||56.55||1.21%||60.04%|
|19.||Assurant Inc. Group||$8,919,452,914||$8,617,052,090||51.78||1.13%||61.16%|
|20.||WR Berkley Corp. Group||$8,263,301,349||$7,644,732,744||50.17||1.04%||62.20%|
|21.||Erie Insurance Group||$7,868,311,337||$7,721,339,246||64.98||0.99%||63.20%|
|22.||AXA Insurance Group||$7,772,624,410||$7,387,119,081||60.02||0.98%||64.18%|
|23.||American Financial Group||$7,595,159,952||$7,360,066,717||48.49||0.96%||65.14%|
|24.||Markel Corp. group||$7,418,742,223||$6,817,824,344||55.51||0.94%||66.07%|
Links to our 2022 NAIC Market Share Reports
- NAIC 2022 Market Share Report | The Top 25 U.S. Homeowners Multiple Peril Insurers
- NAIC 2022 Market Share Report | The Top 25 U.S. Other Liability Insurers
- NAIC 2022 Market Share Report | The Top 25 U.S. Workers Compensation Insurers
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