The National Association of Insurance Commissioners has issued a new in-depth report on the 2021 market share data for insurers within the Property & Casualty marketplace. A total of 33 lines of business have been analyzed both at the national and state level. In response to the publication of this data, Agency Checklists is providing a distillation of the report over the coming weeks featuring the top insurers in various marketplaces in both Massachusetts as well as the rest of the New England states.
The NAIC states that the in-depth report may have a variety of useful purposes for individuals and entities by giving them an “understanding of the overall size of the market”. In addition, the NAIC notes that it may help:
- Assess an insurer’s competitive position
- Create benchmarks to compare companies
- Identify the top writers
- Analyze the overall size of the market
- Identify premium volume trends
- Evaluate market penetration potential
- Evaluate post-merger market implications
Premium & Market Share
The following is a graph reprinted from the NAIC Property & Casualty Market Share Reports 2021 that highlights the trends in Premium over the past decade. According to the NAIC, Direct Written Premium increased by 9.44% from 2020 for all lines of business.
Top 10 Commercial Auto Liability Insurers’ Market Share Nationally
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. PROGRESSIVE GRP | 6,699,493 | 5,836,812 | 69.80 % | 74.25 % | 16.17 % | 16.17 % |
| 2. TRAVELERS GRP | 2,315,056 | 2,270,564 | 57.58 % | 63.19 % | 5.59 % | 21.76 % |
| 3. OLD REPUBLIC GRP | 1,547,892 | 1,543,040 | 68.53 % | 80.91 % | 3.74 % | 25.50 % |
| 4. LIBERTY MUT GRP | 1,351,781 | 1,352,028 | 68.06 % | 73.84 % | 3.26 % | 28.76 % |
| 5. BERKSHIRE HATHAWAY GRP | 1,336,634 | 1,304,668 | 59.06 % | 69.92 % | 3.23 % | 31.99 % |
| 6. NATIONWIDE CORP GRP | 1,316,345 | 1,316,221 | 65.65 % | 69.56 % | 3.18 % | 35.17 % |
| 7. ZURICH INS GRP | 1,237,537 | 1,197,758 | 72.47 % | 83.32 % | 2.99 % | 38.16 % |
| 8. AUTO OWNERS GRP | 1,009,414 | 940,495 | 60.40 % | 67.75 % | 2.44 % | 40.59 % |
| 9. ALLSTATE INS GRP | 910,296 | 885,134 | 87.77 % | 96.02 % | 2.20 % | 42.79 % |
| 10. CHUBB LTD GRP | 894,678 | 872,573 | 68.72 % | 74.40 % | 2.16 % | 44.95 % |
Top 10 Commercial Auto Liability Insurers’ Market Share – Massachusetts
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. MAPFRE INS GRP | 104,556 | 103,787 | 53.08 % | 54.63 % | 12.96 % | 12.96 % |
| 2. SAFETY GRP | 86,794 | 84,829 | 45.91 % | 48.47 % | 10.76 % | 23.71 % |
| 3. ARBELLA INS GRP | 78,580 | 76,969 | 34.54 % | 38.44 % | 9.74 % | 33.45 % |
| 4. TRAVELERS GRP | 58,118 | 56,020 | 37.54 % | 38.82 % | 7.20 % | 40.65 % |
| 5. LIBERTY MUT GRP | 56,144 | 66,635 | 55.97 % | 60.96 % | 6.96 % | 47.61 % |
| 6. PROGRESSIVE GRP | 53,763 | 46,520 | 44.34 % | 46.77 % | 6.66 % | 54.27 % |
| 7. PLYMOUTH ROCK INS GRP | 42,658 | 43,524 | 17.20 % | 23.22 % | 5.29 % | 59.56 % |
| 8. TOKIO MARINE HOLDINGS INC GRP | 29,459 | 29,804 | 44.77 % | 45.51 % | 3.65 % | 63.21 % |
| 9. WR BERKLEY CORP GRP | 27,402 | 26,228 | 34.29 % | 37.09 % | 3.40 % | 66.60 % |
| 10. ZURICH INS GRP | 24,746 | 24,508 | 29.87 % | 35.00 % | 3.07 % | 69.67 % |
| ***STATE TOTAL*** | 806,960 | 789,449 | 41.16 % | 44.46 % | 100.00 % | 69.67 % |
Top 10 Commercial Auto Liability Insurers’ Market Share – New England
Connecticut
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. PROGRESSIVE GRP | 54,833 | 48,247 | 55.86 % | 59.00 % | 12.36 % | 12.36 % |
| 2. TRAVELERS GRP | 31,883 | 32,124 | 46.70 % | 49.09 % | 7.19 % | 19.55 % |
| 3. LIBERTY MUT GRP | 30,941 | 31,035 | 71.70 % | 78.13 % | 6.98 % | 26.53 % |
| 4. WR BERKLEY CORP GRP | 22,866 | 20,425 | 57.52 % | 60.90 % | 5.16 % | 31.69 % |
| 5. HARTFORD FIRE & CAS GRP | 22,234 | 21,431 | 47.95 % | 51.03 % | 5.01 % | 36.70 % |
| 6. SELECTIVE INS GRP | 19,475 | 18,325 | 70.54 % | 73.74 % | 4.39 % | 41.09 % |
| 7. ZURICH INS GRP | 18,221 | 17,355 | 73.84 % | 85.06 % | 4.11 % | 45.20 % |
| 8. UTICA GRP | 15,858 | 15,582 | 55.45 % | 62.08 % | 3.58 % | 48.78 % |
| 9. AMERICAN FAMILY INS GRP | 15,312 | 15,338 | 102.95 % | 112.81 % | 3.45 % | 52.23 % |
| 10. NATIONWIDE CORP GRP | 13,802 | 13,705 | 27.65 % | 29.37 % | 3.11 % | 55.34 % |
| ***STATE TOTAL*** | 443,482 | 425,023 | 60.11 % | 66.39 % | 100.00 % | 55.34 % |
Maine
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. WR BERKLEY CORP GRP | 20,410 | 18,954 | 32.85 % | 33.78 % | 16.10 % | 16.10 % |
| 2. PROGRESSIVE GRP | 12,641 | 12,300 | 44.96 % | 46.30 % | 9.97 % | 26.07 % |
| 3. THE HANOVER INS GRP | 10,391 | 10,333 | 62.49 % | 64.41 % | 8.20 % | 34.26 % |
| 4. LIBERTY MUT GRP | 9,664 | 9,956 | 72.35 % | 76.75 % | 7.62 % | 41.88 % |
| 5. TRAVELERS GRP | 9,505 | 9,275 | 52.95 % | 55.00 % | 7.50 % | 49.38 % |
| 6. FRANKENMUTH GRP | 7,523 | 7,290 | 26.90 % | 28.66 % | 5.93 % | 55.31 % |
| 7. MMG INS CO | 7,141 | 6,867 | 40.80 % | 43.14 % | 5.63 % | 60.95 % |
| 8. ZURICH INS GRP | 3,716 | 3,697 | N/A | N/A | 2.93 % | 63.88 % |
| 9. ACUITY A MUT INS CO | 3,409 | 3,021 | 27.69 % | 28.66 % | 2.69 % | 66.56 % |
| 10. OLD REPUBLIC GRP | 3,235 | 2,940 | 33.28 % | 37.96 % | 2.55 % | 69.12 % |
| ***STATE TOTAL*** | 126,794 | 121,898 | 50.02 % | 52.94 % | 100.00 % | 69.12 % |
New Hampshire
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. WR BERKLEY CORP GRP | 21,762 | 20,857 | 26.54 % | 28.76 % | 16.95 % | 16.95 % |
| 2. PROGRESSIVE GRP | 10,365 | 9,763 | 27.66 % | 28.86 % | 8.08 % | 25.03 % |
| 3. LIBERTY MUT GRP | 10,185 | 10,162 | 54.58 % | 58.40 % | 7.94 % | 32.97 % |
| 4. TRAVELERS GRP | 7,207 | 6,877 | 26.79 % | 27.40 % | 5.62 % | 38.58 % |
| 5. THE HANOVER INS GRP | 5,030 | 4,977 | 13.78 % | 18.46 % | 3.92 % | 42.50 % |
| 6. ZURICH INS GRP | 4,483 | 4,009 | N/A | N/A | 3.49 % | 45.99 % |
| 7. MMG INS CO | 4,386 | 4,293 | 31.24 % | 34.32 % | 3.42 % | 49.41 % |
| 8. AMERICAN FINANCIAL GR | 3,972 | 3,541 | N/A | N/A | 3.09 % | 52.50 % |
| 9. SAFETY GRP | 3,962 | 3,815 | 112.45 % | 115.86 % | 3.09 % | 55.59 % |
| 10. CHUBB LTD GRP | 3,914 | 3,837 | 36.66 % | 39.34 % | 3.05 % | 58.64 % |
| ***STATE TOTAL*** | 128,354 | 123,276 | 30.66 % | 32.61 % | 100.00 % | 58.64 % |
Rhode Island
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. PROGRESSIVE GRP | 18,094 | 16,019 | 41.70 % | 43.01 % | 15.80 % | 15.80 % |
| 2. SELECTIVE INS GRP | 7,443 | 6,915 | 60.73 % | 62.78 % | 6.50 % | 22.29 % |
| 3. TRAVELERS GRP | 6,703 | 6,939 | 51.79 % | 51.97 % | 5.85 % | 28.15 % |
| 4. EMC INS CO GRP | 6,661 | 6,554 | 33.34 % | 37.29 % | 5.82 % | 33.96 % |
| 5. LIBERTY MUT GRP | 5,858 | 5,778 | 49.41 % | 55.17 % | 5.11 % | 39.08 % |
| 6. ARBELLA INS GRP | 5,352 | 5,041 | 31.06 % | 32.19 % | 4.67 % | 43.75 % |
| 7. NATIONWIDE CORP GRP | 4,489 | 4,559 | 40.53 % | 41.85 % | 3.92 % | 47.67 % |
| 8. AMERICAN FAMILY INS GRP | 4,310 | 4,358 | 75.45 % | 79.09 % | 3.76 % | 51.43 % |
| 9. ALLSTATE INS GRP | 4,261 | 4,059 | 106.74 % | 116.78 % | 3.72 % | 55.15 % |
| 10. TOKIO MARINE HOLDINGS INC GRP | 3,922 | 3,866 | 78.35 % | 83.70 % | 3.42 % | 58.58 % |
| ***STATE TOTAL*** | 114,541 | 109,517 | 50.98 % | 54.11 % | 100.00 % | 58.58 % |
Vermont
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. PROGRESSIVE GRP | 6,902 | 6,832 | 68.30 % | 71.76 % | 12.27 % | 12.27 % |
| 2. WR BERKLEY CORP GRP | 6,383 | 6,114 | 39.95 % | 40.47 % | 11.35 % | 23.62 % |
| 3. TRAVELERS GRP | 4,678 | 4,382 | 49.98 % | 50.16 % | 8.32 % | 31.94 % |
| 4. LIBERTY MUT GRP | 4,219 | 4,438 | 50.69 % | 54.11 % | 7.50 % | 39.44 % |
| 5. NATIONWIDE CORP GRP | 2,812 | 2,744 | 52.05 % | 53.75 % | 5.00 % | 44.44 % |
| 6. MMG INS CO | 2,499 | 2,452 | 24.06 % | 24.50 % | 4.44 % | 48.88 % |
| 7. CINCINNATI FIN GRP | 2,343 | 2,261 | 15.49 % | 17.45 % | 4.17 % | 53.05 % |
| 8. ZURICH INS GRP | 1,803 | 1,743 | N/A | N/A | 3.21 % | 56.25 % |
| 9. FRANKENMUTH GRP | 1,789 | 1,700 | 15.01 % | 19.21 % | 3.18 % | 59.44 % |
| 10. BERKSHIRE HATHAWAY GRP | 1,683 | 1,673 | 34.05 % | 35.99 % | 2.99 % | 62.43 % |
| ***STATE TOTAL*** | 56,241 | 54,378 | 33.79 % | 35.91 % | 100.00 % | 62.43 % |
Other New England Market Share Reports
The following is a list of other New England market share reports on select lines of business as published in the NAIC report.
