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 Private Passenger Auto 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. STATE FARM GRP | 23,804,302 | 23,401,586 | 65.01 % | 70.49 % | 15.57 % | 15.57 % |
| 2. PROGRESSIVE GRP | 22,787,781 | 22,430,494 | 59.15 % | 61.94 % | 14.90 % | 30.47 % |
| 3. BERKSHIRE HATHAWAY GRP | 22,375,956 | 21,983,525 | 69.65 % | 73.36 % | 14.63 % | 45.10 % |
| 4. ALLSTATE INS GRP | 15,331,130 | 15,333,220 | 73.44 % | 74.92 % | 10.03 % | 55.12 % |
| 5. UNITED SERV AUTOMOBILE ASSN GRP | 8,606,932 | 8,654,746 | 77.80 % | 81.44 % | 5.63 % | 60.75 % |
| 6. FARMERS INS GRP | 7,513,520 | 7,546,242 | 59.45 % | 62.92 % | 4.91 % | 65.67 % |
| 7. LIBERTY MUT GRP | 7,427,915 | 7,228,899 | 62.36 % | 67.19 % | 4.86 % | 70.52 % |
| 8. AMERICAN FAMILY INS GRP | 3,264,749 | 3,275,147 | 55.74 % | 59.84 % | 2.13 % | 72.66 % |
| 9. TRAVELERS GRP | 3,202,721 | 3,147,023 | 58.64 % | 62.87 % | 2.09 % | 74.75 % |
| 10. NATIONWIDE CORP GRP | 3,111,679 | 3,163,807 | 61.22 % | 64.49 % | 2.03 % | 76.79 % |
Top 10 Private Passenger Auto 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 | 496,994 | 514,694 | 59.61 % | 59.85 % | 19.55 % | 19.55 % |
| 2. BERKSHIRE HATHAWAY GRP | 373,478 | 347,817 | 95.30 % | 95.49 % | 14.69 % | 34.25 % |
| 3. LIBERTY MUT GRP | 290,411 | 290,480 | 53.33 % | 53.84 % | 11.43 % | 45.67 % |
| 4. ARBELLA INS GRP | 197,575 | 196,070 | 55.52 % | 56.74 % | 7.77 % | 53.45 % |
| 5. SAFETY GRP | 192,129 | 196,734 | 56.81 % | 57.37 % | 7.56 % | 61.00 % |
| 6. PLYMOUTH ROCK INS GRP | 171,940 | 171,680 | 59.54 % | 59.96 % | 6.76 % | 67.77 % |
| 7. PROGRESSIVE GRP | 127,049 | 123,207 | 80.36 % | 80.76 % | 5.00 % | 72.77 % |
| 8. FARMERS INS GRP | 100,372 | 102,741 | 53.07 % | 53.12 % | 3.95 % | 76.72 % |
| 9. UNITED SERV AUTOMOBILE ASSN GRP | 97,794 | 96,546 | 62.79 % | 63.13 % | 3.85 % | 80.56 % |
| 10. TRAVELERS GRP | 96,202 | 90,388 | 65.86 % | 65.90 % | 3.78 % | 84.35 % |
| ***STATE TOTAL*** | 2,541,755 | 2,526,830 | 63.64 % | 64.01 % | 100.00 % | 84.35 % |
Top 10 Private Passenger Auto 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. BERKSHIRE HATHAWAY GRP | 210,357 | 206,910 | 86.68 % | 86.83 % | 17.67 % | 17.67 % |
| 2. ALLSTATE INS GRP | 142,532 | 143,857 | 55.65 % | 52.19 % | 11.97 % | 29.63 % |
| 3. LIBERTY MUT GRP | 115,053 | 109,816 | 58.48 % | 58.92 % | 9.66 % | 39.30 % |
| 4. PROGRESSIVE GRP | 111,905 | 107,653 | 98.84 % | 99.22 % | 9.40 % | 48.69 % |
| 5. STATE FARM GRP | 99,249 | 94,665 | 92.68 % | 92.90 % | 8.33 % | 57.03 % |
| 6. UNITED SERV AUTOMOBILE ASSN GRP | 67,134 | 66,893 | 70.86 % | 71.16 % | 5.64 % | 62.67 % |
| 7. TRAVELERS GRP | 66,505 | 65,013 | 63.62 % | 63.80 % | 5.58 % | 68.25 % |
| 8. FARMERS INS GRP | 61,010 | 59,403 | 62.38 % | 62.54 % | 5.12 % | 73.37 % |
| 9. AMICA MUT GRP | 37,228 | 38,344 | 59.90 % | 60.51 % | 3.13 % | 76.50 % |
| 10. HARTFORD FIRE & CAS GRP | 33,393 | 33,356 | 50.85 % | 51.03 % | 2.80 % | 79.30 % |
| ***STATE TOTAL*** | 1,190,812 | 1,168,893 | 72.58 % | 72.39 % | 100.00 % | 79.30 % |
Maine
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. PROGRESSIVE GRP | 82,144 | 80,248 | 53.56 % | 54.16 % | 19.60 % | 19.60 % |
| 2. STATE FARM GRP | 53,828 | 52,860 | 56.61 % | 57.39 % | 12.84 % | 32.44 % |
| 3. BERKSHIRE HATHAWAY GRP | 52,897 | 51,375 | 74.37 % | 76.03 % | 12.62 % | 45.06 % |
| 4. LIBERTY MUT GRP | 37,226 | 35,270 | 55.53 % | 59.06 % | 8.88 % | 53.94 % |
| 5. ALLSTATE INS GRP | 30,441 | 31,674 | 70.49 % | 71.30 % | 7.26 % | 61.20 % |
| 6. UNITED SERV AUTOMOBILE ASSN GRP | 18,854 | 18,691 | 63.95 % | 65.27 % | 4.50 % | 65.70 % |
| 7. FARMERS INS GRP | 16,085 | 16,348 | 47.80 % | 48.64 % | 3.84 % | 69.53 % |
| 8. AUTO OWNERS GRP | 15,684 | 15,776 | 54.46 % | 56.92 % | 3.74 % | 73.27 % |
| 9. TRAVELERS GRP | 15,425 | 15,226 | 42.05 % | 44.48 % | 3.68 % | 76.95 % |
| 10. THE HANOVER INS GRP | 12,902 | 12,961 | 62.75 % | 65.25 % | 3.08 % | 80.03 % |
| ***STATE TOTAL*** | 419,188 | 415,091 | 60.71 % | 62.14 % | 100.00 % | 80.03 % |
New Hampshire
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. PROGRESSIVE GRP | 78,820 | 77,284 | 48.56 % | 49.33 % | 17.22 % | 17.22 % |
| 2. BERKSHIRE HATHAWAY GRP | 69,816 | 69,185 | 56.66 % | 57.72 % | 15.26 % | 32.48 % |
| 3. STATE FARM GRP | 55,088 | 53,915 | 54.38 % | 56.25 % | 12.04 % | 44.52 % |
| 4. LIBERTY MUT GRP | 42,945 | 43,327 | 50.83 % | 52.86 % | 9.38 % | 53.90 % |
| 5. ALLSTATE INS GRP | 39,537 | 40,603 | 51.29 % | 50.57 % | 8.64 % | 62.54 % |
| 6. UNITED SERV AUTOMOBILE ASSN GRP | 25,564 | 25,389 | 56.26 % | 57.63 % | 5.59 % | 68.13 % |
| 7. AUTO OWNERS GRP | 16,398 | 16,830 | 46.04 % | 47.62 % | 3.58 % | 71.71 % |
| 8. AMICA MUT GRP | 15,587 | 15,826 | 38.32 % | 41.45 % | 3.41 % | 75.12 % |
| 9. TRAVELERS GRP | 13,962 | 13,396 | 47.30 % | 50.29 % | 3.05 % | 78.17 % |
| 10. AUTO CLUB ENTERPRISES INS GRP | 11,519 | 11,514 | 60.32 % | 60.95 % | 2.52 % | 80.68 % |
| ***STATE TOTAL*** | 457,628 | 459,249 | 52.73 % | 54.07 % | 100.00 % | 80.68 % |
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 | 204,625 | 201,267 | 50.81 % | 52.33 % | 31.20 % | 31.20 % |
| 2. BERKSHIRE HATHAWAY GRP | 88,297 | 86,528 | 75.18 % | 79.06 % | 13.46 % | 44.66 % |
| 3. ALLSTATE INS GRP | 69,050 | 69,580 | 58.08 % | 60.03 % | 10.53 % | 55.18 % |
| 4. AMICA MUT GRP | 46,969 | 63,540 | 50.85 % | 55.77 % | 7.16 % | 62.34 % |
| 5. LIBERTY MUT GRP | 43,960 | 38,765 | 68.46 % | 72.91 % | 6.70 % | 69.05 % |
| 6. UNITED SERV AUTOMOBILE ASSN GRP | 37,220 | 37,565 | 73.56 % | 75.34 % | 5.67 % | 74.72 % |
| 7. NATIONWIDE CORP GRP | 26,884 | 27,519 | 61.39 % | 62.85 % | 4.10 % | 78.82 % |
| 8. FARMERS INS GRP | 23,802 | 24,973 | 51.29 % | 51.13 % | 3.63 % | 82.45 % |
| 9. AUTO CLUB ENTERPRISES INS GRP | 17,992 | 17,625 | 61.93 % | 64.56 % | 2.74 % | 85.19 % |
| 10. MAPFRE INS GRP | 17,828 | 17,485 | 55.61 % | 55.92 % | 2.72 % | 87.91 % |
| ***STATE TOTAL*** | 655,948 | 670,224 | 59.79 % | 62.26 % | 100.00 % | 87.91 % |
Vermont
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. PROGRESSIVE GRP | 42,000 | 41,428 | 38.79 % | 39.36 % | 23.25 % | 23.25 % |
| 2. BERKSHIRE HATHAWAY GRP | 25,216 | 25,195 | 38.79 % | 69.66 % | 13.96 % | 37.21 % |
| 3. LIBERTY MUT GRP | 16,459 | 16,260 | 38.78 % | 40.68 % | 9.11 % | 46.32 % |
| 4. STATE FARM GRP | 14,177 | 13,945 | 61.75 % | 60.89 % | 7.85 % | 54.17 % |
| 5. AUTO OWNERS GRP | 8,935 | 9,073 | 57.28 % | 58.40 % | 4.95 % | 59.12 % |
| 6. UNITED SERV AUTOMOBILE ASSN GRP | 7,639 | 7,666 | 73.79 % | 79.31 % | 4.23 % | 63.34 % |
| 7. ALLSTATE INS GRP | 7,338 | 7,481 | 35.75 % | 33.61 % | 4.06 % | 67.41 % |
| 8. CO OPERATIVE INS COS | 7,086 | 7,116 | 42.00 % | 42.33 % | 3.92 % | 71.33 % |
| 9. TRAVELERS GRP | 6,399 | 6,550 | 36.81 % | 39.02 % | 3.54 % | 74.87 % |
| 10. VERMONT MUT GRP | 6,341 | 6,468 | 35.17 % | 33.43 % | 3.51 % | 78.38 % |
| ***STATE TOTAL*** | 180,641 | 180,942 | 51.59 % | 52.76 % | 100.00 % | 78.38 % |
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.
