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 graph has been reprinted from the NAIC Property & Casualty Market Share Reports 2021 and 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.
Unlike our previous reports highlighting the Inland & Ocean marketplace, the NAIC has split Ocean Marine and Inland Marine into separate markets, which Agency Checklists has done as well to with respect to the market share information involving the New England marketplace.
Top 10 Ocean Marine 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. AMERICAN INTL GRP | 621,845 | 597,040 | 30.85 % | 30.76 % | 14.49 % | 14.49 % |
| 2. BERKSHIRE HATHAWAY GRP | 328,662 | 334,011 | 47.22 % | 51.89 % | 7.66 % | 22.15 % |
| 3. TRAVELERS GRP | 308,555 | 298,198 | 55.21 % | 60.61 % | 7.19 % | 29.34 % |
| 4. STARR GRP | 293,615 | 267,587 | 78.98 % | 83.68 % | 6.84 % | 36.19 % |
| 5. TOKIO MARINE HOLDINGS INC GRP | 280,856 | 253,070 | 48.56 % | 53.59 % | 6.55 % | 42.73 % |
| 6. CHUBB LTD GRP | 264,707 | 254,154 | 65.77 % | 57.38 % | 6.17 % | 48.90 % |
| 7. HARTFORD FIRE & CAS GRP | 169,866 | 163,620 | 54.17 % | 60.11 % | 3.96 % | 52.86 % |
| 8. INTACT FINANCIAL GRP | 148,753 | 147,240 | 54.32 % | 55.04 % | 3.47 % | 56.32 % |
| 9. AMERICAN FINANCIAL GRP | 138,858 | 135,274 | 37.72 % | 45.74 % | 3.24 % | 59.56 % |
| 10. MARKEL CORP GRP | 138,786 | 131,969 | 54.80 % | 58.08 % | 3.23 % | 62.80 % |
Top 10 Ocean Marine 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. CHUBB LTD GRP | 25,989 | 25,351 | 56.43 % | 54.65 % | 17.98 % | 17.98 % |
| 2. AMERICAN INTL GRP | 21,034 | 17,844 | 44.61 % | 46.73 % | 14.55 % | 32.53 % |
| 3. INTACT FINANCIAL GRP | 13,278 | 12,590 | 57.92 % | 58.54 % | 9.19 % | 41.72 % |
| 4. TRAVELERS GRP | 11,428 | 10,878 | 42.45 % | 44.81 % | 7.91 % | 49.62 % |
| 5. BERKSHIRE HATHAWAY GRP | 10,444 | 10,231 | 26.07 % | 29.86 % | 7.23 % | 56.85 % |
| 6. STARR GRP | 6,406 | 5,861 | 41.62 % | 46.05 % | 4.43 % | 61.28 % |
| 7. TOKIO MARINE HOLDINGS INC GRP | 4,360 | 3,650 | 28.06 % | 30.11 % | 3.02 % | 64.30 % |
| 8. ALLIANZ INS GRP | 4,052 | 3,888 | 35.49 % | 35.07 % | 2.80 % | 67.10 % |
| 9. MARKEL CORP GRP | 3,532 | 3,348 | 134.66 % | 141.94 % | 2.44 % | 69.55 % |
| 10. HARTFORD FIRE & CAS GRP | 3,499 | 3,323 | 42.60 % | 43.89 % | 2.42 % | 71.97 % |
| ***STATE TOTAL*** | 144,542 | 135,356 | 48.92 % | 50.73 % | 100.00 % | 71.97 % |
Top 10 Ocean Marine 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. ALLIANZ INS GRP | 12,024 | 6,968 | 54.52 % | 55.54 % | 14.96 % | 14.96 % |
| 2. TRAVELERS GRP | 10,542 | 10,169 | 71.70 % | 78.44 % | 13.12 % | 28.07 % |
| 3. AMERICAN INTL GRP | 9,236 | 8,706 | 54.12 % | 51.84 % | 11.49 % | 39.56 % |
| 4. CHUBB LTD GRP | 7,353 | 6,971 | 38.94 % | 42.22 % | 9.15 % | 48.71 % |
| 5. BERKSHIRE HATHAWAY GRP | 5,662 | 5,636 | 38.88 % | 42.13 % | 7.04 % | 55.76 % |
| 6. STARR GRP | 4,520 | 4,156 | 47.63 % | 51.44 % | 5.62 % | 61.38 % |
| 7. AXA INS GRP | 3,524 | 3,788 | 39.15 % | 44.18 % | 4.38 % | 65.76 % |
| 8. TOKIO MARINE HOLDINGS INC GRP | 3,482 | 2,845 | 47.14 % | 47.31 % | 4.33 % | 70.10 % |
| 9. INTACT FINANCIAL GRP | 2,732 | 2,837 | 93.70 % | 94.05 % | 3.40 % | 73.49 % |
| 10. ZURICH INS GRP | 2,429 | 2,293 | 184.21 % | 203.49 % | 3.02 % | 76.52 % |
| ***STATE TOTAL*** | 80,381 | 71,761 | 59.35 % | 62.06 % | 100.00 % | 76.52 % |
Maine
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. INTACT FINANCIAL GRP | 6,696 | 6,592 | 33.98 % | 34.64 % | 16.90 % | 16.90 % |
| 2. THE HANOVER INS GRP | 5,612 | 5,256 | 38.78 % | 40.61 % | 14.16 % | 31.06 % |
| 3. CHUBB LTD GRP | 4,185 | 3,922 | 75.86 % | 55.67 % | 10.56 % | 41.63 % |
| 4. TRAVELERS GRP | 3,895 | 2,977 | 31.03 % | 39.39 % | 9.83 % | 51.46 % |
| 5. WR BERKLEY CORP GRP | 3,731 | 3,468 | 69.91 % | 76.32 % | 9.42 % | 60.87 % |
| 6. AMERICAN INTL GRP | 3,516 | 2,375 | 63.84 % | 73.12 % | 8.87 % | 69.75 % |
| 7. BERKSHIRE HATHAWAY GRP | 2,308 | 2,347 | 34.10 % | 39.68 % | 5.82 % | 75.57 % |
| 8. SWISS RE GRP | 1,510 | 1,427 | 44.27 % | 45.24 % | 3.81 % | 79.38 % |
| 9. MARKEL CORP GRP | 1,240 | 1,157 | 42.44 % | 42.94 % | 3.13 % | 82.51 % |
| 10. STARR GRP | 992 | 953 | 571.39 % | 575.55 % | 2.50 % | 85.01 % |
| ***STATE TOTAL*** | 39,624 | 36,656 | 58.85 % | 60.90 % | 100.00 % | 85.01 % |
New Hampshire
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. AMERICAN INTL GRP | 1,986 | 1,980 | 7.43 % | 6.86 % | 11.47 % | 11.47 % |
| 2. BERKSHIRE HATHAWAY GRP | 1,895 | 1,795 | 70.24 % | 72.92 % | 10.95 % | 22.42 % |
| 3. INTACT FINANCIAL GRP | 1,725 | 1,539 | 30.29 % | 30.98 % | 9.97 % | 32.39 % |
| 4. TRAVELERS GRP | 1,376 | 1,470 | 29.98 % | 35.08 % | 7.95 % | 40.34 % |
| 5. THE HANOVER INS GRP | 1,291 | 1,222 | 40.85 % | 39.56 % | 7.95 % | 47.79 % |
| 6. CHUBB LTD GRP | 1,139 | 949 | 117.78 % | 117.67 % | 6.58 % | 54.38 % |
| 7. WR BERKLEY CORP GRP | 1,114 | 1,063 | 35.56 % | 36.58 % | 6.44 % | 60.81 % |
| 8. MARKEL CORP GRP | 922 | 915 | 20.86 % | 21.98 % | 5.32 % | 66.14 % |
| 9. FARMERS INS GRP | 590 | 533 | 60.67 % | 60.68 % | 3.41 % | 69.55 % |
| 10. TOKIO MARINE HOLDINGS INC GRP | 569 | 588 | 35.33 % | 35.56 % | 3.29 % | 72.84 % |
| ***STATE TOTAL*** | 17,308 | 16,383 | 33.53 % | 34.66 % | 100.00 % | 72.84 % |
Rhode Island
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. CHUBB LTD GRP | 7,419 | 6,286 | 82.21 % | 57.13 % | 19.79 % | 19.79 % |
| 2. AMERICAN INTL GRP | 5,018 | 4,331 | 79.55 % | 93.04 % | 13.39 % | 33.18 % |
| 3. TRAVELERS GRP | 3,919 | 3,829 | 40.79 | 42.40 % | 10.46 % | 43.64 % |
| 4. INTACT FINANCIAL GRP | 2,941 | 2,660 | 38.75 % | 39.59 % | 7.85 % | 51.49 % |
| 5. STARR GRP | 2,895 | 2,876 | 32.52 % | 33.55 % | 7.72 % | 59.21 % |
| 6. BERKSHIRE HATHAWAY GRP | 2,691 | 2,742 | 84.35 % | 89.61 % | 7.18 % | 66.39 % |
| 7. TOKIO MARINE HOLDINGS INC GRP | 1,473 | 1,300 | 40.63 % | 40.18 % | 3.93 % | 70.32 % |
| 8. ALLIANZ INS GRP | 1,330 | 1,722 | N/A | N/A | 3.55 % | 73.87 % |
| 9. AMERICAN FINANCIAL GRP | 1,282 | 3,236 | N/A | N/A | 3.42 % | 77.29 % |
| 10. MS & AD INS GRP | 1,116 | 1,148 | 4.22 % | N/A | 2.98 % | 80.27 % |
| ***STATE TOTAL*** | 37,477 | 37,059 | 35.22 % | 33.94 % | 100.00 % | 80.27 % |
Vermont
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. AMERICAN INTL GRP | 572 | 584 | 50.41 % | 50.39 % | 13.90 % | 13.90 % |
| 2. BERKSHIRE HATHAWAY GRP | 519 | 520 | 47.83 % | 52.72 % | 12.62 % | 26.52 % |
| 3. INTACT FINANCIAL GRP | 490 | 485 | 5.50 % | 5.45 % | 11.90 % | 38.42 % |
| 4. TRAVELERS GRP | 327 | 311 | 16.05 % | 16.20 % | 7.94 % | 46.36 % |
| 5. CHUBB LTD GRP | 290 | 218 | N/A | N/A | 7.05 % | 53.41 % |
| 6. WR BERKLEY CORP GRP | 274 | 288 | 15.42 % | 15.56 % | 6.66 % | 60.07 % |
| 7. THE HANOVER INS GRP | 271 | 259 | 4.86 % | 3.36 % | 6.58 % | 66.65 % |
| 8. LIBERTY MUT GR | 136 | 127 | 9.76 % | 10.26 % | 3.30 % | 69.95 % |
| 9. CNA INS GRP | 130 | 140 | 23.42 % | 23.84 % | 3.16 % | 73.11 % |
| 10. STARR GRP | 124 | 121 | 6.26 % | 6.73 % | 3.00 % | 76.11 % |
| ***STATE TOTAL*** | 4,116 | 4,001 | 41.21 % | 42.56 % | 100.00 % | 76.11 % |
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.
- Top 10 Insurers Total All Lines | 2022 New England Market Share Reports
- Top 10 Insurers Boiler & Machinery | 2022 New England Market Share Reports
- Top 10 Fire Insurers | 2022 New England Market Share Reports
- Top 10 Commercial Auto Liability Insurers 2022 | New England Market Share Reports
- Top 10 Total Private Passenger Auto Liability Insurers 2022 | New England Market Share Reports
