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.
Top 10 Inland Marine Insurers Market Share – Nationally
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.
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. LIBERTY MUT GRP | 4,055,426 | 4,022,300 | 64.94 % | 64.53 % | 13.60 % | 13.60 % |
| 2. CNA INS GRP | 3,637,508 | 3,642,498 | 54.57 % | 54.63 % | 12.20 % | 25.80 % |
| 3. CHUBB LTD GRP | 1,743,341 | 1,618,555 | 53.41 % | 70.14 % | 5.85 % | 31.65 % |
| 4. ALLIANZ INS GRP | 1,401,633 | 1,281,705 | 39.11 % | 39.13 % | 4.70 % | 36.35 % |
| 5. AMERICAN INTL GRP | 1,385,366 | 1,284,409 | 8.94 % | 9.40 % | 4.65 % | 40.99 % |
| 6. NATIONWIDE CORP GRP | 1,145,187 | 1,061,718 | 68.57 % | 68.81 % | 3.84 % | 44.83 % |
| 7. ASSURANT INC GRP | 1,105,613 | 1,193,592 | 34.36 % | 34.36 % | 3.71 % | 48.54 % |
| 8. ZURICH INS GRP | 977,282 | 877,232 | 31.76 % | 34.24 % | 3.28 % | 51.82 % |
| 9. FM GLOBAL GRP | 809,406 | 835,513 | 122.71 % | 129.00 % | 2.71 % | 54.53 % |
| 10.TRAVELERS GRP | 788,738 | 768,854 | 46.42 % | 47.54 % | 2.65 % | 57.18 % |
Top 10 Inland 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. LIBERTY MUT GRP | 103,541 | 102,818 | 59.54 % | 54.84 % | 14.91 % | 14.91 % |
| 2. CHUBB LTD GRP | 59,697 | 57,950 | 39.66 % | 58.97 % | 8.60 % | 23.51 % |
| 3. CNA INS GRP | 56,872 | 56,674 | 52.35 % | 52.49 % | 8.19 % | 31.71 % |
| 4. NATIONWIDE CORP GRP | 45,839 | 38,235 | 73.94 % | 74.08 % | 6.60 % | 38.31 % |
| 5. TRUPANION GRP | 43,846 | 41,135 | 68.43 % | 68.43 % | 6.32 % | 44.62 % |
| 6. ALLIANZ INS GRP | 41,868 | 35,314 | 14.27 % | 14.41 % | 6.03 % | 50.66 % |
| 7. AMERICAN INTL GRP | 25,859 | 23,097 | 0.42 % | 1.40 % | 3.72 % | 54.38 % |
| 8. FAIRFAX FIN GRP | 24,749 | 24,448 | 47.26 % | 47.76 % | 3.56 % | 57.95 % |
| 9. FM GLOBAL GRP | 18,606 | 17,471 | 197.13 % | 216.95 % | 2.68 % | 60.63 % |
| 10. WR BERKLEY CORP GRP | 17,371 | 16,003 | 98.54 % | 99.84 % | 2.50 % | 63.13 % |
| ***STATE TOTAL*** | 694,229 | 652,666 | 46.94 % | 48.72 % | 100.00 % | 63.13 % |
Top 10 Inland 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. LIBERTY MUT GRP | 52,937 | 53,312 | 49.69 % | 49.84 % | 13.07 % | 13.07 % |
| 2. CHUBB LTD GRP | 44,125 | 44,266 | 35.02 % | 40.59 % | 10.90 % | 23.97 % |
| 3. CNA INS GRP | 42,011 | 41,596 | 52.58 % | 52.60 % | 10.37 % | 34.34 % |
| 4. AMERICAN INTL GRP | 28,657 | 23,895 | 23.98 % | 24.81 % | 7.08 % | 41.42 % |
| 5. NATIONWIDE CORP GRP | 23,322 | 21,658 | 70.48 % | 70.64 % | 5.76 % | 47.17 % |
| 6. ALLIANZ INS GRP | 17,348 | 14,880 | 7.47 % | 5.98 % | 4.28 % | 51.46 % |
| 7. TRUPANION GRP | 13,275 | 12,303 | 64.97 % | 64.98 % | 3.28 % | 54.73 % |
| 8. SWISS RE GRP | 12,826 | 12,701 | 29.33 % | 24.97 % | 3.17 % | 57.90 % |
| 9. MARKEL CORP GRP | 12,179 | 13,375 | 26.25 % | 26.78 % | 3.01 % | 60.91 % |
| 10. AMERICAN FINANCIAL GRP | 11,941 | 11,876 | 52.03 % | 52.62 % | 2.95 % | 63.86 % |
| ***STATE TOTAL*** | 404,999 | 387,580 | 40.15 % | 42.85 % | 100.00 % | 63.86 % |
Maine
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. LIBERTY MUT GRP | 17,814 | 18,041 | 38.82 % | 39.08 % | 16.31 % | 16.31 % |
| 2. CNA INS GRP | 8,430 | 8,434 | 51.32 % | 51.34 % | 7.72 % | 24.03 % |
| 3. CHUBB LTD GRP | 7,435 | 6,059 | 34.64 % | 45.87 % | 6.81 % | 30.84 % |
| 4. PROGRESSIVE GRP | 7,304 | 6,830 | 36.94 % | 37.03 % | 6.69 % | 37.53 % |
| 5. WR BERKLEY CORP GRP | 6,201 | 5,689 | 33.04 % | 33.91 % | 5.68 % | 43.20 % |
| 6. ALLIANZ INS GRP | 5,289 | 4,194 | 9.89 % | 9.49 % | 4.84 % | 48.05 % |
| 7. TRUPANION GRP | 4,520 | 4,116 | 70.03 % | 70.04 % | 4.14 % | 52.19 % |
| 8. AMERICAN INTL GRP | 4,275 | 3,200 | 2.58 % | 2.35 % | 3.91 % | 56.10 % |
| 9. THE HANOVER INS GRP | 4,099 | 3,896 | 26.07 % | 26.54 % | 3.75 % | 59.85 % |
| 10. NATIONWIDE CORP GRP | 3,950 | 3,599 | 54.53 % | 54.40 % | 3.62 % | 63.47 % |
| ***STATE TOTAL*** | 109,209 | 100,085 | 66.30 % | 67.18 % | 100.00 % | 63.47 % |
New Hampshire
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. LIBERTY MUT GRP | 24,800 | 24,692 | 44.12 % | 44.43 % | 20.66 % | 20.66 % |
| 2. CHUBB LTD GRP | 7,616 | 7,105 | 35.56 % | 95.58 % | 6.34 % | 27.00 % |
| 3. CNA INS GRP | 6,927 | 6,927 | 52.64 % | 52.65 % | 5.77 % | 32.77 % |
| 4. NATIONWIDE CORP GRP | 6,431 | 6,047 | 68.95 % | 68.99 % | 5.36 % | 38.13 % |
| 5. TRUPANION GRP | 6,401 | 5,882 | 69.06 % | 69.06 % | 5.33 % | 43.46 % |
| 6. ALLIANZ INS GRP | 6,380 | 5,286 | 11.11 % | 10.86 % | 5.31 % | 48.77 % |
| 7. WR BERKLEY CORP GRP | 4,923 | 4,699 | 22.22 % | 22.68 % | 4.10 % | 52.88 % |
| 8. PROGRESSIVE GRP | 4,429 | 4,206 | 33.11 % | 33.52 % | 3.69 % | 56.56 % |
| 9. AMERICAN INTL GRP | 3,771 | 3,238 | 0.76 % | 0.77 % | 3.14 % | 59.71 % |
| 10. MUNICH RE GRP | 3,009 | 2,684 | 60.18 % | 60.19 % | 2.51 % | 62.21 % |
| ***STATE TOTAL*** | 120,055 | 114,249 | 34.71 % | 38.60 % | 100.00 % | 62.21 % |
Rhode Island
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. LIBERTY MUT GRP | 14,856 | 13,918 | 42.43 % | 42.59 % | 15.20 % | 15.20 % |
| 2. ALLIANZ INS GRP | 10,843 | 10,084 | 2.70 % | 1.34 % | 11.09 % | 26.29 % |
| 3. CNA INS GRP | 8,178 | 8,175 | 53.38 % | 53.37 % | 8.37 % | 34.65 % |
| 4. CHUBB LTD GRP | 6,112 | 5,965 | 5.89 % | 39.84 % | 6.25 % | 40.91 % |
| 5. AMERICAN INTL GRP | 5,519 | 5,080 | 1.07 % | 0.90 % | 5.65 % | 46.55 % |
| 6. TRAVELERS GRP | 5,492 | 5,832 | 500.09 % | 504.85 % | 5.62 % | 52.17 % |
| 7. NATIONWIDE CORP GRP | 5,153 | 4,904 | 104.33 % | 104.54 % | 5.27 % | 57.44 % |
| 8. TRUPANION GRP | 2,993 | 2,696 | 58.59 % | 58.59 % | 3.06 % | 60.50 % |
| 9. PROGRESSIVE GRP | 2,960 | 2,613 | 83.08 % | 83.28 % | 3.03 % | 63.53 % |
| 10. ASSURANT INC GRP | 2,793 | 3,003 | 67.90 % | 67.90 % | 2.86 % | 66.39 % |
| ***STATE TOTAL*** | 97,754 | 93,304 | 61.27 % | 63.78 % | 100.00 % | 66.39 % |
Vermont
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. LIBERTY MUT GRP | 10,093 | 10,162 | 20.01 % | 20.43 % | 18.42 % | 18.42 % |
| 2. CNA INS GRP | 7,985 | 7,981 | 52.25 % | 52.25 % | 14.58 % | 33.00 % |
| 3. ALLIANZ INS GRP | 3,225 | 2,846 | 15.05 % | 14.89 % | 5.89 % | 38.88 % |
| 4. WR BERKLEY CORP GRP | 2,835 | 2,584 | 16.45 % | 16.75 % | 5.17 % | 44.06 % |
| 5. CHUBB LTD GRP | 2,494 | 2,159 | 44.42 % | 60.68 % | 4.55 % | 48.61 % |
| 6. NATIONWIDE CORP GRP | 2,449 | 2,234 | 62.78 % | 62.78 % | 4.47 % | 53.08 % |
| 7. AMERICAN INTL GRP | 2,241 | 1,952 | N/A | N/A | 4.09 % | 57.17 % |
| 8. PROGRESSIVE GRP | 2,138 | 2,015 | 27.64 % | 27.77 % | 3.90 % | 61.07 % |
| 9. TRUPANION GRP | 1,818 | 1,608 | 70.42 % | 70.42 % | 3.32 % | 64.39 % |
| 10. AMERICAN NATL FIN GRP | 1,739 | 1,694 | 45.06 % | 45.02 % | 3.17 % | 67.57 % |
| ***STATE TOTAL*** | 54,786 | 52,219 | 31.04 % | 32.16 % | 100.00 % | 67.57 % |
Other Agency Checklists’ 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
- Top 10 Ocean Marine Insurers | 2022 New England Market Share Report
