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NAIC 2024 Market Share Report | Top 25 Homeowners Multiple Peril Insurers

March 11, 2024 by AC Editor


Additional Market Share Reports and Updates Will Be Made During Month of March

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 past iterations, 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.

Once collected, 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 data presented here reflects data filed by insurers as of March 4 and will be refreshed daily by the NAIC through March 8 and then each Monday throughout March.

Key takeaways from this year’s Homeowner’s Report

With 98.01% of Property and Casualty insurance companies reporting so far, the NAIC reports that direct premiums written for all lines of business is approximately $960,802,932,489.

Turning to the homeowner’s marketplace, the total amount of Direct Premium written by the top 25 P&C insurers totalled $151,953,919,633. This amount translates into an approximately 77.94% share of the total marketplace. As for the top 10 insurers within this cohort, they had a combined cumulative market share of 63.30%.

New England-based insurers making the Top 25 Homeowner’s list this year include Liberty Mutual (3), Travelers Group (6), Amica (20), The Hartford (22), and The Hanover (24).

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 04, 2024, reflecting an estimated 96.94% of Property/Casualty filings.

RANKGROUP/COMPANY NAMEDIRECT WRITTEN PREMIUMSDIRECT
PREMIUMS
EARNED
DIRECT
LOSS TO
EP RATIO¹
MARKET
SHARE %
CUMULATIVE
MARKET
SHARE %³
1.STATE FARM GRP27,037,940,17225,705,653,72977.0817.7917.79
Agency Checklists, MA Insurance News, Mass. Insurance News, insurance companies in Massachusetts, Allstate2.ALLSTATE INS GRP13,551,256,39012,722,771,13570.428.9226.71
Top Insurer in the US, Insurance News Massachusetts and US Market Share3.LIBERTY MUT GRP10,476,330,09110,140,531,56068.566.8933.61
Top P&C Insurers US4.UNITED SERV AUTOMOBILE ASSN GRP10,346,045,2339,515,308,61178.226.8140.41
Insurance News Massachusetts and US Market Share5.FARMERS INS GRP8,981,109,5778,517,212,76967.585.9146.33
Agency Checklists, MA Insurance News, Mass. Insurance News, Travelers6.TRAVELERS GRP7,569,914,2437,014,931,00869.574.9851.31
Insurance News Massachusetts and US Market Share7.AMERICAN FAMILY INS GRP7,046,226,7366,360,233,76375.004.6455.94
Insurance News Massachusetts and US Market Share8.NATIONWIDE CORP GRP4,077,262,1204,003,909,53280.882.6858.63
Agency Checklists, MA Insurance News, Mass. Insurance News, Chubb, Mass. insurance companies9.CHUBB LTD GRP3,891,675,5673,649,700,03949.492.5661.19
10.CITIZENS PROP INS CORP3,208,944,5682,770,286,73439.392.1163.30
11.PROGRESSIVE GRP2,952,598,3172,685,978,25351.871.9465.24
Insurance News Massachusetts and US Market Share12.ERIE INS GRP2,659,423,4442,415,582,11188.731.7566.99
Insurance News Massachusetts and US Market Share13.AUTO OWNERS GRP2,564,100,0672,326,325,01588.271.6968.68
Insurance News Massachusetts and US Market Share14.UNIVERSAL INS HOLDING GRP1,819,043,1141,777,150,77453.801.2069.88
Agency Checklists, MA Insurance Gorup, Mass. Insurance Group, Tokio Marine, Tokio Marine Massachusetts15.TOKIO MARINE HOLDINGS INC GRP1,404,191,2261,306,364,23281.800.9270.80
Insurance News Massachusetts and US Market Share16.CSAA INS GRP1,323,340,5071,248,094,67868.800.8771.67
Insurance News Massachusetts and US Market Share17.AUTO CLUB ENTERPRISES INS GRP1,197,117,2981,095,514,14676.210.7972.46
18.CINCINNATI FIN GRP1,196,665,5601,054,892,10862.560.7973.25
19.MERCURY GEN GRP1,143,868,3311,039,221,72862.980.7574.00
20.AMICA MUT GRP1,134,059,0701,064,671,40558.760.7574.75
Insurance News Massachusetts and US Market Share21.COUNTRY INS & FIN SERV GRP1,000,969,290934,603,74296.510.6675.41
The logo of The Hartford Financial Group showing an elk with a rack of horns22.HARTFORD FIRE & CAS GRP990,862,103959,280,72055.960.6576.06
Auto Club Group of MI Top 25 Private Passenger Auto Insurers in US 202023.AUTOMOBILE CLUB MI GRP964,554,275911,945,23476.300.6376.69
The top 25 Private Passenger Auto Insurers in the U.S. 202024.THE HANOVER INS GRP944,623,290887,536,43195.110.6277.31
Insurance News Massachusetts and US Market Share25.HERITAGE INS HOLDINGS GRP943,982,644961,933,90964.730.6277.94
INDUSTRY TOTAL151,953,919,633142,194,800,93470.66100.00100.00

Links to our 2024 NAIC Market Share Reports

For those interested in revisiting or comparing this year’s data with the NAIC Market Share Reports from last year, links to each of those reports are below:

  • NAIC 2024 Market Share Report | Top 25 U.S. P&C Insurers

Links to our 2023 NAIC Market Share Reports

  • NAIC 2023 Market Share Report | Top 25 U.S. Commercial Auto Insurers
  • NAIC 2023 Market Share Report | Top 25 U.S. Auto Insurers
  • NAIC 2023 Market Share Report | Top 25 U.S. Homeowners Multiple Peril Insurers
  • NAIC 2023 Market Share Report | Top 25 U.S. Medical Professional Liability Insurers
  • NAIC 2023 Market Share Report | Top 25 U.S. Other Liability Insurers
  • NAIC 2023 Market Share Report | Top 25 U.S. Workers’ Compensation Insurers

Filed Under: Latest News, Market Share | Reports Tagged With: Agency Checklists, insurance news massachusetts, Mass. Insurance News, massachusetts insurance news, NAIC 2024 Market Share Reports, New England Insurance News

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