MAPFRE and The Hanover Do Not Make an Appearance on This Year’s List
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 compiled into a report listing the 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).
With approximately 97.92% of P&C insurers reporting, the industry recorded approximately $1.06 trillion in Direct Premiums Written in 2024. The top 10 P&C insurers account for 51.40% of the total market share, reflecting a continued concentration of market share among the largest carriers.
Private passenger auto insurance remains the dominant line of business, with $344.11 billion in direct premiums written, representing approximately 35% of all reported P&C premiums.
Key Facts from This Year’s Private Passenger Market Share Ranking
The 2024 rankings show increased market concentration among the top insurers, with Progressive and USAA gaining ground. Meanwhile, Hanover and MAPFRE’s disappearance from the top 25 signals a shifting landscape, possibly reflecting strategic exits from unprofitable segments or increased pressure from competitors. Liberty Mutual remains a major player, though its national ranking has slipped slightly.
The following are five takeaways from a comparison between the 2024 and 2023 Market Share Reports courtesy of Chat GPT.
1. Significant Growth in Direct Premiums Written Across Top Insurers
- The total direct premiums written for the industry increased from $316.66 billion in 2023 to $358.97 billion in 2024, an increase of 13.3%.
- The top five insurers, State Farm, Progressive, Berkshire Hathaway, Allstate, and USAA, all experienced significant premium growth. Notably, Progressive saw a 24.5% increase in direct premiums written, climbing from $48.26 billion to $60.05 billion.
2. Market Concentration Continues Among the Top Insurers
- The top five insurers held a 62.49% cumulative market share in 2023, which increased to 63.59% in 2024.
- The continued dominance of State Farm, Progressive, and Berkshire Hathaway suggests that smaller insurers may face growing challenges in maintaining their market share.
3. Disappearance of MAPFRE and The Hanover from the Top 25
- The Hanover Insurance Group (ranked 20th in 2023) with $1.44 billion in direct premiums written and MAPFRE Insurance Group (ranked 21st in 2023) with $1.40 billion in direct premiums written no longer appear in the 2024 ranking.
- This suggests a decline in their competitive position at the national level, possibly due to a strategic shift away from certain markets, lower growth rates compared to competitors, or increased competition in their core regions.
4. New Entrants and Rising Insurers
- Markel Group, Shelter Insurance Group, and New Jersey Manufacturers Group entered the 2024 rankings, replacing Hanover and MAPFRE.
- Auto Club Enterprises Insurance Group moved up from 11th in 2023 to 9th in 2024, showing strong premium growth from $4.83 billion to $6.47 billion.
5. Boston-Based Liberty Mutual’s Position Remains Strong, But Not in the Top Five
- Liberty Mutual retained a place in the top 10 but saw only a change in premiums from $13.31 billion in 2023 to $11.74 billion in 2024, dropping from 6th place in 2023 to 7th place in 2024.
- This suggests Liberty Mutual may be losing some ground in direct premiums written relative to faster-growing competitors such as Progressive and USAA.
The Top 25 P&C Insurers by Countrywide Premium – Private Passenger Auto
| RANK | GROUP/COMPANY NAME | DIRECT PREMIUMS WRITTEN | DIRECT PREMIUMS EARNED | DIRECT LOSS TO EP RATIO¹ | MARKET SHARE % | CUMULATIVE MARKET SHARE %³ | |
|---|---|---|---|---|---|---|---|
 | 1 | STATE FARM GRP | 67,754,117,585 | 65,850,852,141 | 73.91 | 18.87 | 18.87 |
 | 2 | PROGRESSIVE GRP | 60,053,469,078 | 56,789,379,487 | 60.54 | 16.73 | 35.60 |
 | 3 | BERKSHIRE HATHAWAY GRP | 41,764,021,113 | 41,327,519,797 | 65.72 | 11.63 | 47.24 |
 | 4 | ALLSTATE INS GRP | 36,581,811,847 | 35,617,593,273 | 65.85 | 10.19 | 57.43 |
 | 5 | UNITED SERV AUTOMOBILE ASSN GRP | 22,135,830,430 | 21,763,069,325 | 64.61 | 6.17 | 63.59 |
 | 6 | FARMERS INS GRP | 13,492,655,158 | 13,661,692,619 | 58.30 | 3.76 | 67.35 |
 | 7 | LIBERTY MUT GRP | 11,741,470,804 | 12,656,807,288 | 57.42 | 3.27 | 70.62 |
 | 8 | TRAVELERS GRP | 7,184,379,064 | 7,003,218,963 | 61.03 | 2.00 | 72.63 |
 | 9 | AUTO CLUB ENTERPRISES INS GRP | 6,465,136,944 | 6,081,770,841 | 74.33 | 1.80 | 74.43 |
 | 10 | AMERICAN FAMILY INS GRP | 6,174,180,283 | 6,128,786,653 | 64.76 | 1.72 | 76.15 |
 | 11 | AUTO OWNERS GRP | 5,179,378,655 | 4,800,504,716 | 64.89 | 1.44 | 77.59 |
 | 12 | ERIE INS GRP | 5,007,234,077 | 4,652,937,712 | 82.06 | 1.39 | 78.98 |
 | 13 | NATIONWIDE CORP GRP | 4,800,874,679 | 5,055,280,241 | 60.92 | 1.34 | 80.32 |
 | 14 | CSAA INS GRP | 4,759,666,515 | 4,341,074,138 | 70.22 | 1.33 | 81.65 |
 | 15 | MERCURY GEN GRP | 3,371,806,198 | 3,259,393,260 | 61.97 | 0.94 | 82.59 |
 | 16 | SENTRY INS GRP | 3,104,477,047 | 2,981,093,131 | 56.62 | 0.86 | 83.45 |
 | 17 | KEMPER CORP GRP | 2,961,550,274 | 2,991,412,709 | 57.80 | 0.83 | 84.28 |
 | 18 | AUTOMOBILE CLUB MI GRP | 2,623,117,386 | 2,564,473,132 | 79.92 | 0.73 | 85.01 |
 | 19 | HARTFORD FIRE & CAS GRP | 2,335,109,999 | 2,285,904,339 | 67.70 | 0.65 | 85.66 |
 | 20 | MARKEL GRP | 1,614,950,698 | 1,558,279,070 | 70.92 | 0.45 | 86.11 |
 | 21 | AMICA MUT GRP | 1,592,129,823 | 1,547,462,151 | 63.33 | 0.44 | 86.55 |
 | 22 | COUNTRY INS & FIN SERV GRP | 1,591,701,868 | 1,541,498,604 | 61.24 | 0.44 | 86.99 |
 | 23 | SHELTER INS GRP | 1,576,042,350 | 1,523,082,969 | 67.88 | 0.44 | 87.43 |
 | 24 | SOUTHERN FARM BUREAU CAS GRP | 1,574,385,950 | 1,544,549,872 | 62.87 | 0.44 | 87.87 |
 | 25 | NEW JERSEY MANUFACTURERS GRP | 1,526,135,174 | 1,416,842,684 | 85.51 | 0.43 | 88.30 |
| INDUSTRY TOTAL | 358,974,353,327 | 349,836,284,024 | 66.05 | 100.00 | 100.00 |
Past NAIC Market Share Reports
For those interested in revisiting or comparing this year’s data with the NAIC Market Share Reports from past years, links to each of those reports are below:
Links to our 2025 NAIC Market Share Reports
- NAIC 2025 Market Share Report | Top 25 P&C Insurers
- NAIC 2025 Market Share Report | Top 25 Homeowners’ Insurers
Links to our 2024 NAIC Market Share Reports
- NAIC 2024 Market Share Report | Top 25 U.S. P&C Insurers
- NAIC 2024 Market Share Report | Top 25 Private Passenger Auto Insurers
- NAIC 2024 Market Share Report | Top 25 Commercial Auto Insurers
- NAIC 2024 Market Share Report | Top 25 Homeowners Multiple Peril Insurers
- NAIC Market Share Report 2024 | Top 25 Workers’ Compensation Insurers
- NAIC 2024 Market Share Report | Top 25 Other Liability Insurers
- The Top 25 Life Insurance Companies in the U.S.
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
