U.S. Other Liability Insurance Market Grows 6.8% in 2024, But Loss Ratios Surge
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 takeaways from this year’s Other Liability Market Share Report
The U.S. Other Liability insurance market continued its upward trajectory in 2024 according to the latest NAIC data. Despite premium growth, insurers faced heightened challenges as loss ratios surged, driven by rising claims severity and litigation costs. The top 25 insurers captured 67.8% of the market, reflecting increased consolidation among leading carriers.
The following are five key takeaways from a comparison between this year’s and last year’s market share reports courtesy of Chat GPT:
1. Premium Growth Remains Strong:
The Other Liability insurance market saw robust growth in 2024, with total direct premiums written rising 6.8% to $129.2 billion from $121.0 billion in 2023. The increase reflects continued rate hikes and heightened demand for liability coverage amid a challenging claims environment.
2. Chubb Maintains Market Lead Despite Stiffer Competition:
Chubb Ltd. Group maintained its position as the largest U.S. other liability insurer, writing $9.47 billion in direct premiums, up from $9.24 billion in 2023. Despite this growth, its market share slipped slightly to 7.33% from 7.64% as competitors, including Travelers and Berkshire Hathaway, gained ground.
3. Loss Ratios on the Rise:
The overall industry loss ratio climbed to 70.21% in 2024, up from 62.84% in 2023, driven by an increase in large loss claims and heightened litigation expenses. Liberty Mutual reported one of the most significant deteriorations, with its loss ratio surging to 108.50% from 69.50% a year earlier, reflecting substantial adverse loss development.
4. Middle-Market Insurers Make Gains:
WR Berkley and Fairfax Financial strengthened their market positions, climbing to the fourth and fifth spots, respectively. WR Berkley wrote $5.3 billion in direct premiums, while Fairfax posted $4.9 billion. Their solid underwriting performance and disciplined rate management contributed to their upward momentum.
5. Consolidation and Market Share Concentration Intensify:
The top 25 insurers accounted for 67.8% of the total market in 2024, down from 70.2% in 2023. As mid-sized players gain traction, established giants like Chubb and Travelers continue to dominate but face increasing pressure from fast-growing competitors.
The Top 25 P&C Insurers by Countrywide Premium – Other Liability
| Rank | Group/Company Name | Direct Premiums Written | Direct Premiums Earned | Direct Loss to EP Ratio | Market Share % | Cumulative Market Share % | |
|---|---|---|---|---|---|---|---|
 | 1 | CHUBB LTD GRP | 9,468,300,714 | 9,311,271,230 | 68.18 | 7.33 | 7.33 |
 | 2 | TRAVELERS GRP | 6,148,891,449 | 5,937,159,704 | 70.11 | 4.76 | 12.09 |
 | 3 | BERKSHIRE HATHAWAY GRP | 5,649,813,733 | 5,571,683,136 | 62.05 | 4.37 | 16.46 |
 | 4 | WR BERKLEY CORP GRP | 5,303,967,875 | 5,076,197,378 | 56.31 | 4.10 | 20.56 |
 | 5 | FAIRFAX FIN GRP | 4,876,103,152 | 4,913,578,653 | 60.68 | 3.77 | 24.34 |
 | 6 | LIBERTY MUT GRP | 4,660,263,065 | 4,798,191,299 | 108.50 | 3.61 | 27.94 |
 | 7 | AMERICAN INTL GRP | 4,601,990,814 | 4,546,339,547 | 63.92 | 3.56 | 31.50 |
 | 8 | CNA INS GRP | 4,438,436,866 | 4,310,155,233 | 57.07 | 3.43 | 34.94 |
 | 9 | AXA INS GRP | 4,240,742,640 | 4,253,245,280 | 68.80 | 3.28 | 38.22 |
 | 10 | MARKEL GRP | 4,106,241,556 | 4,068,746,614 | 66.07 | 3.18 | 41.40 |
 | 11 | HARTFORD FIRE & CAS GRP | 3,630,477,728 | 3,531,931,993 | 62.32 | 2.81 | 44.21 |
 | 12 | ZURICH INS GRP | 3,357,948,057 | 3,255,031,807 | 81.15 | 2.60 | 46.81 |
 | 13 | NATIONWIDE CORP GRP | 2,743,478,287 | 2,776,374,113 | 61.25 | 2.12 | 48.93 |
 | 14 | AMERICAN FINANCIAL GRP | 2,719,516,737 | 2,638,674,617 | 80.88 | 2.10 | 51.03 |
 | 15 | TOKIO MARINE HOLDINGS INC GRP | 2,557,183,862 | 2,578,241,747 | 83.39 | 1.98 | 53.01 |
 | 16 | SOMPO GRP | 2,471,050,841 | 2,387,495,472 | 66.94 | 1.91 | 54.93 |
 | 17 | ARCH INS GRP | 2,204,610,971 | 2,064,468,680 | 56.28 | 1.71 | 56.63 |
 | 18 | STARR GRP | 2,180,299,456 | 2,092,257,532 | 71.09 | 1.69 | 58.32 |
 | 19 | AXIS CAPITAL GRP | 1,934,074,194 | 1,939,823,980 | 63.51 | 1.50 | 59.82 |
 | 20 | ASSURANT INC GRP | 1,910,134,329 | 1,934,137,799 | 73.70 | 1.48 | 61.29 |
 | 21 | CINCINNATI FIN GRP | 1,903,402,231 | 1,821,020,807 | 59.00 | 1.47 | 62.77 |
 | 22 | ALLIANZ INS GRP | 1,728,137,256 | 1,701,338,046 | 80.31 | 1.34 | 64.10 |
 | 23 | EVEREST REINS HOLDINGS GRP | 1,648,753,417 | 1,728,592,193 | 129.40 | 1.28 | 65.38 |
 | 24 | STATE FARM GRP | 1,624,778,629 | 1,484,947,889 | 188.03 | 1.26 | 66.64 |
 | 25 | SELECTIVE INS GRP | 1,558,546,604 | 1,476,639,822 | 84.29 | 1.21 | 67.84 |
| — | INDUSTRY TOTAL | 129,218,259,305 | 125,025,152,271 | 70.21 | 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 Auto 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
