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 is a graph reprinted from the NAIC Property & Casualty Market Share Reports 2021 that highlights the trends in Premium over the past decade:
The Top 10 Fire Insurers Nationally
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. FM GLOBAL GRP | 1,212,287 | 1,151,992 | 106.11 % | 106.99 % | 6.40 % | 6.40 % |
| 2. AMERICAN INTL GRP | 1,015,226 | 960,587 | 59.73 % | 61.51 % | 5.36 % | 11.76 % |
| 3. STARR GRP | 896,746 | 810,450 | 84.39 % | 88.18 % | 4.73 % | 16.50 % |
| 4. ALLIANZ INS GRP | 870,318 | 828,516 | 87.16 % | 92.22 % | 4.59 % | 21.09 % |
| 5. TRAVELERS GRP | 870,252 | 832,362 | 36.37 % | 37.56 % | 4.59 % | 25.68 % |
| 6. ZURICH INS GRP | 851,929 | 865,722 | 47.56 % | 50.66 % | 4.50 % | 30.18 % |
| 7. LIBERTY MUT GRP | 804,637 | 735,522 | 88.96 % | 91.46 % | 4.25 % | 34.43 % |
| 8. FARMERS INS GRP | 696,932 | 638,035 | 36.41 % | 37.61 % | 3.68 % | 38.11 % |
| 9. CHUBB LTD GRP | 662,958 | 627,889 | 74.51 % | 74.80 % | 3.50 % | 41.61 % |
| 10. BERKSHIRE HATHAWAY GRP | 619,402 | 586,931 | 44.83 % | 48.79 % | 3.50 % | 44.88 % |
The Fire Insurance Marketplace in Massachusetts
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. FM GLOBAL GRP | 34,490 | 33,851 | 73.55 % | 75.14 % | 9.20 % | 9.20 % |
| 2. AMERICAN INTL GRP | 22,337 | 22,125 | 19.82 % | 19.95 % | 5.96 % | 15.16 % |
| 3. MAPFRE INS GRP | 21,697 | 22,039 | 53.88 % | 55.56 % | 5.79 % | 20.95 % |
| 4. TRAVELERS GRP | 21,445 | 18,797 | 45.21 % | 46.57 % | 5.72 % | 26.67 % |
| 5. ALLIANZ INS GRP | 19,879 | 15,879 | 20.61 % | 24.04 % | 5.30 % | 31.98 % |
| 6. LIBERTY MUT G | 19,730 | 17,720 | 37.55 % | 31.83 % | 5.26 % | 37.24 % |
| 7. ANDOVER GRP | 18,306 | 17,927 | 35.36 % | 36.39 % | 4.88 % | 42.12 % |
| 8. ZURICH INS GRP | 17,922 | 17,028 | 9.73 % | 8.80 % | 4.78 % | 46.91 % |
| 9. STARR GRP | 16,921 | 15,827 | 25.83 % | 35.73 % | 4.51 % | 51.42 % |
| 10. VERMONT MUT GRP | 16,244 | 16,012 | 42.05 % | 41.94 % | 4.33 % | 55.75 % |
| ***STATE TOTAL*** | 374,804 | 360,228 | 36.12 % | 37.36 % | 100.00 % | 55.75 % |
Market Share Data Throughout New England
Connecticut
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. BERKSHIRE HATHAWAY GRP | 13,010 | 12,448 | 46.14 % | 48.90 % | 7.74 % | 7.74 % |
| 2. FARMERS INS GRP | 11,541 | 12,099 | 57.73 % | 58.50 % | 6.86 % | 14.60 % |
| 3. FM GLOBAL GRP | 11,271 | 11,266 | N/A | N/A | 6.70 % | 21.30 % |
| 4. STARR GRP | 10,764 | 10,761 | 28.65 % | 30.46 % | 6.40 % | 27.70 % |
| 5. AMERICAN INTL GRP | 10,386 | 9,644 | 33.15 % | 33.51 % | 6.18 % | 33.88 % |
| 6. TRAVELERS GRP | 8,703 | 8,592 | 9.13 % | 9.50 % | 5.18 % | 39.06 % |
| 7. MUNICH RE GRP | 7,483 | 6,976 | 24.77 % | 25.45 % | 4.45 % | 43.51 % |
| 8. LIBERTY MUT GRP | 7,477 | 6,599 | 89.77 % | 97.05 % | 4.45 % | 47.95 % |
| 9. ANDOVER GRP | 6,614 | 6,682 | 62.17 % | 64.33 % | 3.93 % | 51.88 % |
| 10. ZURICH INS GRP | 5,842 | 6,235 | N/A | N/A | 3.47 % | 55.36 % |
| ***STATETOTAL*** | 168,160 | 164,222 | 30.69 % | 32.21 % | 100.00 % | 55.36 % |
Maine
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. FM GLOBAL GRP | 6,126 | 5,538 | N/A | N/A | 9.69 % | 9.69 % |
| 2. ALLIANZ INS GR | 4,035 | 4,095 | 51.19 % | 52.03 % | 6.38 % | 16.08 % |
| 3. FARMERS INS GRP | 3,837 | 3,744 | 36.32 % | 36.49 % | 6.07 % | 22.15 % |
| 4. TRAVELERS GRP | 3,670 | 3,471 | N/A | N/A | 5.81 % | 27.95 % |
| 5. LIBERTY MUT GRP | 3,160 | 2,433 | 100.71 % | 86.01 % | 5.00 % | 32.96 % |
| 6. ANDOVER GRP | 3,054 | 3,087 | 28.54 % | 29.48 % | 4.83 % | 37.79 % |
| 7. AMERICAN INTL GRP | 3,036 | 2,940 | 16.67 % | 16.55 % | 4.80 % | 42.59 % |
| 8. STARR GRP | 2,795 | 2,602 | 13.69 % | 14.68 % | 4.42 % | 47.01 % |
| 9. AMERICAN NATL FIN GRP | 2,690 | 2,624 | 26.35 % | 26.35 % | 4.26 % | 51.27 % |
| 10. MUNICH RE GRP | 2,441 | 2,203 | 14.04 % | 14.39 % | 3.86 % | 55.13 % |
| ***STATE TOTAL*** | 63,200 | 59,659 | 23.88 % | 24.13 % | 100.00 % | 55.13 % |
New Hampshire
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. ALLIANZ INS GRP | 4,529 | 4,411 | N/A | N/A | 8.98 % | 8.98 % |
| 2. FM GLOBAL GRP | 3,736 | 3,640 | 2.44 % | 2.53 % | 7.41 % | 16.39 % |
| 3. ZURICH INS GRP | 2,910 | 3,110 | N/A | N/A | 5.77 % | 22.16 % |
| 4. AMERICAN INTL GRP | 2,384 | 2,210 | 27.93 % | 28.03 % | 4.73 % | 26.89 % |
| 5. LIBERTY MUT GRP | 2,351 | 2,065 | N/A | 10.24 % | 4.66 % | 31.55 % |
| 6. FARMERS INS GRP | 2,120 | 2,123 | 7.86 % | 8.09 % | 4.20 % | 35.75 % |
| 7. ANDOVER GRP | 2,098 | 2,075 | 49.00 % | 51.36 % | 4.16 % | 39.91 % |
| 8. AMERICAN NATL FIN GRP | 2,033 | 1,997 | 37.27 % | 36.97 % | 4.03 % | 43.95 % |
| 9. TRAVELERS GRP | 1,803 | 1,515 | N/A | N/A | 3.58 % | 47.52 % |
| 10. VERMONT MUT GRP | 1,674 | 1,650 | 132.48 % | 132.36 % | 3.32 % | 50.84 % |
| ***STATE TOTAL*** | 50,428 | 49,675 | 18.55 % | 20.16 % | 100.00 % 5 | 50.84 % |
Rhode Island
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. AMERICAN INTL GRP | 4,393 | 3,246 | 74.54 % | 75.34 % | 7.88 % | 7.88 % |
| 2. FM GLOBAL GRP | 3,953 | 3,806 | N/A | N/A | 7.09 % | 14.96 % |
| 3. FARMERS INS GRP | 3,821 | 3,324 | 43.97 % | 44.88 % | 6.85 % | 21.81 % |
| 4. TRAVELERS GRP | 3,488 | 3,231 | 9.30 % | 10.40 % | 6.25 % | 28.07 % |
| 5. ANDOVER GRP | 3,399 | 3,410 | 48.49 % | 48.68 % | 6.09 % | 34.16 % |
| 6. SELECTIVE INS GRP | 2,318 | 2,106 | 68.85 % | 69.23 % | 4.15 % | 38.31 % |
| 7. ZURICH INS GRP | 2,268 | 2,232 | 23.47 % | 23.96 % | 4.07 % | 42.38 % |
| 8. LIBERTY MUT GRP | 2,039 | 1,770 | 233.12 % | 254.08 % | 3.65 % | 46.03 % |
| 9. HERITAGE INS HOLDINGS GRP | 1,936 | 1,419 | N/A | N/A | 3.47 % | 49.51 % |
| 10. SOMPO GRP | 1,692 | 1,576 | 12.44 % | 13.39 % | 3.03 % | 52.54 % |
| ***STATE TOTAL*** | 55,784 | 51,730 | 49.30 % | 51.14 % | 100.00 % | 52.54 % |
Vermont
| COMPANY NAME | DIRECT PREMIUMS WRITTEN (000) | DIRECT PREMIUMS EARNED (000) | LOSS RATIO | LOSS & CONTAINMENT RATIO | MARKET SHARE | CUMULATIVE MARKET SHARE |
|---|---|---|---|---|---|---|
| 1. ALLIANZ INS GRP | 11,685 | 12,363 | 78.88 % | 84.72 % | 29.74 % | 29.74 % |
| 2. CO OPERATIVE INS COS | 2,404 | 2,454 | 6.99 % | 6.89 % | 6.12 % | 35.86 % |
| 3. LIBERTY MUT GRP | 2,380 | 1,978 | 226.15 % | 269.96 % | 6.06 % | 41.92 % |
| 4. FM GLOBAL GRP | 2,183 | 2,197 | N/A | N/A | 5.56 % | 47.47 % |
| 5. AMERICAN NATL FIN GRP | 2,142 | 2,042 | 16.61 % | 16.74 % | 5.45 % | 52.92 % |
| 6. FARMERS INS GRP | 1,466 | 1,396 | 51.35 % | 51.45 % | 3.73 % | 56.65 % |
| 7. VERMONT MUT GRP | 1,373 | 1,363 | 14.87 % | 14.75 % | 3.50 % | 60.15 % |
| 8. ZURICH INS GRP | 1,310 | 882 | 2.70 % | 3.21 % | 3.33 % | 63.48 % |
| 9. AMERICAN INTL GRP | 1,223 | 1,309 | 5.24 % | 5.19 % | 3.11 % | 66.59 % |
| 10. TRAVELERS GRP | 1,047 | 990 | N/A | N/A | 2.66 % | 69.26 % |
| ***STATE TOTAL*** | 39,293 | 38,730 | 42.27 % | 46.48 % | 100.00 % | 69.26 % |
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 Report
- Top 10 Insurers Boiler & Machinery | 2022 New England Market Share Report
