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 Property & Casualty 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 top 10 property and casualty companies, their reporting thus far has shown that this group represents a cumulative market share of 48.07%.
The private passenger auto insurance marketplace continues to boast the largest amount of direct premiums, with a total amount reported as of March 4th, 2024, of about $314,788,570,644. In percentage terms, this represents approximately 33% of all written premiums.
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 95.75% of Property/Casualty filings.
| RANK | COMPANY NAME | DIRECT PREMIUMS WRITTEN | DIRECT PREMIUMS EARNED | MARKET SHARE % | CUMULATIVE MARKET SHARE % | |
|---|---|---|---|---|---|---|
 | 1. | STATE FARM GRP | 93,788,130,947 | 88,679,559,880 | 9.82 | 9.82 |
 | 2. | PROGRESSIVE GRP | 62,711,707,060 | 59,870,842,497 | 6.57 | 16.39 |
 | 3. | BERKSHIRE HATHAWAY GRP | 59,668,420,250 | 58,144,353,860 | 6.25 | 22.64 |
 | 4. | ALLSTATE INS GRP | 50,041,693,448 | 48,197,229,664 | 5.24 | 27.88 |
 | 5. | LIBERTY MUT GRP | 43,532,520,975 | 42,743,496,586 | 4.56 | 32.44 |
 | 6. | TRAVELERS GRP | 38,596,540,132 | 36,532,033,345 | 4.04 | 36.48 |
 | 7. | UNITED SERV AUTOMOBILE ASSN GRP | 32,002,399,677 | 30,046,228,814 | 3.35 | 39.83 |
 | 8. | CHUBB LTD GRP | 31,691,802,538 | 30,871,545,006 | 3.32 | 43.15 |
 | 9. | FARMERS INS GRP | 27,220,677,002 | 26,575,265,934 | 2.85 | 46.00 |
 | 10. | NATIONWIDE CORP GRP | 19,766,498,885 | 20,322,814,369 | 2.07 | 48.07 |
 | 11. | ZURICH INS GRP | 18,563,082,526 | 18,049,970,018 | 1.94 | 50.02 |
 | 12. | AMERICAN FAMILY INS GRP | 16,664,386,483 | 15,516,407,820 | 1.75 | 51.76 |
 | 13. | HARTFORD FIRE & CAS GRP | 15,953,591,286 | 15,336,033,361 | 1.67 | 53.43 |
 | 14. | AMERICAN INTL GRP | 15,931,144,127 | 15,807,479,637 | 1.67 | 55.10 |
 | 15. | CNA INS GRP | 13,741,404,752 | 13,245,106,925 | 1.44 | 56.54 |
 | 16. | AUTO OWNERS GRP | 13,108,452,212 | 11,981,803,365 | 1.37 | 57.91 |
 | 17. | TOKIO MARINE HOLDINGS INC GRP | 11,917,448,199 | 11,632,909,341 | 1.25 | 59.16 |
 | 18. | FAIRFAX FIN GRP | 11,346,543,550 | 11,199,075,863 | 1.19 | 60.35 |
 | 19. | ERIE INS GRP | 10,056,483,542 | 9,276,793,076 | 1.05 | 61.40 |
 | 20. | WR BERKLEY CORP GRP | 10,049,013,983 | 9,554,864,392 | 1.05 | 62.46 |
 | 21. | AMERICAN FINANCIAL GRP | 9,174,480,885 | 8,992,694,113 | 0.96 | 63.42 |
 | 22. | MARKEL CORP GRP | 8,789,377,786 | 8,404,641,616 | 0.92 | 64.34 |
 | 23. | AXA INS GRP | 7,721,688,772 | 7,643,863,012 | 0.81 | 65.15 |
 | 24. | QBE INS GRP | 7,559,558,187 | 7,515,818,095 | 0.79 | 65.94 |
 | 25. | CINCINNATI FIN GRP | 7,455,996,034 | 7,093,752,656 | 0.78 | 66.72 |
| INDUSTRY TOTAL | 954,849,866,158 | 914,478,241,265 | 100.00 | 100.00 |
Links to our 2023 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 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
