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.
| RANK | GROUP/COMPANY NAME | DIRECT WRITTEN PREMIUMS | DIRECT PREMIUMS EARNED | DIRECT LOSS TO EP RATIO¹ | MARKET SHARE % | CUMULATIVE MARKET SHARE %³ | |
|---|---|---|---|---|---|---|---|
 | 1. | STATE FARM GRP | 27,037,940,172 | 25,705,653,729 | 77.08 | 17.79 | 17.79 |
 | 2. | ALLSTATE INS GRP | 13,551,256,390 | 12,722,771,135 | 70.42 | 8.92 | 26.71 |
 | 3. | LIBERTY MUT GRP | 10,476,330,091 | 10,140,531,560 | 68.56 | 6.89 | 33.61 |
 | 4. | UNITED SERV AUTOMOBILE ASSN GRP | 10,346,045,233 | 9,515,308,611 | 78.22 | 6.81 | 40.41 |
 | 5. | FARMERS INS GRP | 8,981,109,577 | 8,517,212,769 | 67.58 | 5.91 | 46.33 |
 | 6. | TRAVELERS GRP | 7,569,914,243 | 7,014,931,008 | 69.57 | 4.98 | 51.31 |
 | 7. | AMERICAN FAMILY INS GRP | 7,046,226,736 | 6,360,233,763 | 75.00 | 4.64 | 55.94 |
 | 8. | NATIONWIDE CORP GRP | 4,077,262,120 | 4,003,909,532 | 80.88 | 2.68 | 58.63 |
 | 9. | CHUBB LTD GRP | 3,891,675,567 | 3,649,700,039 | 49.49 | 2.56 | 61.19 |
 | 10. | CITIZENS PROP INS CORP | 3,208,944,568 | 2,770,286,734 | 39.39 | 2.11 | 63.30 |
 | 11. | PROGRESSIVE GRP | 2,952,598,317 | 2,685,978,253 | 51.87 | 1.94 | 65.24 |
 | 12. | ERIE INS GRP | 2,659,423,444 | 2,415,582,111 | 88.73 | 1.75 | 66.99 |
 | 13. | AUTO OWNERS GRP | 2,564,100,067 | 2,326,325,015 | 88.27 | 1.69 | 68.68 |
 | 14. | UNIVERSAL INS HOLDING GRP | 1,819,043,114 | 1,777,150,774 | 53.80 | 1.20 | 69.88 |
 | 15. | TOKIO MARINE HOLDINGS INC GRP | 1,404,191,226 | 1,306,364,232 | 81.80 | 0.92 | 70.80 |
 | 16. | CSAA INS GRP | 1,323,340,507 | 1,248,094,678 | 68.80 | 0.87 | 71.67 |
 | 17. | AUTO CLUB ENTERPRISES INS GRP | 1,197,117,298 | 1,095,514,146 | 76.21 | 0.79 | 72.46 |
 | 18. | CINCINNATI FIN GRP | 1,196,665,560 | 1,054,892,108 | 62.56 | 0.79 | 73.25 |
 | 19. | MERCURY GEN GRP | 1,143,868,331 | 1,039,221,728 | 62.98 | 0.75 | 74.00 |
 | 20. | AMICA MUT GRP | 1,134,059,070 | 1,064,671,405 | 58.76 | 0.75 | 74.75 |
 | 21. | COUNTRY INS & FIN SERV GRP | 1,000,969,290 | 934,603,742 | 96.51 | 0.66 | 75.41 |
 | 22. | HARTFORD FIRE & CAS GRP | 990,862,103 | 959,280,720 | 55.96 | 0.65 | 76.06 |
 | 23. | AUTOMOBILE CLUB MI GRP | 964,554,275 | 911,945,234 | 76.30 | 0.63 | 76.69 |
 | 24. | THE HANOVER INS GRP | 944,623,290 | 887,536,431 | 95.11 | 0.62 | 77.31 |
 | 25. | HERITAGE INS HOLDINGS GRP | 943,982,644 | 961,933,909 | 64.73 | 0.62 | 77.94 |
| INDUSTRY TOTAL | 151,953,919,633 | 142,194,800,934 | 70.66 | 100.00 | 100.00 |
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:
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
