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Three of the Prime 25 Non-public Passenger Auto Insurers Are Primarily based in Massachusetts
The National Association of Insurance Commissioners has issued its annual Market Share Knowledge Stories for each the Property & Casualty Insurance coverage Market, in addition to for the Life & Fraternal Insurance coverage Market. As in previous iterations, the information supplied right here displays a compiled listing of market share knowledge based mostly upon filings of countrywide premium submitted to the NAIC from Property & Casualty insurers as reported on the State Web page of the NAIC’s annual assertion for insurers.
As soon as collected, the information is then compiled and included in varied studies on cumulative market share knowledge for the seven main traces of insurance coverage in america: All traces; Non-public Passenger Private Auto; Business Auto; Staff’ Compensation; Medical Skilled Legal responsibility; Owners’ Multi-Peril; and Different Legal responsibility (excluding auto legal responsibility).
Key Info From This Yr’s Non-public Passenger Auto Insurers Checklist:
With 98.01% of Property and Casualty insurance coverage corporations reporting to this point, the NAIC studies that trade totals for Direct Premiums Written for all traces of enterprise is roughly $960,802,932,48 and for Direct Premiums Earned $920,418,549,112.
With respect to the Non-public Passenger Auto Insurance coverage market, the trade complete when it comes to Direct Written Premiums was $316,655,004,802 with Direct Premiums Earned totalling $303,504,595,689. As for the Prime 25 insurers, Direct Written Premiums totalled $280,385,491,129 translating right into a cumulative market share representing of 88.55%.
Breaking down this cohort even additional, the Prime 10 insurers with the biggest quantities of Direct Premiums Written wrote a complete of $280,385,491,129 claiming a cumulative share of the market of 76.81%. The Prime 5 had a complete of $197,891,991,369 in Direct Premiums Written representing roughly 62.49% of the overall market.
Six of the Prime 25 Non-public Passenger Auto insurers name New England their house with three of the highest 25 basing their operations out of Massachusetts. They’re as follows: Liberty Mutual; Vacationers; The Hartford; The Hanover; MAPFRE; and Amica.
The Prime 25 P&C Insurers by Countrywide Premium – Non-public Passenger Auto
Please be aware the next knowledge is up to date on a weekly foundation by the NAIC by means of the month of March. The up to date knowledge right here displays the most recent knowledge as of March 18, 2024, reflecting an estimated 98.01% of Property/Casualty filings.
| RANK | COMPANY NAME | DIRECT PREMIUMS WRITTEN | DIRECT PREMIUMS EARNED | MARKET SHARE % | CUMULATIVE MARKET SHARE % | |
|---|---|---|---|---|---|---|
 |
1. | STATE FARM GRP | 57,974,270,313 | 54,812,500,326 | 18.31 | 18.31 |
 |
2. | PROGRESSIVE GR | 48,255,874,744 | 45,888,459,482 | 15.24 | 33.55 |
 |
3. | BERKSHIRE HATHAWAY GRP | 38,965,761,608 | 38,383,695,986 | 12.31 | 45.85 |
 |
4. | ALLSTATE INS GRP | 32,848,168,906 | 31,863,541,999 | 10.37 | 56.23 |
 |
5. | UNITED SERV AUTOMOBILE ASSN GRP | 19,847,915,798 | 18,829,720,871 | 6.27 | 62.49 |
 |
6. | LIBERTY MUT GRP | 13,312,836,211 | 13,397,699,748 | 4.20 | 66.70 |
 |
7. | FARMERS INS GRP | 13,221,687,478 | 13,012,949,538 | 4.18 | 70.87 |
 |
8. | AMERICAN FAMILY INS GRP | 6,790,422,620 | 6,472,156,323 | 2.14 | 73.02 |
 |
9. | TRAVELERS GRP | 6,578,946,202 | 6,224,210,574 | 2.08 | 75.10 |
 |
10. | NATIONWIDE CORP GRP | 5,413,758,272 | 5,476,444,556 | 1.71 | 76.81 |
 |
11. | AUTO CLUB ENTERPRISES INS GRP | 4,829,407,595 | 4,418,149,556 | 1.53 | 78.33 |
 |
12. | AUTO OWNERS GRP | 4,250,282,927 | 3,844,453,237 | 1.34 | 79.67 |
 |
13. | ERIE INS GRP | 4,240,246,199 | 3,894,226,424 | 1.34 | 81.01 |
 |
14. | CSAA INS GRP | 3,817,542,892 | 3,394,492,591 | 1.21 | 82.22 |
 |
15. | KEMPER CORP GRP | 2,950,213,392 | 3,179,247,842 | 0.93 | 83.15 |
 |
16. | MERCURY GEN GRP | 2,819,068,632 | 2,777,229,682 | 0.89 | 84.04 |
| 17. | AUTOMOBILE CLUB MI GRP | 2,256,739,042 | 2,150,770,877 | 0.71 | 84.75 | |
 |
18. | HARTFORD FIRE & CAS GRP | 2,126,384,701 | 2,060,826,798 | 0.67 | 85.42 |
 |
19. | SENTRY INS GRP | 1,561,955,415 | 1,493,411,128 | 0.49 | 85.92 |
 |
20. | THE HANOVER INS GRP | 1,443,149,144 | 1,403,302,826 | 0.46 | 86.37 |
 |
21. | MAPFRE INS GRP | 1,402,535,796 | 1,340,757,662 | 0.44 | 86.82 |
 |
22. | ALFA INS GRP | 1,387,691,210 | 1,304,874,345 | 0.44 | 87.25 |
 |
23. | AMICA MUT GRP | 1,383,042,128 | 1,325,196,113 | 0.44 | 87.69 |
| 24. | COUNTRY INS & FIN SERV GRP | 1,369,040,202 | 1,319,947,246 | 0.43 | 88.12 | |
| 25. | SOUTHERN FARM BUREAU CAS GRP | 1,338,549,702 | 1,279,119,571 | 0.42 | 88.55 | |
| INDUSTRY TOTAL | 316,655,004,802 | 303,504,595,689 | 100.00 | 100.00 |
Hyperlinks to our 2024 NAIC Market Share Stories
For these involved in revisiting or evaluating this 12 months’s knowledge with the NAIC Market Share Stories from final 12 months, hyperlinks to every of these studies are under:
Hyperlinks to our 2023 NAIC Market Share Stories
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