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Extra Market Share Stories and Updates Will Be Made Throughout Month of March
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 info supplied right here displays a compiled checklist of market share information 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 info is then compiled and included in varied experiences on cumulative market share information for the seven main strains of insurance coverage in america: All strains; Non-public Passenger Private Auto; Business Auto; Staff’ Compensation; Medical Skilled Legal responsibility; Householders’ Multi-Peril; and Different Legal responsibility (excluding auto legal responsibility).
The information introduced right here displays information filed by insurers as of March 4 and will likely be refreshed day by day by the NAIC by March 8 after which every Monday all through March.
Key takeaways from this yr’s Home-owner’s Report
With 96.94% of Property and Casualty insurance coverage firms reporting up to now, the NAIC experiences that direct premiums written for all strains of enterprise is roughly $959,108,778,588.
Turning to the house owner’s market, the full quantity of Direct Premium written by the highest 25 P&C insurers totalled $151,953,919,633. This quantity interprets into an roughly 77.94% share of the full market. As for the highest 10 insurers inside this cohort, that they had a mixed cumulative market share of 63.30%.
New England-based insurers making the High 25 Home-owner’s checklist this yr embody Liberty Mutual (3), Vacationers Group (6), Amica (20), The Hartford (22), and The Hanover (24).
The High 25 P&C Insurers by Countrywide Premium – All Strains
Please word the next information is up to date on a weekly foundation by the NAIC by the month of March. The up to date information right here displays the newest information 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 |
Hyperlinks to our 2024 NAIC Market Share Stories
For these curious about revisiting or evaluating this yr’s information with the NAIC Market Share Stories from final yr, hyperlinks to every of these experiences are under:
Hyperlinks to our 2023 NAIC Market Share Stories
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