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. According to the NAIC, Direct Written Premium increased by 9.44% from 2020 for all lines of business.
Graph Source: NAIC
Top 10 Commercial Auto Liability Insurers’ Market Share Nationally
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. PROGRESSIVE GRP
6,699,493
5,836,812
69.80 %
74.25 %
16.17 %
16.17 %
2. TRAVELERS GRP
2,315,056
2,270,564
57.58 %
63.19 %
5.59 %
21.76 %
3. OLD REPUBLIC GRP
1,547,892
1,543,040
68.53 %
80.91 %
3.74 %
25.50 %
4. LIBERTY MUT GRP
1,351,781
1,352,028
68.06 %
73.84 %
3.26 %
28.76 %
5. BERKSHIRE HATHAWAY GRP
1,336,634
1,304,668
59.06 %
69.92 %
3.23 %
31.99 %
6. NATIONWIDE CORP GRP
1,316,345
1,316,221
65.65 %
69.56 %
3.18 %
35.17 %
7. ZURICH INS GRP
1,237,537
1,197,758
72.47 %
83.32 %
2.99 %
38.16 %
8. AUTO OWNERS GRP
1,009,414
940,495
60.40 %
67.75 %
2.44 %
40.59 %
9. ALLSTATE INS GRP
910,296
885,134
87.77 %
96.02 %
2.20 %
42.79 %
10. CHUBB LTD GRP
894,678
872,573
68.72 %
74.40 %
2.16 %
44.95 %
Top 10 Commercial Auto Liability Insurers’ Market Share – Massachusetts
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. MAPFRE INS GRP
104,556
103,787
53.08 %
54.63 %
12.96 %
12.96 %
2. SAFETY GRP
86,794
84,829
45.91 %
48.47 %
10.76 %
23.71 %
3. ARBELLA INS GRP
78,580
76,969
34.54 %
38.44 %
9.74 %
33.45 %
4. TRAVELERS GRP
58,118
56,020
37.54 %
38.82 %
7.20 %
40.65 %
5. LIBERTY MUT GRP
56,144
66,635
55.97 %
60.96 %
6.96 %
47.61 %
6. PROGRESSIVE GRP
53,763
46,520
44.34 %
46.77 %
6.66 %
54.27 %
7. PLYMOUTH ROCK INS GRP
42,658
43,524
17.20 %
23.22 %
5.29 %
59.56 %
8. TOKIO MARINE HOLDINGS INC GRP
29,459
29,804
44.77 %
45.51 %
3.65 %
63.21 %
9. WR BERKLEY CORP GRP
27,402
26,228
34.29 %
37.09 %
3.40 %
66.60 %
10. ZURICH INS GRP
24,746
24,508
29.87 %
35.00 %
3.07 %
69.67 %
***STATE TOTAL***
806,960
789,449
41.16 %
44.46 %
100.00 %
69.67 %
Top 10 Commercial Auto Liability Insurers’ Market Share – New England
Connecticut
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. PROGRESSIVE GRP
54,833
48,247
55.86 %
59.00 %
12.36 %
12.36 %
2. TRAVELERS GRP
31,883
32,124
46.70 %
49.09 %
7.19 %
19.55 %
3. LIBERTY MUT GRP
30,941
31,035
71.70 %
78.13 %
6.98 %
26.53 %
4. WR BERKLEY CORP GRP
22,866
20,425
57.52 %
60.90 %
5.16 %
31.69 %
5. HARTFORD FIRE & CAS GRP
22,234
21,431
47.95 %
51.03 %
5.01 %
36.70 %
6. SELECTIVE INS GRP
19,475
18,325
70.54 %
73.74 %
4.39 %
41.09 %
7. ZURICH INS GRP
18,221
17,355
73.84 %
85.06 %
4.11 %
45.20 %
8. UTICA GRP
15,858
15,582
55.45 %
62.08 %
3.58 %
48.78 %
9. AMERICAN FAMILY INS GRP
15,312
15,338
102.95 %
112.81 %
3.45 %
52.23 %
10. NATIONWIDE CORP GRP
13,802
13,705
27.65 %
29.37 %
3.11 %
55.34 %
***STATE TOTAL***
443,482
425,023
60.11 %
66.39 %
100.00 %
55.34 %
Maine
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. WR BERKLEY CORP GRP
20,410
18,954
32.85 %
33.78 %
16.10 %
16.10 %
2. PROGRESSIVE GRP
12,641
12,300
44.96 %
46.30 %
9.97 %
26.07 %
3. THE HANOVER INS GRP
10,391
10,333
62.49 %
64.41 %
8.20 %
34.26 %
4. LIBERTY MUT GRP
9,664
9,956
72.35 %
76.75 %
7.62 %
41.88 %
5. TRAVELERS GRP
9,505
9,275
52.95 %
55.00 %
7.50 %
49.38 %
6. FRANKENMUTH GRP
7,523
7,290
26.90 %
28.66 %
5.93 %
55.31 %
7. MMG INS CO
7,141
6,867
40.80 %
43.14 %
5.63 %
60.95 %
8. ZURICH INS GRP
3,716
3,697
N/A
N/A
2.93 %
63.88 %
9. ACUITY A MUT INS CO
3,409
3,021
27.69 %
28.66 %
2.69 %
66.56 %
10. OLD REPUBLIC GRP
3,235
2,940
33.28 %
37.96 %
2.55 %
69.12 %
***STATE TOTAL***
126,794
121,898
50.02 %
52.94 %
100.00 %
69.12 %
New Hampshire
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. WR BERKLEY CORP GRP
21,762
20,857
26.54 %
28.76 %
16.95 %
16.95 %
2. PROGRESSIVE GRP
10,365
9,763
27.66 %
28.86 %
8.08 %
25.03 %
3. LIBERTY MUT GRP
10,185
10,162
54.58 %
58.40 %
7.94 %
32.97 %
4. TRAVELERS GRP
7,207
6,877
26.79 %
27.40 %
5.62 %
38.58 %
5. THE HANOVER INS GRP
5,030
4,977
13.78 %
18.46 %
3.92 %
42.50 %
6. ZURICH INS GRP
4,483
4,009
N/A
N/A
3.49 %
45.99 %
7. MMG INS CO
4,386
4,293
31.24 %
34.32 %
3.42 %
49.41 %
8. AMERICAN FINANCIAL GR
3,972
3,541
N/A
N/A
3.09 %
52.50 %
9. SAFETY GRP
3,962
3,815
112.45 %
115.86 %
3.09 %
55.59 %
10. CHUBB LTD GRP
3,914
3,837
36.66 %
39.34 %
3.05 %
58.64 %
***STATE TOTAL***
128,354
123,276
30.66 %
32.61 %
100.00 %
58.64 %
Rhode Island
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. PROGRESSIVE GRP
18,094
16,019
41.70 %
43.01 %
15.80 %
15.80 %
2. SELECTIVE INS GRP
7,443
6,915
60.73 %
62.78 %
6.50 %
22.29 %
3. TRAVELERS GRP
6,703
6,939
51.79 %
51.97 %
5.85 %
28.15 %
4. EMC INS CO GRP
6,661
6,554
33.34 %
37.29 %
5.82 %
33.96 %
5. LIBERTY MUT GRP
5,858
5,778
49.41 %
55.17 %
5.11 %
39.08 %
6. ARBELLA INS GRP
5,352
5,041
31.06 %
32.19 %
4.67 %
43.75 %
7. NATIONWIDE CORP GRP
4,489
4,559
40.53 %
41.85 %
3.92 %
47.67 %
8. AMERICAN FAMILY INS GRP
4,310
4,358
75.45 %
79.09 %
3.76 %
51.43 %
9. ALLSTATE INS GRP
4,261
4,059
106.74 %
116.78 %
3.72 %
55.15 %
10. TOKIO MARINE HOLDINGS INC GRP
3,922
3,866
78.35 %
83.70 %
3.42 %
58.58 %
***STATE TOTAL***
114,541
109,517
50.98 %
54.11 %
100.00 %
58.58 %
Vermont
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. PROGRESSIVE GRP
6,902
6,832
68.30 %
71.76 %
12.27 %
12.27 %
2. WR BERKLEY CORP GRP
6,383
6,114
39.95 %
40.47 %
11.35 %
23.62 %
3. TRAVELERS GRP
4,678
4,382
49.98 %
50.16 %
8.32 %
31.94 %
4. LIBERTY MUT GRP
4,219
4,438
50.69 %
54.11 %
7.50 %
39.44 %
5. NATIONWIDE CORP GRP
2,812
2,744
52.05 %
53.75 %
5.00 %
44.44 %
6. MMG INS CO
2,499
2,452
24.06 %
24.50 %
4.44 %
48.88 %
7. CINCINNATI FIN GRP
2,343
2,261
15.49 %
17.45 %
4.17 %
53.05 %
8. ZURICH INS GRP
1,803
1,743
N/A
N/A
3.21 %
56.25 %
9. FRANKENMUTH GRP
1,789
1,700
15.01 %
19.21 %
3.18 %
59.44 %
10. BERKSHIRE HATHAWAY GRP
1,683
1,673
34.05 %
35.99 %
2.99 %
62.43 %
***STATE TOTAL***
56,241
54,378
33.79 %
35.91 %
100.00 %
62.43 %
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.
