The Homeowners marketplace is the third-largest line of insurance in the U.S.
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 the past, 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.
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).
Musings on this year’s Market Share Report
With approximately 98.54% of all filings having been submitted to the NAIC as of March 21, 2022, the total amount of Direct Written Premium for the U.S. insurance industry, All Lines, was $793,719,555,911. Turning to the Homeowners Multiple Peril segment of the marketplace, the total amount of Direct Written Premiums for this line of insurance was $119,221,141,625. This represents an increase of $8,873,165,702 from the 2020 year-end total of $110,347,975,923.
According to these figures, the U.S. Homeowners insurance marketplace continues as the third largest line of insurance in the U.S. after the Private Passenger Auto Insurance marketplace and the All Other Lines marketplace, respectively.
Looking at market share numbers, the top ten Homeowners’ insurers continue to dominate the marketplace with a combined market share of 63.19%. This is a 2.67% increase from last year’s percentage. The top three Homeowners insurers also increased their combined market share to 34% versus the 32.70% they had last year. In total, the top 25 have a combined market share of 77.32%, another increase in market share from last year’s 74.92% percentage.
Market Share by Line of Business
A chart ranking the seven major lines of insurance by market share from data collected by the NAIC. The following is the total Direct Written Premium for each of these lines as of March 21, 2022.
The Top 25 Homeowners Multiple Peril Insurers in the U.S.
|RANK||COMPANY NAME||DIRECT PREMIUMS WRITTEN ($)||DIRECT PREMIUMS EARNED ($)||DIRECT LOSS TO EP RATIO||MARKET SHARE (%)||CUMULATIVE MARKET SHARE (%)|
|1.||State Farm Group||22,046,155,085||20,761,970,112||68.68||18.49||18.49|
|2.||Allstate Ins. Group||10,500,629,922||10,040,258,775||73.36||8.81||27.30|
|5.||Farmers Insurance Group||7,608,035,401||7,340,272,068||70.95||6.38||46.82|
|7.||American Family Ins. Group||5,003,013,474||4,696,408,683||62.39||4.20||55.68|
|8.||Nationwide Corp. Group||3,522,394,366||3,414,500,890||72.51||2.95||58.63|
|9.||Chubb Ltd. Group||3,210,874,376||3,139,077,292||61.24||2.69||61.33|
|11.||Erie Ins. Group||1,956,183,760||1,871,993,751||63.88||1.64||64.83|
|13.||Universal Ins. Holdings Group||1,582,352,428||1,509,768,297||66.63||1.33||67.76|
|14.||Citizens Prop. Ins. Corp.||1,260,866,225||985,863,480||44.38||1.06||68.82|
|15.||American Intl. Group||1,067,978,664||1,085,801,174||-13.52||0.90||69.72|
|16.||Tokio Marine Holdings Inc.||1,055,974,604||930,095,309||76.10||0.89||70.60|
|17.||CSAA Ins. Group||1,053,685,378||1,011,792,724||61.09||0.88||71.49|
|18.||Heritage Ins. Holdings Group||969,878,681||947,573,490||54.45||0.81||72.30|
|19.||Amica Mutual Ins. Group||964,273,608||953,932,827||67.86||0.81||73.11|
|20.||Hartford Fire & Cas Group||909,828,847||917,918,278||46.61||0.76||73.87|
|21.||Auto Club Enterprises Ins. Group||890,839,643||866,550,429||64.22||0.75||74.62|
|22.||United Ins. Holdings Group||814,525,073||884,807,021||108.96||0.68||75.30|
|23.||Mercury Gen. Group||810,342,704||736,341,317||61.35||0.68||75.98|
|24.||Assurant Inc. Group||808,551,503||785,571,058||44.71||0.68||76.66|
|25.||Country Ins. & Financial Serv. Group||792,211,853||768,240,756||59.71||0.66||77.32|