The National Association of Insurance Commissioners has issued its annual Market Share Data Reports for the Property & Casualty Insurance Marketplace as well as for the Life & Fraternal Insurance Marketplace. As in the past, the data offered by the NAIC 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 for the year 2020 (the latest date for which complete data is available).
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 following is a chart using data from the NAIC which shows the Market Share by Line of Business of the top seven lines of insurance in the U.S.:
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 28, 2022.
With approximately 98.96% of all filings having been submitted to the NAIC as of March 28, 2022, the following are key figures from the current P&C marketplace:
- Total Direct Written Premium for the U.S. insurance industry, All Lines, was $794,346,766,779, while Total Premiums Earned was $763,880,111,306.
- The Direct Premiums for the Medical Professional Liability insurance marketplace totalled $10,945,262,023, while Total Premiums Earned was $10,591,093,291, making it the seventh-largest insurance marketplace in the U.S.
- In terms of market share, Berkshire Hathaway is the largest insurer in this marketplace with $1,944,101,165 in Direct Premiums Written representing an 17.76% market share.
- The top three Medical Professional Liability insurers in the U.S are as follows: Berkshire Hathaway, Doctors Co. Group, and ProAssurance Corp. Group. Together that have a cumulative market share of 34.30%.
- The top five P&C insurers, which includes Boston-based Coverys, have a cumulative market share of 45.38%, while the top ten command more than half of the marketplace with a cumulative market share of 59.09%.
- With respect to the top 25 Property & Casualty Insurers All Lines, the total market share of this group is 76.94%.
The make-up of the Medical Professional Liability marketplace
|COMPANY NAME||DIRECT PREMIUMS WRITTEN ($)||DIRECT PREMIUMS EARNED ($)||DIRECT LOSS TO EP RATIO||MARKET SHARE (%)||CUMULATIVE MARKET SHARE (%)|
|1.||Berkshire Hathaway Group||1,944,101,165||1,860,819,790||48.70||17.76||17.76|
|2.||Doctors Co. Group||1,070,668,983||1,015,317,215||46.76||9.78||27.54|
|3.||ProAssurance Corp. Group||739,157,490||767,677,269||56.21||6.75||34.30|
|4.||CNA Ins. Group||638,679,985||638,076,284||50.31||5.84||40.13|
|6.||Mag Mutual Ins. Group||417,942,952||391,401,706||52.19||3.82||49.20|
|7.||MCIC Vt. A Recip RRG||384,988,146||384,988,146||94.56||3.52||52.72|
|8.||Liberty Mutual Group||307,729,293||275,001,41||71.47||2.81||55.53|
|9.||Chubb Ltd. Group||201,436,917||178,526,362||103.80||1.84||57.37|
|11.||WR Berkley Corp. Group||184,835,178||164,907,770||47.03||1.69||60.78|
|14.||Controlled Risk Ins. Co. of VT RRG||167,011,202||167,011,202||52.75||1.53||65.42|
|15.||Curi Holdings Group||159,592,048||151,039,775||37.85||1.46||66.87|
|17.||State Volunteer Mutual Ins. Co.||121,871,741||118,821,212||25.66||1.11||69.39|
|18.||Physicians Ins. A Mutual Group||118,435,338||128,172,445||54.77||1.08||70.48|
|19.||Fairfax Financial Group||117,748,527||111,860,627||45.92||1.08||71.55|
|22.||Markel Corp. Group||96,367,269||91,324,772||37.68||0.88||74.40|
|24.||Medical Ins. of MD Group||93,466,405||94,388,844||42.43||0.85||76.12|