The Other Liability marketplace is the fourth-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. As for the Other Liability marketplace, the total amount of Direct Written Premiums for this line of insurance was $109,934,891,201, a substantial increase over the $90,967,443,122 reported in last year’s report. According to these figures, the U.S. Other Liability marketplace continues on as the fourth largest-line of insurance in the U.S.
Turning to market share numbers, the top ten Other Liability insurers do not dominate this marketplace as in the other larger lines of insurance. In total, this group’s market share is less than half of the market with a cumulative market share of 44.30%. As for the top five they have a 25.25% market share while the top three can only claim a 16.59% share of this marketplace.
Market Share by Line of Business
A chart ranking the seven major lines of insurance by market share from data collected by the NAIC. The following is the total Direct Written Premium for each of these lines as of March 21, 2022.
The Top 25 Other Liability Insurers in the U.S.
|RANK||COMPANY NAME||DIRECT WRITTEN PREMIUMS ($)||DIRECT PREMIUMS EARNED ($)||DIRECT LOSS TO EP RATIO (%)||MARKET SHARE (%)||CUMULATIVE MARKET SHARE (%)|
|1.||Chubb Ltd. Group||8,529,413,302||8,146,549,872||56.91||7.76||7.76|
|2.||Liberty Mutual Group||4,886,837,466||4,457,317,016||87.85||4.45||12.20|
|4.||AXA Ins. Group||4,775,059,158||4,290,384,909||63.44||4.34||20.94|
|5.||Assurant Inc. Group||4,735,954,419||4,354,849,713||64.26||4.31||25.25|
|6.||Fairfax Fin. Group||4,615,823,215||3,932,654,007||56.35||4.20||29.44|
|7.||American Intl. Group||4,390,858,880||4,063,866,669||86.17||3.99||33.44|
|8.||Berkshire Hathaway Group||4,231,331,901||3,769,185,604||64.38||3.85||37.29|
|9.||WR Berkley Corp Group||4,027,910,818||3,663,015,934||48.17||3.66||40.95|
|10.||CNA Ins. Group||3,684,271,880||3,314,212,436||51.95||3.35||44.30|
|11.||Markel Corp Group||3,304,250,568||2,933,113,295||43.40||3.01||47.31|
|12.||Hartford Fire & Cas. Group||2,970,783,416||2,721,522,819||71.63||2.70||50.01|
|13.||Nationwide Corp. Group||2,970,069,423||2,765,642,252||51.75||2.70||52.71|
|14.||Zurich Ins. Group||2,948,679,232||2,825,673,874||71.55||2.68||55.39|
|15.||American Financial Group||2,444,625,407||2,236,306,526||45.21||2.22||57.62|
|16.||Tokio Marine Holdings Inc. Group||2,441,351,253||2,265,876,620||71.87||2.22||59.84|
|18.||Axis Capital Group||1,757,542,582||1,577,192,037||56.11||1.60||63.37|
|19.||Arch Ins. Group||1,719,072,373||1,456,786,512||54.89||1.56||64.94|
|21.||Everest Reins Holdings Group||1,658,380,613||1,398,042,985||58.96||1.51||68.01|
|22.||Cincinnati Financial Group||1,484,552,608||1,409,332,557||37.16||1.35||69.36|
|24.||Allianz Ins. Group||1,457,207,408||1,480,897,549||85.69||1.33||72.03|
|25.||Argo Group US Inc. Group||1,237,377,747||1,202,494,480||44.64||1.13||73.15|