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).
The Commercial Auto marketplace is the fifth-largest line of insurance in the U.S.
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 Commercial Auto insurance marketplace, the total amount of Direct Written Premiums for this line of insurance this past year was $53,693,443,668 while the total Direct Premiums Earned the industry total was $50,562,413,414. Both totals saw an increase from the previous year numbers which were $45,152,912,246 and $44,148,537,571, respectively.
Based on these figures, the U.S. Commercial Auto insurance marketplace ranks as the fifth-largest line of insurance in the U.S. after the Other Liability and before the Workers’ Compensation marketplaces.
In terms of market share, the top ten insurers claim a combined cumulative market share of 44.19% while the top five claim a 31.20%. As for the top three largest Commercial Auto insurers remain the same this year: Progressive followed by Travelers and Old Republic and claim a cumulative market share of just under 25% (24.89%). The top 25 Commercial Auto insurers as a whole have a combined market share of 66.52%.
Market Share by Line of Business
A chart ranking the seven major lines of insurance by market share from data collected by the NAIC. The following is the total Direct Written Premium for each of these lines as of March 21, 2022.
The Top 25 Commercial Auto Insurers in the U.S.
|RANK||COMPANY NAME||DIRECT PREMIUMS WRITTEN ($)||DIRECT PREMIUMS EARNED ($)||DIRECT LOSS TO EP RATIO||MARKET SHARE (%)||CUMULATIVE MARKET SHARE (%)|
|3.||Old Republic Group||2,019,243,345||2,017,485,258||66.51||3.76||24.89|
|4.||Liberty Mutual Group||1,708,073,041||1,718,421,643||62.85||3.18||28.07|
|5.||Nationwide Corp. Group||1,683,254,678||1,682,779,784||63.77||3.13||31.20|
|6.||Berkshire Hathaway Group||1,681,736,540||1,641,251,719||56.66||3.13||34.34|
|7.||Zurich Insurance Group||1,612,363,006||1,561,273,081||70.36||3.00||37.34|
|8.||Auto Owners Group||1,433,052,098||1,348,511,284||60.42||2.67||40.01|
|9.||Allstate Ins. Group||1,146,521,762||1,118,918,728||82.90||2.14||42.14|
|10.||WR Berkley Corp Group||1,098,848,920||978,063,712||50.82||2.05||44.19|
|11.||Chubb Ltd. Group||1,032,455,105||1,007,433,766||65.88||1.92||46.11|
|12.||Hartford Fire & Cas Group||911,579,134||843,139,762||63.76||1.70||47.81|
|13.||American Intl. Group||899,400,344||864,935,726||75.20||1.68||49.49|
|14.||American Financial Group||880,321,432||847,753,106||63.09||1.64||51.12|
|15.||State Farm Group||834,350,809||776,211,495||71.98||1.55||52.68|
|16.||Cincinnati Fin. Group||813,939,969||792,478,187||52.24||1.52||54.19|
|17.||Farmers Ins. Group||806,103,696||757,096,989||87.28||1.50||55.70|
|18.||Tokio Marine Holdings Inc. Group||805,264,426||785,962,304||64.35||1.50||57.20|
|19.||Selective Ins. Group||791,590,996||746,946,269||66.22||1.47||58.67|
|20.||Sentry Ins. Group||785,447,856||726,052,367||64.73||1.46||60.13|
|21.||Erie Ins. Group||726,314,338||707,795,095||65.89||1.35||61.49|
|22.||Markel Corp Group||698,165,671||683,450,018||73.48||1.30||62.79|
|23.||Fairfax Fin. Group||689,837,964||651,753,802||65.41||1.28||64.07|
|24.||Acuity A Mut. Ins. Co.||680,829,664||640,117,070||55.72||1.27||65.34|
|25.||CNA Ins. Group||634,853,715||615,602,062||77.87||1.18||66.52|