INSURANCE

Top 10 Fire Insurers 2022

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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:

Graph Source: NAIC

The Top 10 Fire Insurers Nationally

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. FM GLOBAL GRP 1,212,287 1,151,992 106.11 % 106.99 % 6.40 % 6.40 %
2. AMERICAN INTL GRP 1,015,226 960,587 59.73 % 61.51 % 5.36 % 11.76 %
3. STARR GRP 896,746 810,450 84.39 % 88.18 % 4.73 % 16.50 %
4. ALLIANZ INS GRP 870,318 828,516 87.16 % 92.22 % 4.59 % 21.09 %
5. TRAVELERS GRP 870,252 832,362 36.37 % 37.56 % 4.59 % 25.68 %
6. ZURICH INS GRP 851,929 865,722 47.56 % 50.66 % 4.50 % 30.18 %
7. LIBERTY MUT GRP 804,637 735,522 88.96 % 91.46 % 4.25 % 34.43 %
8. FARMERS INS GRP 696,932 638,035 36.41 % 37.61 % 3.68 % 38.11 %
9. CHUBB LTD GRP 662,958 627,889 74.51 % 74.80 % 3.50 % 41.61 %
10. BERKSHIRE HATHAWAY GRP 619,402 586,931 44.83 % 48.79 % 3.50 % 44.88 %

The Fire Insurance Marketplace in Massachusetts

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. FM GLOBAL GRP 34,490 33,851 73.55 % 75.14 % 9.20 % 9.20 %
2. AMERICAN INTL GRP 22,337 22,125 19.82 % 19.95 % 5.96 % 15.16 %
3. MAPFRE INS GRP 21,697 22,039 53.88 % 55.56 % 5.79 % 20.95 %
4. TRAVELERS GRP 21,445 18,797 45.21 % 46.57 % 5.72 % 26.67 %
5. ALLIANZ INS GRP 19,879 15,879 20.61 % 24.04 % 5.30 % 31.98 %
6. LIBERTY MUT G 19,730 17,720 37.55 % 31.83 % 5.26 % 37.24 %
7. ANDOVER GRP 18,306 17,927 35.36 % 36.39 % 4.88 % 42.12 %
8. ZURICH INS GRP 17,922 17,028 9.73 % 8.80 % 4.78 % 46.91 %
9. STARR GRP 16,921 15,827 25.83 % 35.73 % 4.51 % 51.42 %
10. VERMONT MUT GRP 16,244 16,012 42.05 % 41.94 % 4.33 % 55.75 %
***STATE TOTAL*** 374,804 360,228 36.12 % 37.36 % 100.00 % 55.75 %

Market Share Data Throughout New England

Connecticut

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. BERKSHIRE HATHAWAY GRP 13,010 12,448 46.14 % 48.90 % 7.74 % 7.74 %
2. FARMERS INS GRP 11,541 12,099 57.73 % 58.50 % 6.86 % 14.60 %
3. FM GLOBAL GRP 11,271 11,266 N/A N/A 6.70 % 21.30 %
4. STARR GRP 10,764 10,761 28.65 % 30.46 % 6.40 % 27.70 %
5. AMERICAN INTL GRP 10,386 9,644 33.15 % 33.51 % 6.18 % 33.88 %
6. TRAVELERS GRP 8,703 8,592 9.13 % 9.50 % 5.18 % 39.06 %
7. MUNICH RE GRP 7,483 6,976 24.77 % 25.45 % 4.45 % 43.51 %
8. LIBERTY MUT GRP 7,477 6,599 89.77 % 97.05 % 4.45 % 47.95 %
9. ANDOVER GRP 6,614 6,682 62.17 % 64.33 % 3.93 % 51.88 %
10. ZURICH INS GRP 5,842 6,235 N/A N/A 3.47 % 55.36 %
***STATETOTAL*** 168,160 164,222 30.69 % 32.21 % 100.00 % 55.36 %

Maine

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. FM GLOBAL GRP 6,126 5,538 N/A N/A 9.69 % 9.69 %
2. ALLIANZ INS GR 4,035 4,095 51.19 % 52.03 % 6.38 % 16.08 %
3. FARMERS INS GRP 3,837 3,744 36.32 % 36.49 % 6.07 % 22.15 %
4. TRAVELERS GRP 3,670 3,471 N/A N/A 5.81 % 27.95 %
5. LIBERTY MUT GRP 3,160 2,433 100.71 % 86.01 % 5.00 % 32.96 %
6. ANDOVER GRP 3,054 3,087 28.54 % 29.48 % 4.83 % 37.79 %
7. AMERICAN INTL GRP 3,036 2,940 16.67 % 16.55 % 4.80 % 42.59 %
8. STARR GRP 2,795 2,602 13.69 % 14.68 % 4.42 % 47.01 %
9. AMERICAN NATL FIN GRP 2,690 2,624 26.35 % 26.35 % 4.26 % 51.27 %
10. MUNICH RE GRP 2,441 2,203 14.04 % 14.39 % 3.86 % 55.13 %
***STATE TOTAL*** 63,200 59,659 23.88 % 24.13 % 100.00 % 55.13 %

New Hampshire

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. ALLIANZ INS GRP 4,529 4,411 N/A N/A 8.98 % 8.98 %
2. FM GLOBAL GRP 3,736 3,640 2.44 % 2.53 % 7.41 % 16.39 %
3. ZURICH INS GRP 2,910 3,110 N/A N/A 5.77 % 22.16 %
4. AMERICAN INTL GRP 2,384 2,210 27.93 % 28.03 % 4.73 % 26.89 %
5. LIBERTY MUT GRP 2,351 2,065 N/A 10.24 % 4.66 % 31.55 %
6. FARMERS INS GRP 2,120 2,123 7.86 % 8.09 % 4.20 % 35.75 %
7. ANDOVER GRP 2,098 2,075 49.00 % 51.36 % 4.16 % 39.91 %
8. AMERICAN NATL FIN GRP 2,033 1,997 37.27 % 36.97 % 4.03 % 43.95 %
9. TRAVELERS GRP 1,803 1,515 N/A N/A 3.58 % 47.52 %
10. VERMONT MUT GRP 1,674 1,650 132.48 % 132.36 % 3.32 % 50.84 %
***STATE TOTAL*** 50,428 49,675 18.55 % 20.16 % 100.00 % 5 50.84 %

Rhode Island

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. AMERICAN INTL GRP 4,393 3,246 74.54 % 75.34 % 7.88 % 7.88 %
2. FM GLOBAL GRP 3,953 3,806 N/A N/A 7.09 % 14.96 %
3. FARMERS INS GRP 3,821 3,324 43.97 % 44.88 % 6.85 % 21.81 %
4. TRAVELERS GRP 3,488 3,231 9.30 % 10.40 % 6.25 % 28.07 %
5. ANDOVER GRP 3,399 3,410 48.49 % 48.68 % 6.09 % 34.16 %
6. SELECTIVE INS GRP 2,318 2,106 68.85 % 69.23 % 4.15 % 38.31 %
7. ZURICH INS GRP 2,268 2,232 23.47 % 23.96 % 4.07 % 42.38 %
8. LIBERTY MUT GRP 2,039 1,770 233.12 % 254.08 % 3.65 % 46.03 %
9. HERITAGE INS HOLDINGS GRP 1,936 1,419 N/A N/A 3.47 % 49.51 %
10. SOMPO GRP 1,692 1,576 12.44 % 13.39 % 3.03 % 52.54 %
***STATE TOTAL*** 55,784 51,730 49.30 % 51.14 % 100.00 % 52.54 %

Vermont

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. ALLIANZ INS GRP 11,685 12,363 78.88 % 84.72 % 29.74 % 29.74 %
2. CO OPERATIVE INS COS 2,404 2,454 6.99 % 6.89 % 6.12 % 35.86 %
3. LIBERTY MUT GRP 2,380 1,978 226.15 % 269.96 % 6.06 % 41.92 %
4. FM GLOBAL GRP 2,183 2,197 N/A N/A 5.56 % 47.47 %
5. AMERICAN NATL FIN GRP 2,142 2,042 16.61 % 16.74 % 5.45 % 52.92 %
6. FARMERS INS GRP 1,466 1,396 51.35 % 51.45 % 3.73 % 56.65 %
7. VERMONT MUT GRP 1,373 1,363 14.87 % 14.75 % 3.50 % 60.15 %
8. ZURICH INS GRP 1,310 882 2.70 % 3.21 % 3.33 % 63.48 %
9. AMERICAN INTL GRP 1,223 1,309 5.24 % 5.19 % 3.11 % 66.59 %
10. TRAVELERS GRP 1,047 990 N/A N/A 2.66 % 69.26 %
***STATE TOTAL*** 39,293 38,730 42.27 % 46.48 % 100.00 % 69.26 %

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.

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