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 graph has been reprinted from the NAIC Property & Casualty Market Share Reports 2021 and highlights the trends in Premium over the past decade. According to the NAIC, Direct Written Premium increased by 9.44% from 2020 for all lines of business.
Graph Source: NAIC
Top 10 Inland Marine Insurers Market Share – Nationally
Unlike our previous reports highlighting the Inland & Ocean marketplace, the NAIC has split Ocean Marine and Inland Marine into separate markets, which Agency Checklists has done as well to with respect to the market share information involving the New England marketplace.
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. LIBERTY MUT GRP
4,055,426
4,022,300
64.94 %
64.53 %
13.60 %
13.60 %
2. CNA INS GRP
3,637,508
3,642,498
54.57 %
54.63 %
12.20 %
25.80 %
3. CHUBB LTD GRP
1,743,341
1,618,555
53.41 %
70.14 %
5.85 %
31.65 %
4. ALLIANZ INS GRP
1,401,633
1,281,705
39.11 %
39.13 %
4.70 %
36.35 %
5. AMERICAN INTL GRP
1,385,366
1,284,409
8.94 %
9.40 %
4.65 %
40.99 %
6. NATIONWIDE CORP GRP
1,145,187
1,061,718
68.57 %
68.81 %
3.84 %
44.83 %
7. ASSURANT INC GRP
1,105,613
1,193,592
34.36 %
34.36 %
3.71 %
48.54 %
8. ZURICH INS GRP
977,282
877,232
31.76 %
34.24 %
3.28 %
51.82 %
9. FM GLOBAL GRP
809,406
835,513
122.71 %
129.00 %
2.71 %
54.53 %
10.TRAVELERS GRP
788,738
768,854
46.42 %
47.54 %
2.65 %
57.18 %
Top 10 Inland Marine Insurers Market Share – Massachusetts
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. LIBERTY MUT GRP
103,541
102,818
59.54 %
54.84 %
14.91 %
14.91 %
2. CHUBB LTD GRP
59,697
57,950
39.66 %
58.97 %
8.60 %
23.51 %
3. CNA INS GRP
56,872
56,674
52.35 %
52.49 %
8.19 %
31.71 %
4. NATIONWIDE CORP GRP
45,839
38,235
73.94 %
74.08 %
6.60 %
38.31 %
5. TRUPANION GRP
43,846
41,135
68.43 %
68.43 %
6.32 %
44.62 %
6. ALLIANZ INS GRP
41,868
35,314
14.27 %
14.41 %
6.03 %
50.66 %
7. AMERICAN INTL GRP
25,859
23,097
0.42 %
1.40 %
3.72 %
54.38 %
8. FAIRFAX FIN GRP
24,749
24,448
47.26 %
47.76 %
3.56 %
57.95 %
9. FM GLOBAL GRP
18,606
17,471
197.13 %
216.95 %
2.68 %
60.63 %
10. WR BERKLEY CORP GRP
17,371
16,003
98.54 %
99.84 %
2.50 %
63.13 %
***STATE TOTAL***
694,229
652,666
46.94 %
48.72 %
100.00 %
63.13 %
Top 10 Inland Marine Insurers Market Share – New England
Connecticut
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. LIBERTY MUT GRP
52,937
53,312
49.69 %
49.84 %
13.07 %
13.07 %
2. CHUBB LTD GRP
44,125
44,266
35.02 %
40.59 %
10.90 %
23.97 %
3. CNA INS GRP
42,011
41,596
52.58 %
52.60 %
10.37 %
34.34 %
4. AMERICAN INTL GRP
28,657
23,895
23.98 %
24.81 %
7.08 %
41.42 %
5. NATIONWIDE CORP GRP
23,322
21,658
70.48 %
70.64 %
5.76 %
47.17 %
6. ALLIANZ INS GRP
17,348
14,880
7.47 %
5.98 %
4.28 %
51.46 %
7. TRUPANION GRP
13,275
12,303
64.97 %
64.98 %
3.28 %
54.73 %
8. SWISS RE GRP
12,826
12,701
29.33 %
24.97 %
3.17 %
57.90 %
9. MARKEL CORP GRP
12,179
13,375
26.25 %
26.78 %
3.01 %
60.91 %
10. AMERICAN FINANCIAL GRP
11,941
11,876
52.03 %
52.62 %
2.95 %
63.86 %
***STATE TOTAL***
404,999
387,580
40.15 %
42.85 %
100.00 %
63.86 %
Maine
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. LIBERTY MUT GRP
17,814
18,041
38.82 %
39.08 %
16.31 %
16.31 %
2. CNA INS GRP
8,430
8,434
51.32 %
51.34 %
7.72 %
24.03 %
3. CHUBB LTD GRP
7,435
6,059
34.64 %
45.87 %
6.81 %
30.84 %
4. PROGRESSIVE GRP
7,304
6,830
36.94 %
37.03 %
6.69 %
37.53 %
5. WR BERKLEY CORP GRP
6,201
5,689
33.04 %
33.91 %
5.68 %
43.20 %
6. ALLIANZ INS GRP
5,289
4,194
9.89 %
9.49 %
4.84 %
48.05 %
7. TRUPANION GRP
4,520
4,116
70.03 %
70.04 %
4.14 %
52.19 %
8. AMERICAN INTL GRP
4,275
3,200
2.58 %
2.35 %
3.91 %
56.10 %
9. THE HANOVER INS GRP
4,099
3,896
26.07 %
26.54 %
3.75 %
59.85 %
10. NATIONWIDE CORP GRP
3,950
3,599
54.53 %
54.40 %
3.62 %
63.47 %
***STATE TOTAL***
109,209
100,085
66.30 %
67.18 %
100.00 %
63.47 %
New Hampshire
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. LIBERTY MUT GRP
24,800
24,692
44.12 %
44.43 %
20.66 %
20.66 %
2. CHUBB LTD GRP
7,616
7,105
35.56 %
95.58 %
6.34 %
27.00 %
3. CNA INS GRP
6,927
6,927
52.64 %
52.65 %
5.77 %
32.77 %
4. NATIONWIDE CORP GRP
6,431
6,047
68.95 %
68.99 %
5.36 %
38.13 %
5. TRUPANION GRP
6,401
5,882
69.06 %
69.06 %
5.33 %
43.46 %
6. ALLIANZ INS GRP
6,380
5,286
11.11 %
10.86 %
5.31 %
48.77 %
7. WR BERKLEY CORP GRP
4,923
4,699
22.22 %
22.68 %
4.10 %
52.88 %
8. PROGRESSIVE GRP
4,429
4,206
33.11 %
33.52 %
3.69 %
56.56 %
9. AMERICAN INTL GRP
3,771
3,238
0.76 %
0.77 %
3.14 %
59.71 %
10. MUNICH RE GRP
3,009
2,684
60.18 %
60.19 %
2.51 %
62.21 %
***STATE TOTAL***
120,055
114,249
34.71 %
38.60 %
100.00 %
62.21 %
Rhode Island
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. LIBERTY MUT GRP
14,856
13,918
42.43 %
42.59 %
15.20 %
15.20 %
2. ALLIANZ INS GRP
10,843
10,084
2.70 %
1.34 %
11.09 %
26.29 %
3. CNA INS GRP
8,178
8,175
53.38 %
53.37 %
8.37 %
34.65 %
4. CHUBB LTD GRP
6,112
5,965
5.89 %
39.84 %
6.25 %
40.91 %
5. AMERICAN INTL GRP
5,519
5,080
1.07 %
0.90 %
5.65 %
46.55 %
6. TRAVELERS GRP
5,492
5,832
500.09 %
504.85 %
5.62 %
52.17 %
7. NATIONWIDE CORP GRP
5,153
4,904
104.33 %
104.54 %
5.27 %
57.44 %
8. TRUPANION GRP
2,993
2,696
58.59 %
58.59 %
3.06 %
60.50 %
9. PROGRESSIVE GRP
2,960
2,613
83.08 %
83.28 %
3.03 %
63.53 %
10. ASSURANT INC GRP
2,793
3,003
67.90 %
67.90 %
2.86 %
66.39 %
***STATE TOTAL***
97,754
93,304
61.27 %
63.78 %
100.00 %
66.39 %
Vermont
COMPANY NAME
DIRECT PREMIUMS WRITTEN (000)
DIRECT PREMIUMS EARNED (000)
LOSS RATIO
LOSS & CONTAINMENT RATIO
MARKET SHARE
CUMULATIVE MARKET SHARE
1. LIBERTY MUT GRP
10,093
10,162
20.01 %
20.43 %
18.42 %
18.42 %
2. CNA INS GRP
7,985
7,981
52.25 %
52.25 %
14.58 %
33.00 %
3. ALLIANZ INS GRP
3,225
2,846
15.05 %
14.89 %
5.89 %
38.88 %
4. WR BERKLEY CORP GRP
2,835
2,584
16.45 %
16.75 %
5.17 %
44.06 %
5. CHUBB LTD GRP
2,494
2,159
44.42 %
60.68 %
4.55 %
48.61 %
6. NATIONWIDE CORP GRP
2,449
2,234
62.78 %
62.78 %
4.47 %
53.08 %
7. AMERICAN INTL GRP
2,241
1,952
N/A
N/A
4.09 %
57.17 %
8. PROGRESSIVE GRP
2,138
2,015
27.64 %
27.77 %
3.90 %
61.07 %
9. TRUPANION GRP
1,818
1,608
70.42 %
70.42 %
3.32 %
64.39 %
10. AMERICAN NATL FIN GRP
1,739
1,694
45.06 %
45.02 %
3.17 %
67.57 %
***STATE TOTAL***
54,786
52,219
31.04 %
32.16 %
100.00 %
67.57 %
Other Agency Checklists’ 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.
