INSURANCE

Top 10 Private Passenger Auto Insurers | 2022 New England Market Share Reports

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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. According to the NAIC, Direct Written Premium increased by 9.44% from 2020 for all lines of business.

Graph Source: NAIC

Top 10 Private Passenger Auto Insurers Market Share – Nationally

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. STATE FARM GRP 23,804,302 23,401,586 65.01 % 70.49 % 15.57 % 15.57 %
2. PROGRESSIVE GRP 22,787,781 22,430,494 59.15 % 61.94 % 14.90 % 30.47 %
3. BERKSHIRE HATHAWAY GRP 22,375,956 21,983,525 69.65 % 73.36 % 14.63 % 45.10 %
4. ALLSTATE INS GRP 15,331,130 15,333,220 73.44 % 74.92 % 10.03 % 55.12 %
5. UNITED SERV AUTOMOBILE ASSN GRP 8,606,932 8,654,746 77.80 % 81.44 % 5.63 % 60.75 %
6. FARMERS INS GRP 7,513,520 7,546,242 59.45 % 62.92 % 4.91 % 65.67 %
7. LIBERTY MUT GRP 7,427,915 7,228,899 62.36 % 67.19 % 4.86 % 70.52 %
8. AMERICAN FAMILY INS GRP 3,264,749 3,275,147 55.74 % 59.84 % 2.13 % 72.66 %
9. TRAVELERS GRP 3,202,721 3,147,023 58.64 % 62.87 % 2.09 % 74.75 %
10. NATIONWIDE CORP GRP 3,111,679 3,163,807 61.22 % 64.49 % 2.03 % 76.79 %

Top 10 Private Passenger Auto 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. MAPFRE INS GRP 496,994 514,694 59.61 % 59.85 % 19.55 % 19.55 %
2. BERKSHIRE HATHAWAY GRP 373,478 347,817 95.30 % 95.49 % 14.69 % 34.25 %
3. LIBERTY MUT GRP 290,411 290,480 53.33 % 53.84 % 11.43 % 45.67 %
4. ARBELLA INS GRP 197,575 196,070 55.52 % 56.74 % 7.77 % 53.45 %
5. SAFETY GRP 192,129 196,734 56.81 % 57.37 % 7.56 % 61.00 %
6. PLYMOUTH ROCK INS GRP 171,940 171,680 59.54 % 59.96 % 6.76 % 67.77 %
7. PROGRESSIVE GRP 127,049 123,207 80.36 % 80.76 % 5.00 % 72.77 %
8. FARMERS INS GRP 100,372 102,741 53.07 % 53.12 % 3.95 % 76.72 %
9. UNITED SERV AUTOMOBILE ASSN GRP 97,794 96,546 62.79 % 63.13 % 3.85 % 80.56 %
10. TRAVELERS GRP 96,202 90,388 65.86 % 65.90 % 3.78 % 84.35 %
***STATE TOTAL*** 2,541,755 2,526,830 63.64 % 64.01 % 100.00 % 84.35 %

Top 10 Private Passenger Auto 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. BERKSHIRE HATHAWAY GRP 210,357 206,910 86.68 % 86.83 % 17.67 % 17.67 %
2. ALLSTATE INS GRP 142,532 143,857 55.65 % 52.19 % 11.97 % 29.63 %
3. LIBERTY MUT GRP 115,053 109,816 58.48 % 58.92 % 9.66 % 39.30 %
4. PROGRESSIVE GRP 111,905 107,653 98.84 % 99.22 % 9.40 % 48.69 %
5. STATE FARM GRP 99,249 94,665 92.68 % 92.90 % 8.33 % 57.03 %
6. UNITED SERV AUTOMOBILE ASSN GRP 67,134 66,893 70.86 % 71.16 % 5.64 % 62.67 %
7. TRAVELERS GRP 66,505 65,013 63.62 % 63.80 % 5.58 % 68.25 %
8. FARMERS INS GRP 61,010 59,403 62.38 % 62.54 % 5.12 % 73.37 %
9. AMICA MUT GRP 37,228 38,344 59.90 % 60.51 % 3.13 % 76.50 %
10. HARTFORD FIRE & CAS GRP 33,393 33,356 50.85 % 51.03 % 2.80 % 79.30 %
***STATE TOTAL*** 1,190,812 1,168,893 72.58 % 72.39 % 100.00 % 79.30 %

Maine

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. PROGRESSIVE GRP 82,144 80,248 53.56 % 54.16 % 19.60 % 19.60 %
2. STATE FARM GRP 53,828 52,860 56.61 % 57.39 % 12.84 % 32.44 %
3. BERKSHIRE HATHAWAY GRP 52,897 51,375 74.37 % 76.03 % 12.62 % 45.06 %
4. LIBERTY MUT GRP 37,226 35,270 55.53 % 59.06 % 8.88 % 53.94 %
5. ALLSTATE INS GRP 30,441 31,674 70.49 % 71.30 % 7.26 % 61.20 %
6. UNITED SERV AUTOMOBILE ASSN GRP 18,854 18,691 63.95 % 65.27 % 4.50 % 65.70 %
7. FARMERS INS GRP 16,085 16,348 47.80 % 48.64 % 3.84 % 69.53 %
8. AUTO OWNERS GRP 15,684 15,776 54.46 % 56.92 % 3.74 % 73.27 %
9. TRAVELERS GRP 15,425 15,226 42.05 % 44.48 % 3.68 % 76.95 %
10. THE HANOVER INS GRP 12,902 12,961 62.75 % 65.25 % 3.08 % 80.03 %
***STATE TOTAL*** 419,188 415,091 60.71 % 62.14 % 100.00 % 80.03 %

New Hampshire

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. PROGRESSIVE GRP 78,820 77,284 48.56 % 49.33 % 17.22 % 17.22 %
2. BERKSHIRE HATHAWAY GRP 69,816 69,185 56.66 % 57.72 % 15.26 % 32.48 %
3. STATE FARM GRP 55,088 53,915 54.38 % 56.25 % 12.04 % 44.52 %
4. LIBERTY MUT GRP 42,945 43,327 50.83 % 52.86 % 9.38 % 53.90 %
5. ALLSTATE INS GRP 39,537 40,603 51.29 % 50.57 % 8.64 % 62.54 %
6. UNITED SERV AUTOMOBILE ASSN GRP 25,564 25,389 56.26 % 57.63 % 5.59 % 68.13 %
7. AUTO OWNERS GRP 16,398 16,830 46.04 % 47.62 % 3.58 % 71.71 %
8. AMICA MUT GRP 15,587 15,826 38.32 % 41.45 % 3.41 % 75.12 %
9. TRAVELERS GRP 13,962 13,396 47.30 % 50.29 % 3.05 % 78.17 %
10. AUTO CLUB ENTERPRISES INS GRP 11,519 11,514 60.32 % 60.95 % 2.52 % 80.68 %
***STATE TOTAL*** 457,628 459,249 52.73 % 54.07 % 100.00 % 80.68 %

Rhode Island

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. PROGRESSIVE GRP 204,625 201,267 50.81 % 52.33 % 31.20 % 31.20 %
2. BERKSHIRE HATHAWAY GRP 88,297 86,528 75.18 % 79.06 % 13.46 % 44.66 %
3. ALLSTATE INS GRP 69,050 69,580 58.08 % 60.03 % 10.53 % 55.18 %
4. AMICA MUT GRP 46,969 63,540 50.85 % 55.77 % 7.16 % 62.34 %
5. LIBERTY MUT GRP 43,960 38,765 68.46 % 72.91 % 6.70 % 69.05 %
6. UNITED SERV AUTOMOBILE ASSN GRP 37,220 37,565 73.56 % 75.34 % 5.67 % 74.72 %
7. NATIONWIDE CORP GRP 26,884 27,519 61.39 % 62.85 % 4.10 % 78.82 %
8. FARMERS INS GRP 23,802 24,973 51.29 % 51.13 % 3.63 % 82.45 %
9. AUTO CLUB ENTERPRISES INS GRP 17,992 17,625 61.93 % 64.56 % 2.74 % 85.19 %
10. MAPFRE INS GRP 17,828 17,485 55.61 % 55.92 % 2.72 % 87.91 %
***STATE TOTAL*** 655,948 670,224 59.79 % 62.26 % 100.00 % 87.91 %

Vermont

COMPANY NAME DIRECT PREMIUMS WRITTEN (000) DIRECT PREMIUMS EARNED (000) LOSS RATIO LOSS & CONTAINMENT RATIO MARKET SHARE CUMULATIVE MARKET SHARE
1. PROGRESSIVE GRP 42,000 41,428 38.79 % 39.36 % 23.25 % 23.25 %
2. BERKSHIRE HATHAWAY GRP 25,216 25,195 38.79 % 69.66 % 13.96 % 37.21 %
3. LIBERTY MUT GRP 16,459 16,260 38.78 % 40.68 % 9.11 % 46.32 %
4. STATE FARM GRP 14,177 13,945 61.75 % 60.89 % 7.85 % 54.17 %
5. AUTO OWNERS GRP 8,935 9,073 57.28 % 58.40 % 4.95 % 59.12 %
6. UNITED SERV AUTOMOBILE ASSN GRP 7,639 7,666 73.79 % 79.31 % 4.23 % 63.34 %
7. ALLSTATE INS GRP 7,338 7,481 35.75 % 33.61 % 4.06 % 67.41 %
8. CO OPERATIVE INS COS 7,086 7,116 42.00 % 42.33 % 3.92 % 71.33 %
9. TRAVELERS GRP 6,399 6,550 36.81 % 39.02 % 3.54 % 74.87 %
10. VERMONT MUT GRP 6,341 6,468 35.17 % 33.43 % 3.51 % 78.38 %
***STATE TOTAL*** 180,641 180,942 51.59 % 52.76 % 100.00 % 78.38 %

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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