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 following is a chart using data from the NAIC which shows the Market Share by Line of Business of the top seven lines of insurance in the U.S..
Key Points From This Year’s Report
- As of March 20, 2023, direct premiums written for all lines of business are $869,982,560,322.
- The Top 10 property and casualty companies reporting so far have a cumulative market share of 47.89%.
- Total private passenger auto insurance has the largest amount of direct premiums written reported as of March 1, 2023, at $178,365,401,539, which is about 29% of all written premiums.
Market Share by Line of Business
Progressive is the Largest Commercial Auto Insurer in the U.S.
With approximately 97.92% of all filings having been submitted to the NAIC as of March 20, 2023, the total amount of Direct Written Premium for the U.S. insurance industry, All Lines, was $869,982,560,322.
- Turning to the Commercial Auto insurance marketplace, the total amount of Direct Written Premiums for this line of insurance last year was $59,653,810,424, while the total Direct Premiums Earned was $57,113,380,847. Both totals saw an increase from the previous year numbers which were $53,693,443,668 and $50,562,413,414, 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.
- Progressive is the largest commercial auto insurer in the nation with a 15.54% market share and $9,267,311,458 in Direct Premiums Written.
- Boston-based Liberty Mutual is now the third-largest insurer in this category, edging out Old Republic, with $2,347,037,179 in Direct Written Premiums last year representing a 3.93% market share.
- Overall, the top ten insurers claim a combined cumulative market share of 44.10% while the top five claim a 31.47%.
- As for the top three largest Commercial Auto insurers they claim a cumulative market share of just under 25% (24.73%).
- The top 25 Commercial Auto insurers as a whole have a combined market share of 67.47%.
The Top 25 Commercial Auto Insurers in the U.S.
| RANK | COMPANY NAME | DIRECT PREMIUMS WRITTEN ($) | DIRECT PREMIUMS EARNED ($) | DIRECT LOSS TO EP RATIO | MARKET SHARE (%) | CUMULATIVE MARKET SHARE (%) |
|---|---|---|---|---|---|---|
1.  |
PROGRESSIVE GRP | 9,267,311,458 | 9,125,751,625 | 68.16 | 15.54 | 15.54 |
| 2. |
TRAVELERS GRP | 3,138,587,082 | 3,048,395,560 | 61.40 | 5.26 | 20.80 |
3.  |
LIBERTY MUT GRP | 2,347,037,179 | 2,244,620,631 | 73.73 | 3.93 | 24.73 |
4.  |
OLD REPUBLIC GRP | 2,249,262,747 | 2,141,173,573 | 74.15 | 3.77 | 28.50 |
5.  |
ZURICH INS GRP | 1,769,426,871 | 1,732,929,057 | 71.95 | 2.97 | 31.47 |
6.  |
BERKSHIRE HATHAWAY GRP | 1,709,014,746 | 1,699,411,821 | 58.64 | 2.86 | 34.33 |
7.  |
NATIONWIDE CORP GRP | 1,642,005,521 | 1,660,101,250 | 68.43 | 2.75 | 37.09 |
8.  |
AUTO OWNERS GRP | 1,601,751,911 | 1,521,253,246 | 77.37 | 2.69 | 39.77 |
9.  |
ALLSTATE INS GRP | 1,293,789,821 | 1,263,234,690 | 109.72 | 2.17 | 41.94 |
10.  |
CHUBB LTD GRP | 1,288,835,476 | 1,283,510,854 | 77.47 | 2.16 | 44.10 |
11.  |
WR BERKLEY CORP GRP | 1,244,010,466 | 1,190,681,165 | 64.21 | 2.09 | 46.18 |
12.  |
STATE FARM GRP | 1,206,444,316 | 959,981,588 | 110.75 | 2.02 | 48.21 |
13.  |
FARMERS INS GRP | 1,160,371,017 | 1,115,758,334 | 71.79 | 1.95 | 50.15 |
14.  |
HARTFORD FIRE & CAS GRP | 1,060,543,030 | 994,920,143 | 67.86 | 1.78 | 51.93 |
15.  |
AMERICAN FINANCIAL GRP | 1,005,603,672 | 973,979,798 | 57.01 | 1.69 | 53.62 |
16.  |
AMERICAN INTL GRP | 957,579,677 | 936,063,346 | 75.22 | 1.61 | 55.22 |
17.  |
FAIRFAX FIN GRP | 926,103,389 | 787,517,689 | 70.36 | 1.55 | 56.77 |
18.  |
TOKIO MARINE HOLDINGS INC GRP | 887,954,794 | 852,883,237 | 62.26 | 1.49 | 58.26 |
19.  |
SELECTIVE INS GRP | 884,893,730 | 837,622,656 | 69.60 | 1.48 | 59.75 |
20.  |
SENTRY INS GRP | 882,154,377 | 835,593,834 | 66.12 | 1.48 | 61.22 |
21.  |
CINCINNATI FIN GRP | 854,193,773 | 838,712,741 | 64.49 | 1.43 | 62.66 |
22.  |
ERIE INS GRP | 788,467,093 | 756,121,430 | 82.03 | 1.32 | 63.98 |
23.  |
ACUITY A MUT INS CO | 737,809,643 | 715,732,055 | 67.60 | 1.24 | 65.21 |
24.  |
CNA INS GRP | 701,528,864 | 663,595,706 | 76.35 | 1.18 | 66.39 |
25.  |
FEDERATED MUT GRP | 641,571,953 | 623,406,694 | 60.46 | 1.08 | 67.47 |
| **INDUSTRY TOTAL** | 59,653,810,424 | 57,113,380,847 | 70.33 | 100.00 | 100.00 | |
Links to our 2023 NAIC Market Share Reports
Links to our 2022 NAIC Market Share Reports
