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).
Market Share by Line of Business
Key Points from This Year’s Report:
- With 97.92% of property and casualty insurance companies reporting so far, 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 67.07%.
- Total private passenger auto insurance has the largest amount of direct premiums written reported as of March 20, 2023, at $277,035,816,966.
The Worker’s Compensation Insurance Marketplace
- Total Direct Premiums for the Workers’ Compensation insurance marketplace totalled $56,887,173,618, while Total Premiums Earned was $56,033,441,892.
- In terms of market share, Travelers is the largest insurer in this marketplace with $3,807,285,569 in Direct Premiums Written representing an 6.69% market share.
- The top three insurers in this line are as follows: Travelers, The Hartford, and Amtrust Financial. Together they have a cumulative market share of 18.64%.
- The top five Workers’ Compensation insurers have a cumulative market share of 27.77%, while the top ten command more than half of the marketplace with a cumulative market share of 43.84%.
- With respect to the top 25 Workers’ Compensation Insurers, these companies claim a combined market share of 66.43%.
The Top 25 Workers’ Compensation Insurers in the U.S.
| RANK | COMPANY NAME | DIRECT PREMIUMS WRITTEN ($) | DIRECT PREMIUMS EARNED ($) | DIRECT LOSS TO EP RATIO | MARKET SHARE (%) | CUMULATIVE MARKET SHARE (%) | |
|---|---|---|---|---|---|---|---|
| 1. | TRAVELERS GRP | 3,807,285,569 | 3,843,040,576 | 41.78 | 6.69 | 6.69 | |
 |
2. | HARTFORD FIRE & CAS GRP | 3,636,838,515 | 3,549,956,744 | 45.23 | 6.39 | 13.09 |
 |
3. | AMTRUST FINANCIAL SERV GRP | 3,161,523,545 | 2,979,684,485 | 44.50 | 5.56 | 18.64 |
 |
4. | ZURICH INS GRP | 2,749,958,192 | 2,662,353,526 | 22.75 | 4.83 | 23.48 |
 |
5. | CHUBB LTD GRP | 2,441,014,366 | 2,396,135,079 | 25.91 | 4.29 | 27.77 |
 |
6. | LIBERTY MUT GRP | 2,313,554,530 | 2,315,982,351 | 59.73 | 4.07 | 31.84 |
 |
7. | BERKSHIRE HATHAWAY GRP | 2,082,410,484 | 2,058,326,164 | 45.34 | 3.66 | 35.50 |
| 8. | BCBS OF MI GRP | 1,749,368,291 | 1,851,103,875 | 54.16 | 3.08 | 38.57 | |
 |
9. | STATE INS FUND | 1,565,411,145 | 1,595,189,430 | 63.55 | 2.75 | 41.32 |
 |
10. | OLD REPUBLIC GRP | 1,430,734,111 | 1,395,156,824 | 46.97 | 2.52 | 43.84 |
 |
11. | AMERICAN FINANCIAL GRP | 1,268,115,751 | 1,278,750,580 | 35.52 | 2.23 | 46.07 |
 |
12. | WR BERKLEY CORP GRP | 1,201,494,940 | 1,177,500,093 | 49.69 | 2.11 | 48.18 |
 |
13. | AMERICAN INTL GRP | 1,198,023,013 | 1,179,139,556 | 34.16 | 2.11 | 50.29 |
 |
14. | STATE COMPENSATION INS FUND | 1,176,756,581 | 1,186,387,361 | 70.39 | 2.07 | 52.35 |
 |
15. | TEXAS MUT INS CO | 1,060,021,072 | 1,036,983,018 | 33.10 | 1.86 | 54.22 |
 |
16. | ICW GRP ASSETS INC GRP | 978,619,126 | 943,124,537 | 46.53 | 1.72 | 55.94 |
 |
17. | CNA INS GRP | 946,503,851 | 899,479,564 | 28.52 | 1.66 | 57.60 |
 |
18. | FAIRFAX FIN GRP | 756,434,412 | 752,503,226 | 33.60 | 1.33 | 58.93 |
 |
19. | ARCH INS GRP | 750,914,636 | 711,510,226 | 42.02 | 1.32 | 60.25 |
 |
20. | EMPLOYERS HOLDINGS GRP | 705,259,913 | 673,204,269 | 44.74 | 1.24 | 61.49 |
 |
21. | STARR GRP | 616,989,496 | 623,651,516 | 54.23 | 1.08 | 62.58 |
 |
22. | MARKEL CORP GRP | 607,119,433 | 612,054,643 | 48.84 | 1.07 | 63.64 |
 |
23. | SAIF CORP | 538,913,585 | 529,899,645 | 51.43 | 0.95 | 64.59 |
 |
24. | ENCOVA MUT INS GRP | 528,336,075 | 512,358,684 | 40.76 | 0.93 | 65.52 |
 |
25. | COPPERPOINT GRP | 519,615,648 | 527,890,883 | 38.17 | 0.91 | 66.43 |
| **INDUSTRY TOTAL** | 56,887,173,618 | 56,033,441,892 | 44.84 | 100.00 | 100.00 |
Links to our 2023 NAIC Market Share Reports
Links to our 2022 NAIC Market Share Reports
