Liberty Mutual is the Solely Massachusetts-based Insurer On This 12 months’s Checklist
The National Association of Insurance Commissioners has issued its annual Market Share Information Studies for each the Property & Casualty Insurance coverage Market, in addition to for the Life & Fraternal Insurance coverage Market. As in previous iterations, the information supplied right here displays a compiled checklist of market share information based mostly upon filings of countrywide premium submitted to the NAIC from Property & Casualty insurers as reported on the State Web page of the NAIC’s annual assertion for insurers.
As soon as collected, the information is compiled right into a report itemizing the cumulative market share information for the seven main traces of insurance coverage in the USA: All traces; Personal Passenger Private Auto; Business Auto; Staff’ Compensation; Medical Skilled Legal responsibility; Owners’ Multi-Peril; and Different Legal responsibility (excluding auto legal responsibility).
With roughly 97.92% of P&C insurers reporting, the trade recorded roughly $1.06 trillion in Direct Premiums Written in 2024. The highest 10 P&C insurers account for 51.40% of the full market share, reflecting a continued focus of market share among the many largest carriers.
Personal passenger auto insurance coverage stays the dominant line of enterprise, with $344.11 billion in direct premiums written, representing roughly 35% of all reported P&C premiums.
Key takeaways from this yr’s House owner’s Market Share Report
The 2024 rankings point out an general growth in direct premiums written, a decline in trade loss ratios, and continued market focus among the many largest insurers. Nonetheless, the absence of The Hanover and Heritage Insurance coverage means that some mid-sized insurers struggled to maintain tempo. New entrants like Munich Re and Florida Peninsula Holdings sign shifts within the trade panorama, significantly in response to altering danger exposures and market calls for.
The next are 5 key takeaways from a comparability between this yr’s and final yr’s market share stories courtesy of Chat GPT:
1. Substantial Development in Direct Premiums Written Throughout the Business
- The overall direct premiums written elevated from $151.95 billion in 2023 to $172.73 billion in 2024, reflecting a 13.7% development out there.
- The highest insurer, State Farm, noticed its direct premiums written rise from $27.04 billion in 2023 to $31.46 billion in 2024, a 16.4% improve, strengthening its dominant place.
2. Market Focus Continues on the Prime
- The highest 5 insurers in 2023 held a 46.33% cumulative market share, which elevated to 45.72% in 2024, indicating continued market consolidation on the higher finish.
- Allstate remained in second place with 8.92% market share in 2023 to eight.97% in 2024, sustaining its relative place whereas seeing average development in premium quantity.
3. Disappearance of The Hanover and Heritage Insurance coverage from the Prime 25
- The Hanover Insurance coverage Group, ranked twenty fourth in 2023 with $944.62 million in direct premiums written, not seems on the 2024 checklist.
- Heritage Insurance coverage Holdings Group, ranked twenty fifth in 2023 with $943.98 million in direct premiums written, additionally dropped out of the 2024 rating.
- Their disappearance suggests aggressive pressures, potential strategic retrenchment, or a decline in premium development relative to rivals.
4. New Entrants and Rising Insurers
- Munich Re entered the 2024 rankings at No. 25, signaling rising affect amongst reinsurers.
- Florida Peninsula Holdings Group additionally made the 2024 checklist at No. 21, reflecting the growing function of regional insurers in specialised markets.
- Residents Property Insurance coverage Company moved down from No. 10 in 2023 to No. 13 in 2024.
5. Decrease Loss Ratios in 2024 In comparison with 2023
- The general direct loss to EP ratio decreased from 70.66% in 2023 to 61.59% in 2024, suggesting improved underwriting profitability throughout the trade.
- State Farm’s direct loss ratio dropped from 77.08% in 2023 to 72.59% in 2024, indicating higher claims administration or a shift in underwriting technique.
- Liberty Mutual additionally noticed a decline in its loss ratio from 68.56% in 2023 to 55.97% in 2024, reflecting improved loss expertise.
The Prime 25 P&C Insurers by Countrywide Premium – Owners’ Multi-Peril
| RANK | GROUP/COMPANY NAME | DIRECT PREMIUMS WRITTEN | DIRECT PREMIUMS EARNED | DIRECT LOSS TO EP RATIO¹ | MARKET SHARE % | CUMULATIVE MARKET SHARE %³ | |
|---|---|---|---|---|---|---|---|
 |
1 | STATE FARM GRP | 31,461,021,578 | 29,080,551,312 | 72.59 | 18.21 | 18.21 |
 |
2 | ALLSTATE INS GRP | 15,489,753,100 | 14,467,897,171 | 55.52 | 8.97 | 27.18 |
 |
3 | UNITED SERV AUTOMOBILE ASSN GRP | 11,904,468,132 | 11,157,823,817 | 76.05 | 6.89 | 34.07 |
 |
4 | LIBERTY MUT GRP | 10,610,141,334 | 10,526,390,891 | 55.97 | 6.14 | 40.22 |
 |
5 | FARMERS INS GRP | 9,516,235,049 | 9,157,441,376 | 50.76 | 5.51 | 45.72 |
 |
6 | AMERICAN FAMILY INS GRP | 8,618,178,670 | 7,790,512,257 | 62.51 | 4.99 | 50.71 |
 |
7 | TRAVELERS GRP | 8,153,826,543 | 7,850,786,665 | 59.45 | 4.72 | 55.43 |
 |
8 | CHUBB LTD GRP | 4,393,716,436 | 4,143,126,263 | 42.47 | 2.54 | 57.98 |
 |
9 | NATIONWIDE CORP GRP | 3,726,470,509 | 3,937,069,317 | 59.04 | 2.16 | 60.14 |
 |
10 | AUTO OWNERS GRP | 3,435,230,105 | 2,962,419,115 | 80.81 | 1.99 | 62.12 |
 |
11 | ERIE INS GRP | 3,328,629,871 | 2,983,752,799 | 68.77 | 1.93 | 64.05 |
 |
12 | PROGRESSIVE GRP | 3,273,723,634 | 3,160,299,508 | 41.72 | 1.90 | 65.95 |
 |
13 | CITIZENS PROP INS CORP | 2,717,525,204 | 3,042,470,905 | 71.16 | 1.57 | 67.52 |
| 14 | UNIVERSAL INS HOLDING GRP | 1,953,736,427 | 1,888,936,545 | 76.65 | 1.13 | 68.65 | |
 |
15 | TOKIO MARINE HOLDINGS INC GRP | 1,670,371,827 | 1,527,813,415 | 43.41 | 0.97 | 69.62 |
| 16 | AUTO CLUB ENTERPRISES INS GRP | 1,602,602,912 | 1,408,639,895 | 71.67 | 0.93 | 70.55 | |
 |
17 | CINCINNATI FIN GRP | 1,597,917,512 | 1,386,279,118 | 53.26 | 0.93 | 71.47 |
 |
18 | CSAA INS GRP | 1,532,637,689 | 1,417,916,024 | 51.03 | 0.89 | 72.36 |
 |
19 | MERCURY GEN GRP | 1,428,232,834 | 1,282,687,777 | 53.62 | 0.83 | 73.19 |
 |
20 | AMICA MUT GRP | 1,230,248,232 | 1,181,271,268 | 50.66 | 0.71 | 73.90 |
 |
21 | FLORIDA PENINSULA HOLDINGS GRP | 1,171,534,895 | 992,334,523 | 34.61 | 0.68 | 74.58 |
 |
22 | AUTOMOBILE CLUB MI GRP | 1,159,743,644 | 1,064,324,615 | 62.69 | 0.67 | 75.25 |
| 23 | COUNTRY INS & FIN SERV GRP | 1,151,111,752 | 1,073,999,097 | 74.63 | 0.67 | 75.91 | |
 |
24 | HARTFORD FIRE & CAS GRP | 1,148,530,356 | 1,058,684,259 | 51.12 | 0.66 | 76.58 |
| 25 | MUNICH RE GRP | 1,114,492,426 | 1,025,074,953 | 63.87 | 0.65 | 77.22 | |
| INDUSTRY TOTAL | 172,732,318,010 | 162,178,984,010 | 61.59 | 100.00 | 100.00 |
Previous NAIC Market Share Studies
For these thinking about revisiting or evaluating this yr’s information with the NAIC Market Share Studies from previous years, hyperlinks to every of these stories are beneath:
