MAPFRE and The Hanover Do Not Make an Look on This 12 months’s Record
The National Association of Insurance Commissioners has issued its annual Market Share Knowledge Reviews for each the Property & Casualty Insurance coverage Market, in addition to for the Life & Fraternal Insurance coverage Market. As in previous iterations, the info supplied right here displays a compiled record of market share knowledge 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 info is compiled right into a report itemizing the cumulative market share knowledge for the seven main traces of insurance coverage in the USA: All traces; Non-public Passenger Private Auto; Business Auto; Employees’ 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 whole market share, reflecting a continued focus of market share among the many largest carriers.
Non-public 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 Info from This 12 months’s Non-public Passenger Market Share Rating
The 2024 rankings present elevated market focus among the many high insurers, with Progressive and USAA gaining floor. In the meantime, Hanover and MAPFRE’s disappearance from the highest 25 alerts a shifting panorama, presumably reflecting strategic exits from unprofitable segments or elevated stress from opponents. Liberty Mutual stays a significant participant, although its nationwide rating has slipped barely.
The next are 5 takeaways from a comparability between the 2024 and 2023 Market Share Reviews courtesy of Chat GPT.
1. Important Progress in Direct Premiums Written Throughout Prime Insurers
- The full direct premiums written for the trade elevated from $316.66 billion in 2023 to $358.97 billion in 2024, a rise of 13.3%.
- The highest 5 insurers, State Farm, Progressive, Berkshire Hathaway, Allstate, and USAA, all skilled vital premium development. Notably, Progressive noticed a 24.5% enhance in direct premiums written, climbing from $48.26 billion to $60.05 billion.
2. Market Focus Continues Among the many Prime Insurers
- The highest 5 insurers held a 62.49% cumulative market share in 2023, which elevated to 63.59% in 2024.
- The continued dominance of State Farm, Progressive, and Berkshire Hathaway means that smaller insurers might face rising challenges in sustaining their market share.
3. Disappearance of MAPFRE and The Hanover from the Prime 25
- The Hanover Insurance coverage Group (ranked twentieth in 2023) with $1.44 billion in direct premiums written and MAPFRE Insurance coverage Group (ranked twenty first in 2023) with $1.40 billion in direct premiums written not seem within the 2024 rating.
- This implies a decline of their aggressive place on the nationwide degree, presumably as a consequence of a strategic shift away from sure markets, decrease development charges in comparison with opponents, or elevated competitors of their core areas.
4. New Entrants and Rising Insurers
- Markel Group, Shelter Insurance coverage Group, and New Jersey Producers Group entered the 2024 rankings, changing Hanover and MAPFRE.
- Auto Membership Enterprises Insurance coverage Group moved up from eleventh in 2023 to ninth in 2024, exhibiting sturdy premium development from $4.83 billion to $6.47 billion.
5. Boston-Based mostly Liberty Mutual’s Place Stays Sturdy, However Not within the Prime 5
- Liberty Mutual retained a spot within the high 10 however noticed solely a change in premiums from $13.31 billion in 2023 to $11.74 billion in 2024, dropping from sixth place in 2023 to seventh place in 2024.
- This implies Liberty Mutual could also be shedding some floor in direct premiums written relative to faster-growing opponents resembling Progressive and USAA.
The Prime 25 P&C Insurers by Countrywide Premium – Non-public Passenger Auto
| 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 | 67,754,117,585 | 65,850,852,141 | 73.91 | 18.87 | 18.87 |
 |
2 | PROGRESSIVE GRP | 60,053,469,078 | 56,789,379,487 | 60.54 | 16.73 | 35.60 |
 |
3 | BERKSHIRE HATHAWAY GRP | 41,764,021,113 | 41,327,519,797 | 65.72 | 11.63 | 47.24 |
 |
4 | ALLSTATE INS GRP | 36,581,811,847 | 35,617,593,273 | 65.85 | 10.19 | 57.43 |
 |
5 | UNITED SERV AUTOMOBILE ASSN GRP | 22,135,830,430 | 21,763,069,325 | 64.61 | 6.17 | 63.59 |
 |
6 | FARMERS INS GRP | 13,492,655,158 | 13,661,692,619 | 58.30 | 3.76 | 67.35 |
 |
7 | LIBERTY MUT GRP | 11,741,470,804 | 12,656,807,288 | 57.42 | 3.27 | 70.62 |
 |
8 | TRAVELERS GRP | 7,184,379,064 | 7,003,218,963 | 61.03 | 2.00 | 72.63 |
| 9 | AUTO CLUB ENTERPRISES INS GRP | 6,465,136,944 | 6,081,770,841 | 74.33 | 1.80 | 74.43 | |
 |
10 | AMERICAN FAMILY INS GRP | 6,174,180,283 | 6,128,786,653 | 64.76 | 1.72 | 76.15 |
 |
11 | AUTO OWNERS GRP | 5,179,378,655 | 4,800,504,716 | 64.89 | 1.44 | 77.59 |
 |
12 | ERIE INS GRP | 5,007,234,077 | 4,652,937,712 | 82.06 | 1.39 | 78.98 |
 |
13 | NATIONWIDE CORP GRP | 4,800,874,679 | 5,055,280,241 | 60.92 | 1.34 | 80.32 |
 |
14 | CSAA INS GRP | 4,759,666,515 | 4,341,074,138 | 70.22 | 1.33 | 81.65 |
 |
15 | MERCURY GEN GRP | 3,371,806,198 | 3,259,393,260 | 61.97 | 0.94 | 82.59 |
 |
16 | SENTRY INS GRP | 3,104,477,047 | 2,981,093,131 | 56.62 | 0.86 | 83.45 |
 |
17 | KEMPER CORP GRP | 2,961,550,274 | 2,991,412,709 | 57.80 | 0.83 | 84.28 |
 |
18 | AUTOMOBILE CLUB MI GRP | 2,623,117,386 | 2,564,473,132 | 79.92 | 0.73 | 85.01 |
 |
19 | HARTFORD FIRE & CAS GRP | 2,335,109,999 | 2,285,904,339 | 67.70 | 0.65 | 85.66 |
 |
20 | MARKEL GRP | 1,614,950,698 | 1,558,279,070 | 70.92 | 0.45 | 86.11 |
 |
21 | AMICA MUT GRP | 1,592,129,823 | 1,547,462,151 | 63.33 | 0.44 | 86.55 |
| 22 | COUNTRY INS & FIN SERV GRP | 1,591,701,868 | 1,541,498,604 | 61.24 | 0.44 | 86.99 | |
 |
23 | SHELTER INS GRP | 1,576,042,350 | 1,523,082,969 | 67.88 | 0.44 | 87.43 |
| 24 | SOUTHERN FARM BUREAU CAS GRP | 1,574,385,950 | 1,544,549,872 | 62.87 | 0.44 | 87.87 | |
 |
25 | NEW JERSEY MANUFACTURERS GRP | 1,526,135,174 | 1,416,842,684 | 85.51 | 0.43 | 88.30 |
| INDUSTRY TOTAL | 358,974,353,327 | 349,836,284,024 | 66.05 | 100.00 | 100.00 |
Previous NAIC Market Share Reviews
For these involved in revisiting or evaluating this yr’s knowledge with the NAIC Market Share Reviews from previous years, hyperlinks to every of these experiences are beneath:
