State Farm, Progressive and Berkshire stay high earners in NAIC’s high 25 P&C listing
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Information on 2024 property and casualty earnings and market share rankings from the Nationwide Affiliation of Insurance coverage Commissioners (NAIC) exhibits that the highest 10 personal passenger auto insurance coverage firms introduced in a mixed $865.5 billion in direct premiums earned and held practically 76% of the market.
The 2024 market share information embody countrywide direct written premiums for the highest 25 teams and corporations as reported on the state web page of the annual monetary assertion for insurers that report back to the NAIC.
The info is predicated on filings acquired by March 31. NAIC mentioned in a press launch that its full 2024 market share reviews with extra in-depth data shall be accessible this summer time.
In response to NAIC’s information, the highest 10 personal passenger auto insurance coverage teams and corporations by countrywide premium have been:
- State Farm Group — earned $65.9 billion and held 18.9% of the market share
- Progressive Group — earned $56.8 billion and held 16.7% of the market share
- Berkshire Hathaway Group (dad or mum firm of GEICO) — earned $41.3 invoice and held 11.6% of the market share
- Allstate Insurance coverage Group — earned $35.6 billion and held 10.2% of the market share
- USAA Group — earned $21.8 billion and held 6.2% of the market share
- Farmers Insurance coverage Group — earned $13.7 billion and held 3.8% of the market share
- Liberty Mutual Group — earned $12.7 billion and held 3.3% of the market share
- Vacationers Group — earned $7 billion and held 2% of the market share
- Auto Membership Enterprises Insurance coverage Group — earned $6 billion and held 1.8% of the market share
- American Household Insurance coverage Group — earned $6.1 billion and held 1.7% of the market share
Complete personal passenger auto insurance coverage noticed the biggest quantity of direct premiums written in P&C, reported as of March 3, at $344.1 billion, or about 35% of all P&C written premiums.
The final report on 2023 earnings and market share, launched in August 2024, additionally confirmed State Farm as No. 1 and Progressive as No. 2. Preliminary information for 2024 exhibits that Berkshire, Allstate, and USAA additionally held onto their No. 3, No. 4, and No. 5 spots final yr.
Farmers and Liberty Mutual swapped spots on the listing in comparison with 2023 to No. 5 and USAA at No. 7 in 2023, exhibiting a bump up on the listing for Farmers and down for USAA.
American Household dropped to No. 10 from No. 8 whereas Vacationers moved up from No. 9.
Nationwide, which was No. 10 in 2023, dropped to No. 13 in 2024. Auto Membership moved up from No. 11.
State Farm and Progressive additionally led the pack on NAIC’s 2022 list.
That’s regardless of 53% of respondents’ charges growing at their final renewal. Sixty-one p.c mentioned they’re “considerably” or “utterly” struggling to afford their auto insurance coverage premiums, significantly Gen Zers (76%), these incomes lower than $30,000 a yr (73%), and Millennials (68%).
Seventy-nine p.c of those that switched mentioned their predominant cause was to save cash, and 92% mentioned they did save. Sixty-three p.c saved not less than $100 yearly. Twenty-two p.c of those that switched mentioned they saved not less than $200 yearly and 28% saved between $100 and $149.
In response to Insurify, full-coverage car insurance is projected to increase by 8% by the end of this year, from $2,313 to $2,502, on common.
Insurify says with out tariffs, automotive insurance coverage is projected to extend by 5% year-over-year. The extra 3% enhance could be because of the elevated value of automobiles and auto components from the brand new 25% tariff on imports, the research says.
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Featured picture credit score: Invoice Oxford/iStock
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