State Farm, Progressive and Berkshire stay prime earners in NAIC’s prime 25 P&C checklist
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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 almost 76% of the market.
The 2024 market share information embrace countrywide direct written premiums for the highest 25 teams and firms 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 obtained by March 31. NAIC stated in a press launch that its full 2024 market share experiences with extra in-depth data shall be out there this summer time.
In response to NAIC’s information, the highest 10 personal passenger auto insurance coverage teams and firms 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 (mum or dad 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 checklist in comparison with 2023 to No. 5 and USAA at No. 7 in 2023, displaying a bump up on the checklist 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 rising at their final renewal. Sixty-one % stated they’re “considerably” or “utterly” struggling to afford their auto insurance coverage premiums, notably Gen Zers (76%), these incomes lower than $30,000 a yr (73%), and Millennials (68%).
Seventy-nine % of those that switched stated their major cause was to save cash, and 92% stated they did save. Sixty-three % saved not less than $100 yearly. Twenty-two % of those that switched stated 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, automobile insurance coverage is projected to extend by 5% year-over-year. The extra 3% improve could be as a result of elevated price of autos 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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