NAIC Lists the Nation’s Largest P&C Insurers — Part 1

This story covers the largest property and casualty insurers in the United States as listed by the National Association of Insurance Commissioners (NAIC). Weekly Industry News will do part two of this story next week.

Part two has the NAIC listing the top property and casualty insurers in each state. We’ll explore the top-five P&C insurers in each of the nine PIA Western Alliance states.

According to the NAIC, last year the property and casualty insurers in the U.S. wrote over $797 billion in premiums. That’s a jump of 9.5% over the 2020 figures. Earned premiums hit $767 billion and increased 7.5% over 2020.

Close to half of those premiums — 47% — were written by the 10 largest insurers.

The top 25 insurers have two-thirds of the business written in the United States. Their direct written premiums (DWP) hit close to $517 billion at the end of 2020. Earnings were just over $488 billion.

These are the top lines ranked by the DWP of the insurers listed by the NAIC:

• *Private passenger auto: $260.7 billion
• *All other lines: $186.7 billion
• *Homeowners multiple peril: $118.9 billion
• *Other liability: $109.8 billion
• *Commercial auto: $53.4 billion
• *Workers compensation: $51.9 billion
• *Medical professional liability: $10.9 billion

No surprise, State Farm — as has been for many years — sits on top of the heap. Here is the list:

1. State Farm

Direct written premiums: $70.3 billion

Market share: 8.89%

2. Berkshire Hathaway

Direct written premiums: $50.7 billion

Market share: 6.42%

3. Progressive

Direct written premiums: $47.7 billion

Market share: 6.04%

4.Allstate

Direct written premiums: $41.4 billion

Market share: 5.23%

5. Liberty Mutual

Direct written premiums: $37.8 billion

Market share: 4.78%

6. Travelers

Direct written premiums: $30.8 billion

Market share: 3.9%

7. Chubb

Direct written premiums: $26.3 billion

Market share: 3.33%

8. USAA

Direct written premiums: $25.3 billion

Market share: 3.19%

9. Farmers Insurance

Direct written premiums: $25.0 billion

Market share: 3.16%

10. Nationwide

Direct written premiums: $19.4 billion

Market share: 2.46%

11. Zurich

12. AIG

13. The Hartford

14. American Family Insurance

15. CNA

16. Tokio Marine

17. Auto Owners

18. Assurant

19. Fairfax Financial

20. Erie Insurance

21. W.R. Berkley

22. American Financial

23. Markel

24. AXA

25. Sompo