National Association of Insurance Commissioners List the Top P&C Insurers

As it does every year about this time, the National Association of Insurance Commissioners (NAIC) lists its analysis of how the nation’s property and casualty insurers are doing, who wrote the most business the year before and who garnered the largest market share.

Looking at the results sent in by 98% of the insurers reporting to the NAIC, the commissioners found the P&C industry posted close to $1.06 trillion in direct written premium last year.

At 51%, the top-10 insurers hold a little over half of the total market share. The NAIC report also points out the largest line of insurance continues to be personal auto.

Total written premium for that line in 2024 was $344.11 billion. It’s about 35% of the total market.

Here are the top-10 P&C insurers for 2024:

1. State Farm

Direct written premium: $108,982,080,437

Market share: 10.31%

2. Progressive

Direct written premium: $75,884,809,416

Market share: 7.18%

3. Berkshire Hathaway

Direct written premium: $63,279,826,760

Market share: 5.99%

4. Allstate

Direct written premium: $55,859,006,450

Market share: 5.29%

5. Liberty Mutual

Direct written premium: $44,138,829,399

Market share: 4.18%

6. Travelers

Direct written premium: $41,921,555,049

Market share: 3.97%

7. USAA

Direct written premium: $36,134,505,514

Market share: 3.42%

8. Chubb

Direct written premium: $33,114,493,397

Market share: 3.13%

9. Farmers Insurance

Direct written premium: $28,288,708,813

Market share: 2.68%

10. Zurich

Direct written premium: $18,565,276,991

Market share: 1.76%

For a comparison, here is the 2023 market share:

State Farm — 9.82%

Progressive — 6.57%

Berkshire Hathaway — 6.25%

Allstate — 5.24%

Liberty Mutual — 4.56%

Travelers — 4.04%

USAA — 3.35%

Chubb — 3.32%)

Farmers — 2.85%

Nationwide — 2.07%

Source link: PropertyCasualty360.com — https://bit.ly/4lvu18Q