NAIC 2022 Market Share Report | Top U.S. Private Passenger Auto Insurers
The National Association of Insurance Commissioners has issued its annual Market Share Data Reports for both the Property & Casualty Insurance Marketplace, as well as for the Life & Fraternal Insurance Marketplace. As in the past, the data offered here reflects a compiled list of market share data based upon filings of countrywide premium submitted to the NAIC from Property & Casualty insurers as reported on the State Page of the NAIC’s annual statement for insurers.
The data is then compiled and included in various reports on cumulative market share data for the seven major lines of insurance in the United States: All Lines; Private Passenger Personal Auto; Commercial Auto; Workers’ Compensation; Medical Professional Liability; Homeowners’ Multi-Peril, and Other Liability (excluding auto liability).
The Private Passenger Auto Insurance Marketplace is the largest line of insurance
With approximately 98.96% of all filings having been submitted to the NAIC as of March 28, 2022, the total amount of Direct Written Premium for the U.S. insurance industry, All Lines, was $794,346,766,779.
Sitting atop the seven major lines of insurance featured in the NAIC Market Share Report is the Private Passenger Auto insurance marketplace, with a total amount of Direct Written Premiums last year of $260,855,445,840. Total Direct Premiums Earned was $257,731,166,520. Both totals saw an increase from the previous year numbers which were $249,495,199,569 and $250,028,700,042, respectively.
Based on these figures, the U.S. Private Passenger insurance marketplace ranks as the largest line of insurance in the U.S.
Turning the attention to market share, the top 25 insurers dominate the private passenger auto insurance marketplace with a cumulative market share of 88.74%, which includes three Massachusetts-based insurers: Liberty Mutual, The Hanover, and MAPFRE. The Top 10 insurers dominate this marketplace even further with a 76.48% cumulative market share. The top three largest auto insurers, State Farm, Berkshire Hathaway, and Progressive, have just under half of the total market with a combined market share of 44.06%
Market Share by Line of Business
A chart ranking the seven major lines of insurance by market share from data collected by the NAIC. The following is the total Direct Written Premium for each of these lines as of March 28, 2022.
The Top 25 Private Passenger Auto Insurers in the U.S.
RANK
COMPANY NAMEDIRECT PREMIUMS WRITTEN ($)DIRECT PREMIUMS EARNED ($)DIRECT LOSS TO EP RATIO MARKET SHARE (%) CUMULATIVE MARKET SHARE (%)1.State Farm Group41,665,754,23040,762,346,52972.1915.9815.98
2.Berkshire Hathaway Group37,422,557,59236,702,802,44575.0214.3530.33
3.Progressive Group35,852,921,11335,095,518,99766.9713.7544.08
4.Allstate Ins. Group27,221,928,27827,114,004,7667.2610.4454.51
5.USAA Group15,731,646,06815,750,713,10673.576.0360.55
6.Liberty Mutual Group12,774,289,95212,416,811,09560.834.9065.45
7.Farmers Ins. Group12,441,182,10812,430,956,00961.124.7770.22
8.Nationwide Corp. Group5,565,737,3535,616,771,08163.002.1372.35
9.American Family Ins. Group5,488,676,6615,468,412,24361.162.1074.46
10.Travelers Group5,328,114,9315,205,239,85860.662.0476.50
11.Kemper Corp. Group4,084,493,1874,014,527,64377.331.5778.06
12.Auto Club Enterprises Ins. Group3,724,620,4223,689,427,87663.551.4379.49
13.Erie Ins. Group3,384,615,7523,382,484,87568.771.3080.79
14.Auto Owners Group3,328,108,4873,315,667,44062.661.2882.07
15.CSAA Ins. Group2,905,119,3162,905,875,53356.591.1183.18
16.Mercury Gen. Group2,613,420,1372,589,120,17058.781.0084.18
17.Hartford Fire & Cas. Group1,864,696,4991,891,067,24456.640.7284.90
18.Automobile Club MI Group1,798,242,3151,833,791,22564.850.6985.59
19.The Hanover Ins. Group1,264,350,2181,233,573,84249.460.4886.07
20.MAPFRE Ins. Group1,258,058,2681,298,520,89359.600.4886.56
21.Sentry Ins. Group1,235,209,5871,203,392,94058.350.4787.03
22.Country Ins. & Fin. Serv. Group1,209,560,6321,214,326,95065.740.4687.49
23.Amica Mutual Group1,173,901,3811,275,751,57259.220.4587.94
24.New Jersey Manufacturers Group1,070,343,9241,082,552,98670.290.4188.35
25.Southern Farm Bureau Cas. Group1,070,294,2011,068,802,16779.890.4188.76INDUSTRY TOTALS260,779,893,088257,660,063,50968.01100.00100.00
Links to our 2022 NAIC Market Share Reports
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