NAIC 2024 Market Share Report | Top 25 Private Passenger Auto Insurers
Three of the Top 25 Private Passenger Auto Insurers Are Based in Massachusetts
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 past iterations, 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.
Once collected, 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).
Key Facts From This Year’s Private Passenger Auto Insurers List:
With 98.01% of Property and Casualty insurance companies reporting so far, the NAIC reports that industry totals for Direct Premiums Written for all lines of business is approximately $960,802,932,48 and for Direct Premiums Earned $920,418,549,112.
With respect to the Private Passenger Auto Insurance marketplace, the industry total in terms of Direct Written Premiums was $316,655,004,802 with Direct Premiums Earned totalling $303,504,595,689. As for the Top 25 insurers, Direct Written Premiums totalled $280,385,491,129 translating into a cumulative market share representing of 88.55%.
Breaking down this cohort even further, the Top 10 insurers with the largest amounts of Direct Premiums Written wrote a total of $280,385,491,129 claiming a cumulative share of the market of 76.81%. The Top Five had a total of $197,891,991,369 in Direct Premiums Written representing approximately 62.49% of the total market.
Six of the Top 25 Private Passenger Auto insurers call New England their home with three of the top 25 basing their operations out of Massachusetts. They are as follows: Liberty Mutual; Travelers, The Hartford, The Hanover, MAPFRE, and Amica.
The Top 25 P&C Insurers by Countrywide Premium – Private Passenger Auto
Please note the following data is updated on a weekly basis by the NAIC through the month of March. The updated data here reflects the latest data as of March 18, 2024, reflecting an estimated 98.01% of Property/Casualty filings.
RANKCOMPANY NAMEDIRECT PREMIUMS WRITTENDIRECT PREMIUMS EARNEDMARKET SHARE %CUMULATIVE MARKET SHARE %
Links to our 2024 NAIC Market Share Reports
For those interested in revisiting or comparing this year’s data with the NAIC Market Share Reports from last year, links to each of those reports are below:
Links to our 2023 NAIC Market Share Reports
