Top 10 Private Passenger Auto Insurers | 2022 New England Market Share Reports
The National Association of Insurance Commissioners has issued a new in-depth report on the 2021 market share data for insurers within the Property & Casualty marketplace. A total of 33 lines of business have been analyzed both at the national and state level. In response to the publication of this data, Agency Checklists is providing a distillation of the report over the coming weeks featuring the top insurers in various marketplaces in both Massachusetts as well as the rest of the New England states.
The NAIC states that the in-depth report may have a variety of useful purposes for individuals and entities by giving them an “understanding of the overall size of the market”. In addition, the NAIC notes that it may help:
Assess an insurer’s competitive positionCreate benchmarks to compare companiesIdentify the top writersAnalyze the overall size of the marketIdentify premium volume trendsEvaluate market penetration potentialEvaluate post-merger market implications
Premium & Market Share
The following is a graph reprinted from the NAIC Property & Casualty Market Share Reports 2021 that highlights the trends in Premium over the past decade. According to the NAIC, Direct Written Premium increased by 9.44% from 2020 for all lines of business.
Graph Source: NAIC
Top 10 Private Passenger Auto Insurers Market Share – Nationally
COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. STATE FARM GRP23,804,30223,401,58665.01 %70.49 %15.57 %15.57 %2. PROGRESSIVE GRP22,787,78122,430,49459.15 %61.94 %14.90 %30.47 %3. BERKSHIRE HATHAWAY GRP22,375,95621,983,52569.65 %73.36 %14.63 %45.10 %4. ALLSTATE INS GRP15,331,13015,333,22073.44 %74.92 %10.03 %55.12 %5. UNITED SERV AUTOMOBILE ASSN GRP8,606,9328,654,74677.80 %81.44 %5.63 % 60.75 %6. FARMERS INS GRP7,513,5207,546,24259.45 %62.92 %4.91 %65.67 %7. LIBERTY MUT GRP7,427,9157,228,89962.36 %67.19 %4.86 %70.52 %8. AMERICAN FAMILY INS GRP3,264,7493,275,14755.74 %59.84 %2.13 %72.66 %9. TRAVELERS GRP3,202,7213,147,02358.64 %62.87 %2.09 %74.75 %10. NATIONWIDE CORP GRP3,111,6793,163,80761.22 %64.49 %2.03 %76.79 %
Top 10 Private Passenger Auto Insurers’ Market Share – Massachusetts
COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. MAPFRE INS GRP496,994514,69459.61 %59.85 %19.55 %19.55 %2. BERKSHIRE HATHAWAY GRP373,478347,81795.30 %95.49 %14.69 %34.25 %3. LIBERTY MUT GRP290,411290,48053.33 %53.84 %11.43 %45.67 %4. ARBELLA INS GRP197,575196,07055.52 %56.74 %7.77 %53.45 %5. SAFETY GRP192,129196,73456.81 %57.37 %7.56 % 61.00 %6. PLYMOUTH ROCK INS GRP171,940171,68059.54 %59.96 %6.76 %67.77 %7. PROGRESSIVE GRP127,049123,20780.36 %80.76 %5.00 %72.77 %8. FARMERS INS GRP100,372102,74153.07 %53.12 %3.95 %76.72 %9. UNITED SERV AUTOMOBILE ASSN GRP97,79496,54662.79 %63.13 %3.85 %80.56 %10. TRAVELERS GRP96,20290,38865.86 %65.90 %3.78 %84.35 %***STATE TOTAL***2,541,7552,526,83063.64 %64.01 %100.00 %84.35 %
Top 10 Private Passenger Auto Insurers’ Market Share – New England
Connecticut
COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. BERKSHIRE HATHAWAY GRP210,357206,91086.68 %86.83 %17.67 %17.67 %2. ALLSTATE INS GRP142,532143,85755.65 %52.19 %11.97 %29.63 %3. LIBERTY MUT GRP115,053109,81658.48 %58.92 %9.66 %39.30 %4. PROGRESSIVE GRP111,905107,65398.84 %99.22 %9.40 %48.69 %5. STATE FARM GRP99,24994,66592.68 %92.90 %8.33 %57.03 %6. UNITED SERV AUTOMOBILE ASSN GRP67,13466,89370.86 %71.16 %5.64 %62.67 %7. TRAVELERS GRP66,50565,01363.62 %63.80 %5.58 %68.25 %8. FARMERS INS GRP61,01059,40362.38 %62.54 %5.12 %73.37 %9. AMICA MUT GRP37,22838,34459.90 %60.51 %3.13 %76.50 %10. HARTFORD FIRE & CAS GRP33,39333,35650.85 %51.03 %2.80 %79.30 %***STATE TOTAL***1,190,8121,168,89372.58 %72.39 %100.00 %79.30 %
Maine
COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. PROGRESSIVE GRP82,14480,24853.56 %54.16 %19.60 %19.60 %2. STATE FARM GRP53,82852,86056.61 %57.39 %12.84 %32.44 %3. BERKSHIRE HATHAWAY GRP52,89751,37574.37 %76.03 %12.62 %45.06 %4. LIBERTY MUT GRP37,22635,27055.53 %59.06 %8.88 %53.94 %5. ALLSTATE INS GRP30,44131,67470.49 %71.30 %7.26 %61.20 %6. UNITED SERV AUTOMOBILE ASSN GRP18,85418,69163.95 %65.27 %4.50 %65.70 %7. FARMERS INS GRP16,08516,34847.80 %48.64 %3.84 %69.53 %8. AUTO OWNERS GRP15,68415,77654.46 %56.92 %3.74 %73.27 %9. TRAVELERS GRP15,42515,22642.05 %44.48 %3.68 %76.95 %10. THE HANOVER INS GRP12,90212,96162.75 %65.25 %3.08 %80.03 %***STATE TOTAL***419,188415,09160.71 %62.14 %100.00 %80.03 %
New Hampshire
COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. PROGRESSIVE GRP78,82077,28448.56 %49.33 %17.22 %17.22 %2. BERKSHIRE HATHAWAY GRP69,81669,18556.66 %57.72 %15.26 %32.48 %3. STATE FARM GRP55,08853,91554.38 %56.25 %12.04 %44.52 %4. LIBERTY MUT GRP42,94543,32750.83 %52.86 %9.38 %53.90 %5. ALLSTATE INS GRP39,53740,60351.29 %50.57 %8.64 %62.54 %6. UNITED SERV AUTOMOBILE ASSN GRP25,56425,38956.26 %57.63 %5.59 %68.13 %7. AUTO OWNERS GRP16,39816,83046.04 %47.62 %3.58 %71.71 %8. AMICA MUT GRP15,58715,82638.32 %41.45 %3.41 %75.12 %9. TRAVELERS GRP13,96213,39647.30 %50.29 %3.05 %78.17 %10. AUTO CLUB ENTERPRISES INS GRP11,51911,51460.32 %60.95 %2.52 %80.68 %***STATE TOTAL***457,628459,24952.73 %54.07 %100.00 %80.68 %
Rhode Island
COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. PROGRESSIVE GRP204,625201,26750.81 %52.33 %31.20 %31.20 %2. BERKSHIRE HATHAWAY GRP88,29786,52875.18 %79.06 %13.46 %44.66 %3. ALLSTATE INS GRP69,05069,58058.08 %60.03 %10.53 %55.18 %4. AMICA MUT GRP46,96963,54050.85 %55.77 %7.16 %62.34 %5. LIBERTY MUT GRP43,96038,76568.46 %72.91 %6.70 %69.05 %6. UNITED SERV AUTOMOBILE ASSN GRP37,22037,56573.56 %75.34 %5.67 %74.72 %7. NATIONWIDE CORP GRP26,88427,51961.39 %62.85 %4.10 %78.82 %8. FARMERS INS GRP23,80224,97351.29 %51.13 %3.63 %82.45 %9. AUTO CLUB ENTERPRISES INS GRP17,99217,62561.93 %64.56 %2.74 %85.19 %10. MAPFRE INS GRP17,82817,48555.61 %55.92 %2.72 %87.91 %***STATE TOTAL***655,948670,22459.79 %62.26 %100.00 %87.91 %
Vermont
COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. PROGRESSIVE GRP42,00041,42838.79 %39.36 %23.25 %23.25 %2. BERKSHIRE HATHAWAY GRP25,21625,19538.79 %69.66 %13.96 %37.21 %3. LIBERTY MUT GRP16,45916,26038.78 %40.68 %9.11 %46.32 %4. STATE FARM GRP14,17713,94561.75 %60.89 %7.85 %54.17 %5. AUTO OWNERS GRP8,9359,07357.28 %58.40 %4.95 %59.12 %6. UNITED SERV AUTOMOBILE ASSN GRP7,6397,66673.79 %79.31 %4.23 %63.34 %7. ALLSTATE INS GRP7,3387,48135.75 %33.61 %4.06 %67.41 %8. CO OPERATIVE INS COS7,0867,11642.00 %42.33 %3.92 %71.33 %9. TRAVELERS GRP6,3996,55036.81 %39.02 %3.54 %74.87 %10. VERMONT MUT GRP6,3416,46835.17 %33.43 %3.51 %78.38 %***STATE TOTAL***180,641180,94251.59 %52.76 %100.00 %78.38 %
Other New England Market Share Reports
The following is a list of other New England market share reports on select lines of business as published in the NAIC report.
