Progressive Continues to Lead the Area
The Nationwide Affiliation of Insurance coverage Commissioners has issued its annual Market Share Knowledge Reviews for each the Property & Casualty Insurance coverage Market, in addition to for the Life & Fraternal Insurance coverage Market. As in previous iterations, the information supplied right here displays a compiled checklist of market share knowledge primarily based upon filings of countrywide premium submitted to the NAIC from Property & Casualty insurers as reported on the State Web page of the NAIC’s annual assertion for insurers.
As soon as collected, the information is compiled right into a report itemizing the cumulative market share knowledge for the seven main traces of insurance coverage in america: All traces; Non-public Passenger Private Auto; Business Auto; Employees’ Compensation; Medical Skilled Legal responsibility; Householders’ Multi-Peril; and Different Legal responsibility (excluding auto legal responsibility).
With roughly 97.92% of P&C insurers reporting, the business recorded roughly $1.06 trillion in Direct Premiums Written in 2024. The highest 10 P&C insurers account for 51.40% of the whole market share, reflecting a continued focus of market share among the many largest carriers.
Non-public passenger auto insurance coverage stays the dominant line of enterprise, with $344.11 billion in direct premiums written, representing roughly 35% of all reported P&C premiums.
Key takeaways from this yr’s Business Auto Insurers Checklist
The U.S. business auto insurance coverage market in 2024 continued its development of sturdy progress, pushed primarily by will increase in direct premiums written among the many high gamers. Progressive Group maintained its dominant place, with a major rise in premiums in comparison with the earlier yr, whereas Vacationers Group and Outdated Republic Group additionally solidified their standings. The general market confirmed stability by way of market share distribution, however sure insurers skilled notable shifts, both gaining floor or experiencing slight declines. This evaluation highlights 5 key takeaways from the 2024 business auto insurance coverage market knowledge.
1. Progressive Group Strengthens Its Lead:
Progressive Group remained the clear chief within the business auto insurance coverage sector, with direct premiums written surging from roughly $9.7 billion in 2023 to $10.8 billion in 2024—a progress of over $1 billion. This progress allowed Progressive to take care of its market share at round 15%, whilst the general market expanded.
2. Vacationers Group Holds Second Place, Marginally Shedding Market Share:
Vacationers Group’s direct premiums written rose from $3.44 billion to $3.86 billion, however regardless of the rise, its market share remained comparatively flat at about 5.37%. This means that whereas the corporate grew its quantity, it didn’t outpace the general market’s progress price.
3. Notable Progress Amongst Mid-Tier Insurers:
Berkshire Hathaway Group and Zurich Insurance coverage Group demonstrated substantial progress, every including over $600 million in direct premiums written in comparison with 2023. These positive aspects mirror strategic underwriting practices and constant demand of their focused segments.
4. Shifts in Market Share Amongst Smaller Gamers:
Firms like Auto-House owners Group and WR Berkley Group noticed modest will increase in each premiums and market share, indicating strategic progress in area of interest markets. Conversely, firms like Allstate and Arch Insurance coverage, current in 2023’s high 25, fell out of the rankings in 2024, reflecting aggressive pressures and doable strategic repositioning.
5. Secure Loss Ratios for Market Leaders:
The common loss ratio throughout the market remained steady, with Progressive sustaining a comparatively favorable loss ratio of round 61%. However, Chubb Ltd Group reported a excessive loss ratio of 103.44%, indicating potential underwriting challenges or elevated declare frequency and severity.
The High 25 P&C Insurers by Countrywide Premium – Business AutoÂ
| RANK | GROUP/COMPANY NAME | DIRECT PREMIUMS WRITTEN | DIRECT PREMIUMS EARNED | DIRECT LOSS TO EP RATIO¹ | MARKET SHARE % | CUMULATIVE MARKET SHARE %³ | |
|---|---|---|---|---|---|---|---|
 | 1 | PROGRESSIVE GRP | 10,787,378,372 | 10,437,025,903 | 61.46 | 15.01 | 15.01 |
 | 2 | TRAVELERS GRP | 3,857,271,523 | 3,680,217,009 | 64.65 | 5.37 | 20.38 |
 | 3 | OLD REPUBLIC GRP | 2,947,582,313 | 2,739,928,805 | 95.16 | 4.10 | 24.48 |
 | 4 | LIBERTY MUT GRP | 2,789,441,108 | 2,715,389,582 | 73.65 | 3.88 | 28.36 |
 | 5 | BERKSHIRE HATHAWAY GRP | 2,639,163,641 | 2,262,207,956 | 69.01 | 3.67 | 32.03 |
 | 6 | ZURICH INS GRP | 2,290,826,153 | 2,298,505,356 | 89.11 | 3.19 | 35.22 |
 | 7 | AUTO OWNERS GRP | 2,131,997,880 | 1,999,858,675 | 58.23 | 2.97 | 38.19 |
 | 8 | STATE FARM GRP | 2,005,849,525 | 1,826,372,599 | 87.84 | 2.79 | 40.98 |
 | 9 | WR BERKLEY CORP GRP | 1,486,106,173 | 1,436,391,182 | 63.55 | 2.07 | 43.05 |
 | 10 | HARTFORD FIRE & CAS GRP | 1,440,324,764 | 1,332,790,061 | 72.51 | 2.00 | 45.05 |
 | 11 | AMERICAN INTL GRP | 1,375,010,817 | 1,282,292,318 | 68.76 | 1.91 | 46.97 |
 | 12 | CHUBB LTD GRP | 1,209,727,922 | 1,165,483,776 | 103.44 | 1.68 | 48.65 |
 | 13 | FAIRFAX FIN GRP | 1,172,512,441 | 1,107,723,866 | 77.66 | 1.63 | 50.28 |
 | 14 | SELECTIVE INS GRP | 1,157,236,339 | 1,093,974,305 | 63.36 | 1.61 | 51.89 |
 | 15 | AMERICAN FINANCIAL GRP | 1,143,160,168 | 1,107,789,367 | 66.82 | 1.59 | 53.48 |
 | 16 | CNA INS GRP | 1,099,828,302 | 983,653,675 | 85.74 | 1.53 | 55.01 |
 | 17 | TOKIO MARINE HOLDINGS INC GRP | 1,093,799,190 | 1,035,787,648 | 73.31 | 1.52 | 56.54 |
 | 18 | ERIE INS GRP | 1,032,778,871 | 962,891,790 | 86.14 | 1.44 | 57.97 |
 | 19 | SENTRY INS GRP | 1,000,933,808 | 977,144,405 | 86.36 | 1.39 | 59.37 |
 | 20 | CSAA INS GRP | 999,574,697 | 771,182,626 | 80.83 | 1.39 | 60.76 |
 | 21 | CINCINNATI FIN GRP | 951,856,444 | 916,037,289 | 55.98 | 1.32 | 62.08 |
 | 22 | ACUITY A MUT INS CO | 932,057,142 | 876,163,905 | 54.28 | 1.30 | 63.38 |
 | 23 | FEDERATED MUT GRP | 859,113,556 | 800,870,851 | 55.47 | 1.20 | 64.57 |
 | 24 | NATIONWIDE CORP GRP | 843,794,098 | 980,455,001 | 67.10 | 1.17 | 65.75 |
 | 25 | KEMPER CORP GRP | 798,595,025 | 725,711,840 | 61.58 | 1.11 | 66.86 |
| INDUSTRY TOTAL | 71,861,796,533 | 68,443,680,554 | 73.06 | 100.00 | 100.00 |
Previous NAIC Market Share Reviews
For these taken with revisiting or evaluating this yr’s knowledge with the NAIC Market Share Reviews from previous years, hyperlinks to every of these stories are beneath: