WASHINGTON, D.C. — The National Association of Insurance Commissioners (NAIC) published two sets of data March 1, providing market share data indicating the degree of market concentration in lines of business and identifying leading insurance writers.
The 2015 market share data for life/fraternal and property/casualty insurers include countrywide direct written premium for the top 25 groups and companies as reported on the State Page of the annual statement for insurers that report to the NAIC.
On the P&C side, the report reveals State Farm holds large market share advantages in homeowners insurance (19.76% market share), personal auto insurance (18.38%) and all lines combined (10.03%). Berkshire Hathaway was No. 1 in medical professional liability (11.10%); Travelers is the top-ranked Workers’ Comp insurer with a 7.81% market share; American International Group (AIG) was tops in non-auto liability (9.1%); and Progressive topped the commercial auto rankings (7.02%).
The life/fraternal market share report contains cumulative market share data for the following lines of business: life; annuity considerations; and aggregate total of life insurance, annuity considerations, deposit-type contract funds, other considerations and accident/health insurance.
MetLife led the aggregate totals with a 13.68% market share, and also was tops in life insurance (8.4%). Jackson National was No. 1 in annuity considerations with a 9.4% market share.
Rankings of the top 5 companies in most markets appear below, while the 25 companies in all markets included in the reports are available here:
- MetLife- $13,356,817,802 direct premiums (8.4% market share)
- Northwestern Mutual - $10,123,987,236 (6.36%)
- New York Life - $8,822,266,796 (5.55%)
- Prudential - $8,626,713,484 (5.42%)
- Lincoln National - $6,731,270,174 (4.23%)
- Jackson National - $24,613,401,792 direct premiums (9.4% market share)
- American International Group - $21,103.210,301 (8.06%)
- Lincoln National - $15,945,646,045 (6.09%)
- Prudential - $14,247,940,650 (5.44%)
- Voya Financial - $13,557,649,315 (5.18%)
Life/Fraternal – Aggregate Total
- MetLife - $109,466,588,496 direct premiums (13.68% market share)
- Prudential - $44,401,124,465 (5.55%)
- UnitedHealth Group - $43,980,881,498 (5.50%)
- New York Life – $30,096,435,369 (3.76%)
- Jackson National - $27,514,523,083 (3.44%)
P&C – All Lines
- State Farm - $59,361,684,546 direct premiums written (10.13% market share)
- Allstate - $30,180,756,463 (5.15%)
- Berkshire Hathaway - $29,932,951,431 (5.11%)
- Liberty Mutual - $29,848,412,239 (5.09%)
- Travelers - $23,200,304,436 (3.96%)
- State Farm - $17,516,715,113 direct premiums written (19.76% market share)
- Allstate - $7,926,983,689 (8.94%)
- Liberty Mutual - $5,993,803,392 (6.76%)
- Farmers Insurance - $5,284,510,883 (5.96%)
- USAA - $5,000,407,001 (5.64%)
- State Farm - $36,545,895,958 direct premiums written (18.38% market share)
- Berkshire Hathaway - $22,808,382,011 (11.47%)
- Allstate - $20,036,973,320 (10.08%)
- Progressive - $17,518,721,243 (8.81%)
- USAA - $10,562,099,665 (5.31%)
For questions about the reports or data, contact the NAIC Research & Actuarial Department.
The 2015 Market Share Reports for Life/Fraternal and2015 Market Share Reports for Property/Casualty will feature complete, in-depth information. These reports will be available this summer.
Next page: NAIC releases Homeowners Insurance Report
- Coverage for life ... provided you don't live past 100
- Pacific Life takeover of former Genworth Lynchburg life operation helps stabilize the term market
- When technology enables sleazy marketing practices
- For first time ever, more Americans covered by employment-based life insurance than by individual
- Need for coverage on display in the stories of 2017 Life Lessons Scholarship award recipients
- MDRT appoints Pittman as its 92nd President; New York Life continues to dominate U.S. membership
- Less than half of employed Americans have workplace group life coverage
- 3 business benefits a flexible underwriter can deliver