Liberty Mutual is the Only Massachusetts-based Insurer On This Year’s List
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 compiled into a report listing the 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).
With approximately 97.92% of P&C insurers reporting, the industry recorded approximately $1.06 trillion in Direct Premiums Written in 2024. The top 10 P&C insurers account for 51.40% of the total market share, reflecting a continued concentration of market share among the largest carriers.
Private passenger auto insurance remains the dominant line of business, with $344.11 billion in direct premiums written, representing approximately 35% of all reported P&C premiums.
Key takeaways from this year’s Homeowner’s Market Share Report
The 2024 rankings indicate an overall expansion in direct premiums written, a decline in industry loss ratios, and continued market concentration among the largest insurers. However, the absence of The Hanover and Heritage Insurance suggests that some mid-sized insurers struggled to keep pace. New entrants like Munich Re and Florida Peninsula Holdings signal shifts in the industry landscape, particularly in response to changing risk exposures and market demands.
The following are five key takeaways from a comparison between the 2024 and 2025 market share reports courtesy of Chat GPT:
1. Substantial Growth in Direct Premiums Written Across the Industry
- The total direct premiums written increased from $151.95 billion in 2023 to $172.73 billion in 2024, reflecting a 13.7% growth in the market.
- The top insurer, State Farm, saw its direct premiums written rise from $27.04 billion in 2023 to $31.46 billion in 2024, a 16.4% increase, strengthening its dominant position.
2. Market Concentration Continues at the Top
- The top five insurers in 2023 held a 46.33% cumulative market share, which increased to 45.72% in 2024, indicating continued market consolidation at the upper end.
- Allstate remained in second place with 8.92% market share in 2023 to 8.97% in 2024, maintaining its relative position while seeing moderate growth in premium volume.
3. Disappearance of The Hanover and Heritage Insurance from the Top 25
- The Hanover Insurance Group, ranked 24th in 2023 with $944.62 million in direct premiums written, no longer appears on the 2024 list.
- Heritage Insurance Holdings Group, ranked 25th in 2023 with $943.98 million in direct premiums written, also dropped out of the 2024 ranking.
- Their disappearance suggests competitive pressures, potential strategic retrenchment, or a decline in premium growth relative to competitors.
4. New Entrants and Rising Insurers
- Munich Re entered the 2024 rankings at No. 25, signaling growing influence among reinsurers.
- Florida Peninsula Holdings Group also made the 2024 list at No. 21, reflecting the increasing role of regional insurers in specialized markets.
- Citizens Property Insurance Corporation moved up from No. 10 in 2023 to No. 13 in 2024, showing resilience in the face of a shifting market.
5. Lower Loss Ratios in 2024 Compared to 2023
- The overall direct loss to EP ratio decreased from 70.66% in 2023 to 61.59% in 2024, suggesting improved underwriting profitability across the industry.
- State Farm’s direct loss ratio dropped from 77.08% in 2023 to 72.59% in 2024, indicating better claims management or a shift in underwriting strategy.
- Liberty Mutual also saw a decline in its loss ratio from 68.56% in 2023 to 55.97% in 2024, reflecting improved loss experience.
The Top 25 P&C Insurers by Countrywide Premium – Homeowners’ Multi-Peril
| RANK | GROUP/COMPANY NAME | DIRECT PREMIUMS WRITTEN | DIRECT PREMIUMS EARNED | DIRECT LOSS TO EP RATIO¹ | MARKET SHARE % | CUMULATIVE MARKET SHARE %³ | |
|---|---|---|---|---|---|---|---|
 |
1 | STATE FARM GRP | 31,461,021,578 | 29,080,551,312 | 72.59 | 18.21 | 18.21 |
 |
2 | ALLSTATE INS GRP | 15,489,753,100 | 14,467,897,171 | 55.52 | 8.97 | 27.18 |
 |
3 | UNITED SERV AUTOMOBILE ASSN GRP | 11,904,468,132 | 11,157,823,817 | 76.05 | 6.89 | 34.07 |
 |
4 | LIBERTY MUT GRP | 10,610,141,334 | 10,526,390,891 | 55.97 | 6.14 | 40.22 |
 |
5 | FARMERS INS GRP | 9,516,235,049 | 9,157,441,376 | 50.76 | 5.51 | 45.72 |
 |
6 | AMERICAN FAMILY INS GRP | 8,618,178,670 | 7,790,512,257 | 62.51 | 4.99 | 50.71 |
 |
7 | TRAVELERS GRP | 8,153,826,543 | 7,850,786,665 | 59.45 | 4.72 | 55.43 |
 |
8 | CHUBB LTD GRP | 4,393,716,436 | 4,143,126,263 | 42.47 | 2.54 | 57.98 |
 |
9 | NATIONWIDE CORP GRP | 3,726,470,509 | 3,937,069,317 | 59.04 | 2.16 | 60.14 |
 |
10 | AUTO OWNERS GRP | 3,435,230,105 | 2,962,419,115 | 80.81 | 1.99 | 62.12 |
 |
11 | ERIE INS GRP | 3,328,629,871 | 2,983,752,799 | 68.77 | 1.93 | 64.05 |
 |
12 | PROGRESSIVE GRP | 3,273,723,634 | 3,160,299,508 | 41.72 | 1.90 | 65.95 |
 |
13 | CITIZENS PROP INS CORP | 2,717,525,204 | 3,042,470,905 | 71.16 | 1.57 | 67.52 |
 |
14 | UNIVERSAL INS HOLDING GRP | 1,953,736,427 | 1,888,936,545 | 76.65 | 1.13 | 68.65 |
 |
15 | TOKIO MARINE HOLDINGS INC GRP | 1,670,371,827 | 1,527,813,415 | 43.41 | 0.97 | 69.62 |
|
16 | AUTO CLUB ENTERPRISES INS GRP | 1,602,602,912 | 1,408,639,895 | 71.67 | 0.93 | 70.55 |
 |
17 | CINCINNATI FIN GRP | 1,597,917,512 | 1,386,279,118 | 53.26 | 0.93 | 71.47 |
 |
18 | CSAA INS GRP | 1,532,637,689 | 1,417,916,024 | 51.03 | 0.89 | 72.36 |
 |
19 | MERCURY GEN GRP | 1,428,232,834 | 1,282,687,777 | 53.62 | 0.83 | 73.19 |
 |
20 | AMICA MUT GRP | 1,230,248,232 | 1,181,271,268 | 50.66 | 0.71 | 73.90 |
 |
21 | FLORIDA PENINSULA HOLDINGS GRP | 1,171,534,895 | 992,334,523 | 34.61 | 0.68 | 74.58 |
 |
22 | AUTOMOBILE CLUB MI GRP | 1,159,743,644 | 1,064,324,615 | 62.69 | 0.67 | 75.25 |
|
23 | COUNTRY INS & FIN SERV GRP | 1,151,111,752 | 1,073,999,097 | 74.63 | 0.67 | 75.91 |
 |
24 | HARTFORD FIRE & CAS GRP | 1,148,530,356 | 1,058,684,259 | 51.12 | 0.66 | 76.58 |
|
25 | MUNICH RE GRP | 1,114,492,426 | 1,025,074,953 | 63.87 | 0.65 | 77.22 |
| INDUSTRY TOTAL | 172,732,318,010 | 162,178,984,010 | 61.59 | 100.00 | 100.00 |
Past NAIC Market Share Reports
For those interested in revisiting or comparing this year’s data with the NAIC Market Share Reports from past years, links to each of those reports are below:
Links to our 2025 NAIC Market Share Reports
- NAIC 2025 Market Share Report | Top 25 P&C Insurers
- NAIC 2025 Market Share Report | Top 25 Auto Insurers
