NAIC: State Farm dominates P&C market share while MetLife, Jackson National lead in life and annuities

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:

• Life/Fraternal
• Property/Casualty

 

Life Insurance

1. MetLife- $13,356,817,802 direct premiums (8.4% market share)
2. Northwestern Mutual – $10,123,987,236 (6.36%)
3. New York Life – $8,822,266,796 (5.55%)
4. Prudential – $8,626,713,484 (5.42%)
5. Lincoln National – $6,731,270,174 (4.23%)

Annuity Considerations

1. Jackson National – $24,613,401,792 direct premiums (9.4% market share)
2. American International Group – $21,103.210,301 (8.06%)
3. Lincoln National – $15,945,646,045 (6.09%)
4. Prudential – $14,247,940,650 (5.44%)
5. Voya Financial – $13,557,649,315 (5.18%)

Life/Fraternal – Aggregate Total

1. MetLife – $109,466,588,496 direct premiums (13.68% market share)
2. Prudential – $44,401,124,465 (5.55%)
3. UnitedHealth Group – $43,980,881,498 (5.50%)
4. New York Life – $30,096,435,369 (3.76%)
5. Jackson National – $27,514,523,083 (3.44%)

P&C – All Lines

1. State Farm – $59,361,684,546 direct premiums written (10.13% market share)
2. Allstate – $30,180,756,463 (5.15%)
3. Berkshire Hathaway – $29,932,951,431 (5.11%)
4. Liberty Mutual – $29,848,412,239 (5.09%)
5. Travelers – $23,200,304,436 (3.96%)

Homeowners

1. State Farm – $17,516,715,113 direct premiums written (19.76% market share)
2. Allstate – $7,926,983,689 (8.94%)
3. Liberty Mutual – $5,993,803,392 (6.76%)
4. Farmers Insurance – $5,284,510,883 (5.96%)
5. USAA – $5,000,407,001 (5.64%)

Personal Auto

1. State Farm – $36,545,895,958 direct premiums written (18.38% market share)
2. Berkshire Hathaway – $22,808,382,011 (11.47%)
3. Allstate – $20,036,973,320 (10.08%)
4. Progressive – $17,518,721,243 (8.81%)
5. USAA – $10,562,099,665 (5.31%)

In late February, the NAIC released its latest Homeowners Insurance Report, providing the most recently validated data on market distribution and average cost by policy form and amount of insurance.

“This report provides the most comprehensive collection of homeowners insurance data in the world,” said John M. Huff, NAIC President and Missouri Insurance Director. “In addition to being the largest insurance repository of data and analysis, the NAIC also provides an abundance of resources to help consumers understand how to make informed decisions about protecting their homes and apartments.”

National and state-specific premium and exposure information for non-commercial dwelling fire insurance and for homeowners insurance package policies are included in the report. It also contains data descriptions and a discussion about the way certain economic, demographic and natural phenomena impact the price of homeowners insurance.

“Nationwide, homeowners’ premiums rose an average of six percent,” Huff added. “Major cost drivers for insurance rates include exposure to catastrophes, the value of homes and construction cost.”

The report includes written exposure (earned house years) and aggregate written premiums by state and countrywide. It contains tables that show state and countrywide exposures by policy type, individual policy form, as well as insurance coverage amount, which is divided into ranges with total exposure percentages provided for each range.