Progressive Continues to Lead the Field
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 Commercial Auto Insurers List
The U.S. commercial auto insurance marketplace in 2024 continued its trend of robust growth, driven primarily by increases in direct premiums written among the top players. Progressive Group maintained its dominant position, with a significant rise in premiums compared to the previous year, while Travelers Group and Old Republic Group also solidified their standings. The overall market showed stability in terms of market share distribution, but certain insurers experienced notable shifts, either gaining ground or experiencing slight declines. This analysis highlights five key takeaways from the 2024 commercial auto insurance market data.
1. Progressive Group Strengthens Its Lead:
Progressive Group remained the clear leader in the commercial auto insurance sector, with direct premiums written surging from approximately $9.7 billion in 2023 to $10.8 billion in 2024—a growth of over $1 billion. This growth allowed Progressive to maintain its market share at around 15%, even as the overall market expanded.
2. Travelers Group Holds Second Place, Marginally Losing Market Share:
Travelers Group’s direct premiums written rose from $3.44 billion to $3.86 billion, but despite the increase, its market share remained relatively flat at about 5.37%. This indicates that while the company grew its volume, it did not outpace the overall market’s growth rate.
3. Notable Growth Among Mid-Tier Insurers:
Berkshire Hathaway Group and Zurich Insurance Group demonstrated substantial growth, each adding over $600 million in direct premiums written compared to 2023. These gains reflect strategic underwriting practices and consistent demand in their targeted segments.
4. Shifts in Market Share Among Smaller Players:
Companies like Auto-Owners Group and WR Berkley Group saw modest increases in both premiums and market share, indicating strategic growth in niche markets. Conversely, companies like Allstate and Arch Insurance, present in 2023’s top 25, fell out of the rankings in 2024, reflecting competitive pressures and possible strategic repositioning.
5. Stable Loss Ratios for Market Leaders:
The average loss ratio across the market remained stable, with Progressive maintaining a relatively favorable loss ratio of around 61%. On the other hand, Chubb Ltd Group reported a high loss ratio of 103.44%, indicating potential underwriting challenges or increased claim frequency and severity.
The Top 25 P&C Insurers by Countrywide Premium – Commercial Auto
| 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 |
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:
