The nation’s high twenty-five property/casualty insurance corporations claim over the simple fraction of the full market and wrote over $588 billion in premium in 2015 – up three.4% from the year previous, in keeping with new knowledge from the National Association of Insurance Commissioners.
Each underwriter has enhanced their direct premiums written since 2014, and conjointly represent a bigger share of the market (64.4% in 2015 versus sixty two.7% the year previous). the same old suspects additionally high the list, although with some shuffling in position.
State Farm cluster is once more the biggest property/casualty insurance underwriter within America, representing ten.09% of the market and writing $59.4 billion in direct premiums – nearly double that of its nearest contestant, Allstate ($30.1 billion).
Liberty Mutual fell 2 slots from the second largest underwriter in 2014 to the fourth largest in 2015, as each Allstate and Berkshire Anne Hathaway enhanced their share of the market. Progressive and Farmers additionally moved up one slot, as AIG and Nationwide fell slightly.
Tokio Marine may be a new entrant on the list, claiming the eighteenth slot, and Allianz – antecedently the twenty fourth-largest underwriter – is not any longer within the high twenty-five.
The twenty-five biggest property/casualty insurers, by direct premiums were written and market share, are:
1. State Farm
Direct Premiums Written: $59.361 billion
Market Share: 10.09%
Direct Premiums Written: $30.18billion
Market Share: 5.13%
3. Berkshire Hathaway
Direct Premiums Written: $29.967 billion
Market Share: 5.09%
4. Liberty Mutual
Direct Premiums Written: $29.848 billion
Market Share: 5.07%
Direct Premiums Written: $23.2 billion
Market Share: 3.94%
Direct Premiums Written: $21.346 billion
Market Share: 3.63%
Direct Premiums Written: $19.577 billion
Market Share: 3.33%
Direct Premiums Written: $19.05 billion
Market Share: 3.24%
Direct Premiums Written: $18.997 billion
Market Share: 3.23%
Direct Premiums Written: $16.744 billion
Market Share: 2.85%
Direct Premiums Written: $11.822 billion
Market Share: 2.01%
Direct Premiums Written: $11.135 billion
Market Share: 1.89%
13. Chubb Inc.
Direct Premiums Written: $10.468 billion
Market Share: 1.78%
14. Chubb Ltd.
Direct Premiums Written: $10.142 billion
Market Share: 1.72%
Direct Premiums Written: $9.696 billion
Market Share: 1.65%
16. American Family
Direct Premiums Written: $7.242
billion market Share: 1.23%
Direct Premiums Written: $7.137 billion
Market Share: 1.21%
18. Tokio Marine
Direct Premiums Written: $6.121 billion
Market Share: 1.04%
19. Auto-Owners Group
Direct Premiums Written: $5.981 billion
Market Share: 1.02%
20. Erie Insurance
Direct Premiums Written: $5.914 billion
Market Share: 1.01%
21. American Financial
Direct Premiums Written: $5.417 billion
Market Share: 0.92%
22. W.R. Berkley
Direct Premiums Written: $5.376 billion
Market Share: 0.91%
Direct Premiums Written: $4.974 billion
Market Share: 0.85%
Direct Premiums Written: $4.7 billion
Market Share: 0.8%
25. Cincinnati Financial
Direct Premiums Written: $4.464 billion
Market Share: 0.76%
Of these insurers’ major lines, auto insurance grew by roughly 4.7% to $199 billion in 2015, and a J.D. Power study reveals a direct relationship between online presence and premium growth.
The J.D. Power 2016 US Insurance Shopping Study, now in its 10th year, measures consumer behavior and satisfaction among those who have recently purchased auto policies.
Of those shopping for insurance, 74% use insurer websites or aggregators for obtaining quotes and researching information. Nearly half obtain quotes through insurer websites and 25% purchase their policy online. Another 50% use an agent, and 22% phone a call center.
Given those behaviors, Greg Hoeg, vice president of US insurance operations at the company, says a strong carrier website and other digital platforms are essential for growth in 2016.
“Direct writers have invested heavily in digital channels to increase the functionality and ease of using their websites, which has clearly created an advantage for direct distribution relative to traditional agency distribution in some respects and has supported agency distribution in others,” Hoeg said