Top 10 Inland Marine Insurers | 2022 New England Market Share Reports

The National Association of Insurance Commissioners has issued a new in-depth report on the 2021 market share data for insurers within the Property & Casualty marketplace. A total of 33 lines of business have been analyzed both at the national and state level. In response to the publication of this data, Agency Checklists is providing a distillation of the report over the coming weeks featuring the top insurers in various marketplaces in both Massachusetts as well as the rest of the New England states.

The NAIC states that the in-depth report may have a variety of useful purposes for individuals and entities by giving them an “understanding of the overall size of the market”. In addition, the NAIC notes that it may help:

Assess an insurer’s competitive positionCreate benchmarks to compare companiesIdentify the top writersAnalyze the overall size of the marketIdentify premium volume trendsEvaluate market penetration potentialEvaluate post-merger market implications

Premium & Market Share

The following graph has been reprinted from the NAIC Property & Casualty Market Share Reports 2021 and highlights the trends in Premium over the past decade. According to the NAIC, Direct Written Premium increased by 9.44% from 2020 for all lines of business.

Graph Source: NAIC

Top 10 Inland Marine Insurers Market Share – Nationally

Unlike our previous reports highlighting the Inland & Ocean marketplace, the NAIC has split Ocean Marine and Inland Marine into separate markets, which Agency Checklists has done as well to with respect to the market share information involving the New England marketplace.

COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. LIBERTY MUT GRP4,055,4264,022,30064.94 %64.53 %13.60 %13.60 %2. CNA INS GRP3,637,5083,642,49854.57 %54.63 %12.20 %25.80 %3. CHUBB LTD GRP1,743,3411,618,55553.41 %70.14 %5.85 %31.65 %4. ALLIANZ INS GRP1,401,6331,281,70539.11 %39.13 %4.70 %36.35 %5. AMERICAN INTL GRP1,385,3661,284,4098.94 %9.40 %4.65 %40.99 %6. NATIONWIDE CORP GRP1,145,1871,061,71868.57 %68.81 %3.84 %44.83 %7. ASSURANT INC GRP1,105,6131,193,59234.36 %34.36 %3.71 %48.54 %8. ZURICH INS GRP977,282877,23231.76 %34.24 %3.28 %51.82 %9. FM GLOBAL GRP809,406835,513122.71 %129.00 %2.71 %54.53 %10.TRAVELERS GRP788,738768,85446.42 %47.54 %2.65 %57.18 %

Top 10 Inland Marine Insurers Market Share – Massachusetts

COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. LIBERTY MUT GRP103,541102,81859.54 %54.84 %14.91 %14.91 %2. CHUBB LTD GRP59,69757,95039.66 %58.97 %8.60 %23.51 %3. CNA INS GRP56,87256,67452.35 %52.49 %8.19 %31.71 %4. NATIONWIDE CORP GRP45,83938,23573.94 %74.08 %6.60 %38.31 %5. TRUPANION GRP43,84641,13568.43 %68.43 %6.32 %44.62 %6. ALLIANZ INS GRP41,86835,31414.27 %14.41 %6.03 %50.66 %7. AMERICAN INTL GRP25,85923,0970.42 %1.40 %3.72 %54.38 %8. FAIRFAX FIN GRP24,74924,44847.26 %47.76 %3.56 %57.95 %9. FM GLOBAL GRP18,60617,471197.13 %216.95 %2.68 %60.63 %10. WR BERKLEY CORP GRP17,37116,00398.54 %99.84 %2.50 %63.13 %***STATE TOTAL***694,229652,66646.94 %48.72 %100.00 %63.13 %

Top 10 Inland Marine Insurers Market Share – New England

Connecticut

COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. LIBERTY MUT GRP52,93753,31249.69 %49.84 %13.07 %13.07 %2. CHUBB LTD GRP44,12544,26635.02 %40.59 %10.90 %23.97 %3. CNA INS GRP42,01141,59652.58 %52.60 %10.37 %34.34 %4. AMERICAN INTL GRP28,65723,89523.98 %24.81 %7.08 %41.42 %5. NATIONWIDE CORP GRP23,32221,65870.48 %70.64 %5.76 %47.17 %6. ALLIANZ INS GRP17,34814,8807.47 %5.98 %4.28 %51.46 %7. TRUPANION GRP13,27512,30364.97 %64.98 %3.28 %54.73 %8. SWISS RE GRP12,82612,70129.33 %24.97 %3.17 %57.90 %9. MARKEL CORP GRP12,17913,37526.25 %26.78 %3.01 %60.91 %10. AMERICAN FINANCIAL GRP11,94111,87652.03 %52.62 %2.95 %63.86 %***STATE TOTAL***404,999387,58040.15 %42.85 %100.00 %63.86 %

Maine

COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. LIBERTY MUT GRP17,81418,04138.82 %39.08 %16.31 %16.31 %2. CNA INS GRP8,4308,43451.32 %51.34 %7.72 %24.03 %3. CHUBB LTD GRP7,4356,05934.64 %45.87 %6.81 %30.84 %4. PROGRESSIVE GRP7,3046,83036.94 %37.03 %6.69 %37.53 %5. WR BERKLEY CORP GRP6,2015,68933.04 %33.91 %5.68 %43.20 %6. ALLIANZ INS GRP5,2894,1949.89 %9.49 %4.84 %48.05 %7. TRUPANION GRP4,5204,11670.03 %70.04 %4.14 %52.19 %8. AMERICAN INTL GRP4,2753,2002.58 %2.35 %3.91 %56.10 %9. THE HANOVER INS GRP4,0993,89626.07 %26.54 %3.75 %59.85 %10. NATIONWIDE CORP GRP3,9503,59954.53 %54.40 %3.62 %63.47 %***STATE TOTAL***109,209100,08566.30 %67.18 %100.00 %63.47 %

New Hampshire

COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. LIBERTY MUT GRP24,80024,69244.12 %44.43 %20.66 %20.66 %2. CHUBB LTD GRP7,6167,10535.56 %95.58 %6.34 %27.00 %3. CNA INS GRP6,9276,92752.64 %52.65 %5.77 %32.77 %4. NATIONWIDE CORP GRP6,4316,04768.95 %68.99 %5.36 %38.13 %5. TRUPANION GRP6,4015,88269.06 %69.06 %5.33 %43.46 %6. ALLIANZ INS GRP6,3805,28611.11 %10.86 %5.31 %48.77 %7. WR BERKLEY CORP GRP4,9234,69922.22 %22.68 %4.10 %52.88 %8. PROGRESSIVE GRP4,4294,20633.11 %33.52 %3.69 %56.56 %9. AMERICAN INTL GRP3,7713,2380.76 %0.77 %3.14 %59.71 %10. MUNICH RE GRP3,0092,68460.18 %60.19 %2.51 %62.21 %***STATE TOTAL***120,055114,24934.71 %38.60 %100.00 %62.21 %

Rhode Island

COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. LIBERTY MUT GRP14,85613,91842.43 %42.59 %15.20 %15.20 %2. ALLIANZ INS GRP10,84310,0842.70 %1.34 %11.09 %26.29 %3. CNA INS GRP8,1788,17553.38 %53.37 %8.37 %34.65 %4. CHUBB LTD GRP6,1125,9655.89 %39.84 %6.25 %40.91 %5. AMERICAN INTL GRP5,5195,0801.07 %0.90 %5.65 %46.55 %6. TRAVELERS GRP5,4925,832500.09 %504.85 %5.62 %52.17 %7. NATIONWIDE CORP GRP5,1534,904104.33 %104.54 %5.27 %57.44 %8. TRUPANION GRP2,9932,69658.59 %58.59 %3.06 %60.50 %9. PROGRESSIVE GRP2,9602,61383.08 %83.28 %3.03 %63.53 %10. ASSURANT INC GRP2,7933,00367.90 %67.90 %2.86 %66.39 %***STATE TOTAL***97,75493,30461.27 %63.78 %100.00 %66.39 %

Vermont

COMPANY NAMEDIRECT PREMIUMS WRITTEN (000)DIRECT PREMIUMS EARNED (000)LOSS RATIOLOSS & CONTAINMENT RATIOMARKET SHARECUMULATIVE MARKET SHARE1. LIBERTY MUT GRP10,09310,16220.01 %20.43 %18.42 %18.42 %2. CNA INS GRP7,9857,98152.25 %52.25 %14.58 %33.00 %3. ALLIANZ INS GRP3,2252,84615.05 %14.89 %5.89 %38.88 %4. WR BERKLEY CORP GRP2,8352,58416.45 %16.75 %5.17 %44.06 %5. CHUBB LTD GRP2,4942,15944.42 %60.68 %4.55 %48.61 %6. NATIONWIDE CORP GRP2,4492,23462.78 %62.78 %4.47 %53.08 %7. AMERICAN INTL GRP2,2411,952N/AN/A4.09 %57.17 %8. PROGRESSIVE GRP2,1382,01527.64 %27.77 %3.90 %61.07 %9. TRUPANION GRP1,8181,60870.42 %70.42 %3.32 %64.39 %10. AMERICAN NATL FIN GRP1,7391,69445.06 %45.02 %3.17 %67.57 %***STATE TOTAL***54,78652,21931.04 %32.16 %100.00 %67.57 %

Other Agency Checklists’ New England Market Share Reports

The following is a list of other New England market share reports on select lines of business as published in the NAIC report.