NAIC Reports Increasing Concentration in US Auto Insurance Market 2024
The 2024 Market Share Data Report from the National Association of Insurance Commissioners (NAIC) highlights increased consolidation among the largest private passenger auto insurers in the U.S. The top five players — State Farm, Progressive, Berkshire Hathaway, Allstate, and USAA — collectively expanded their market share to 63.59% in 2024, growing from 62.49% in 2023. This consolidation indicates intensifying competitive pressures on smaller and regional insurers striving to maintain market relevance.
Total direct premiums written in private passenger auto insurance surged by 13.3% from $316.66 billion in 2023 to $358.97 billion in 2024, underscoring this sector as the dominant segment of the U.S. property and casualty (P&C) market with approximately 35% of total P&C premiums. Progressive Group notably achieved a 24.5% increase in written premiums, holding 16.73% market share, second to State Farm's 18.87%.
The report also documents shifts within the top 25 insurers. Hanover Insurance Group and MAPFRE Insurance Group, previously ranked in the top 25, exited this year’s list, while Markel Group, Shelter Insurance Group, and New Jersey Manufacturers Group entered. Liberty Mutual, despite remaining a top 10 insurer, saw a rank drop accompanied by a decline in premiums written from $13.31 billion to $11.74 billion.
Among emerging leaders, Auto Club Enterprises Insurance Group advanced from 11th to 9th place with premiums rising significantly, reflecting its increasing national presence. Data from nearly all P&C insurers (97.92%) fed into the report, which also highlighted that the top 10 insurers now comprise over half—51.4%—of the entirety of the $1.06 trillion U.S. P&C market.
This report provides essential insights into market dynamics, emphasizing growing industry concentration in private passenger auto insurance and the evolving competitive landscape facing mid-sized and regional insurers. Such trends may influence strategic decisions around underwriting, pricing, and market positioning going forward.