WASHINGTON—State Farm Mutual Insurance Company was the largest property and casualty insurer in 2013, according to data contained in the 2014 report of the Federal Insurance Office, with a 10.29 percent market share of all personal lines and commercial PC insurers based on premiums written.
The report said U.S. insurers in general “continue to show resilience in the aftermath of the financial crisis.”
The report said PC insurance sector premiums have “grown consistently” since 2010, and reached a record high of $71 billion on a net earned basis in 2013. The PC sector’s combined ratio for 2013 dropped below 100 percent for the first time since 2007, which was largely attributable to a reduction in catastrophe losses.
As for market share, Liberty Mutual Insurance was the second overall largest, with a 5.31 percent market share, with Allstate Group third with 5.07 percent of the market, and Berkshire Hathaway fourth with 4.26 percent share of the market. Travelers is fifth, with a 4.20 share of the market. The data was provided the FIO by SNL Financial.
American International Group is the largest commercial lines insurer, with a 6.09 percent share of the market.
Travelers is the second largest commercial insurer, as of 2013, with a 5.95 percent of the market, with Liberty Mutual third with a 5.37 percent share of the market and Zurich Insurance Group fourth with a 3.99 percent share of the market, and ACE Ltd. fifth with a 3.99 percent share of the market.
State Farm has a whopping 19.07 percent share of the personal lines market, according to the data, with Allstate second with a 9.55 percent share of the market. Berkshire is third, with a 6.98 percent share of the market, with Progressive Corp. fourth with a 5.77 percent market share. Farmers Insurance Group is fifth, with a 5.58 percent market, according to the data.