P&C insurers wrote $151.95 billion in total direct home insurance premiums in 2024, up 13.7% from the year before, according to data from the National Association of Insurance Commissioners.
Profitability also improved among home insurers in 2024: the direct loss to earned premium ratio decreased to 61.59%, down from 70.66% in 2023.
State Farm saw its direct loss ratio drop from 77.08% to 72.59%, while Liberty Mutual saw a decrease from 68.56% to 55.97%.
The top five insurers had a cumulative market share of 45.72% in 2024, suggesting continued market share concentration at the top. State Farm saw its direct premiums written rise from $27.04 billion to $31.46 billion in 2024, a 16.4% increase
Two carriers dropped out of the top 25: The Hanover Insurance Group, which ranked 24th in 2023, and Heritage Insurance Holdings, which ranked 25th in 2023.
Munich Re entered the list, ranking 25th, which could show the growing influence of reinsurers in the home insurance market. Florida Peninsula Holdings Group also made the list, ranking 21st, highlighting the increasing role of regional insurers in certain markets.
The slideshow above highlights the top 10 home insurers by market share in 2024 according to the NAIC.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.