The National Association of Insurance Commissioners (NAIC) released its 2024 Market Share Data Report, revealing significant growth among the nation’s largest private passenger auto insurers and increased market concentration at the top.
The total direct premiums written for private passenger auto insurance climbed from $316.66 billion in 2023 to $358.97 billion in 2024, a 13.3% year-over-year increase. This line of insurance remains the largest segment of the U.S. property and casualty (P&C) insurance market, comprising roughly 35% of all reported P&C premiums.
Among the standout performers was Progressive Group, which recorded a 24.5% increase in direct premiums written, rising from $48.26 billion in 2023 to $60.05 billion in 2024. The company now holds 16.73% of the private passenger auto market, second only to State Farm, which leads the category with an 18.87% share.
The top five insurers -- State Farm, Progressive, Berkshire Hathaway, Allstate and USAA -- together captured 63.59% of the total market in 2024, up from 62.49% in 2023. This trend reflects a growing consolidation at the top, placing pressure on smaller and mid-sized carriers to remain competitive.
“Market share continues to consolidate among the largest insurers, making it increasingly challenging for regional players to maintain national relevance,” the report noted.
The rankings also saw notable exits and entries. Hanover Insurance Group and MAPFRE Insurance Group, both ranked in the top 25 in 2023, no longer appear in this year’s list. In contrast, Markel Group, Shelter Insurance Group and New Jersey Manufacturers Group entered the top 25.
Boston-based Liberty Mutual remained in the top 10, though its rank declined from sixth in 2023 to seventh in 2024, as direct premiums written dropped from $13.31 billion to $11.74 billion.
Auto Club Enterprises Insurance Group was among the notable climbers, moving from 11th to ninth, with premiums increasing from $4.83 billion to $6.47 billion, an indicator of growing influence in the national market.
The report draws from data submitted by 97.92% of P&C insurers, reflecting filings from the NAIC’s State Page annual statements. Overall, the U.S. P&C industry reported $1.06 trillion in direct premiums written across all lines in 2024, with the top 10 insurers accounting for 51.4% of the market.
