We know that many agents are interested in the industry statistics for the primary personal lines of business.
Take a look at some of the data revealed so far by NAIC (National Association of Insurance Commissioners) for 2020.
Auto Insurance:
State Farm controls almost 17% of the entire U.S. personal auto insurance market ($249 Billion) with $40.4 Billion, 20% ahead of both GEICO (Warren Buffett’s Berkshire Hathaway conglomerate) and Progressive at $33.8 and $33.2 Billion respectively.
The 10 companies represented above control almost 74% of the U.S. personal auto market.
Homeowners Insurance
15 companies control 67% of the $110 Billion American homeowners market with State Farm alone writing twice as much as Allstate, the 2nd largest homeowners carrier.
PROFITABILITY
Growth measured in Billions of dollars is impressive but PROFIT is king for a company’s owners. Nine of the ten top profit-making insurance companies across all lines (Property/Casualty and Life & Health, stock and mutual) earned $120.2 BILLION PROFITS IN 2020.
BERKSHIRE HATHAWAY ALONE (GEICO, THREE, BH Specialty, biBerk Business Insurance, Central States, GenRe, MLMIC, National Indemnity, USLI) EARNED $81.4 BILLION PROFIT IN 2020 — ENOUGH SAID.
