The National Association of Insurance Commissioners released data Monday on life/fraternal and property/casualty insurers. The reports provide market share information and identify leading insurance writers in several key lines of business.
The 2019 market share data includes countrywide direct written premiums for the top 25 groups and companies as reported on the state page of the annual financial statement for insurers that report to the NAIC.
The Life/Fraternal Market Share report contains cumulative market share data for life insurance, annuity considerations, and an aggregate total of life insurance, annuity considerations, deposit-type contract funds, other considerations and accident/health insurance.
In direct premium life insurance, Northwestern Mutual ascended to the top spot with a 7% market share and $11.3 billion in premium. New York Life is second with a 6.88% share while MetLife slipped from first in 2018 to third with a 6.7% share.
Highlights from the report include:
With 83.25% of life and accident/health insurance companies reporting, direct premiums written for life insurance are $160,761,616,161. Last year’s 2018 report was released March 4 with 95.50% of life and accident/health insurance companies reporting. Direct premiums written for life insurance were $166,577,249,584.
Total reported premiums for life insurance, including annuity considerations, deposit-type contract funds, other considerations, and accident and health are $829,775,010,661 as of March 2. Last year’s report included premiums for life insurance, including annuity considerations, deposit-type contract funds and other considerations for a total of $886,597,657,239 as of March 4, 2019…Read more>>