15 Largest Inland Marine Insurance Companies in the USA
15
Largest Inland Marine Insurance Companies in the USA-According to the published report of National Association of Insurance
Commissioners (NAIC) entitled with “2022 Market Share Reports for
Property/Casualty Groups and Companies by State and Countrywide”, there
are 15 Largest Inland Marine
Insurance Companies in The United States of America (USA). This rank was
arranged based on the Direct premium Written of insurance companies in 2022.
Inland marine insurance functionally protects the business from unpredictable loss or damage to equipment, machinery, products, or other property transported over land. Functionally, Inland Marine insurance provides financial protection for a business’s property which is transported by Truck, automobiles, or trains.
Some businesses need this insurance to protect their properties
from the unpredictable damage while transporting the property from place to
place. Many companies or business agencies used inland marine insurance to
protect their business. Here is the rank of 15 Largest Inland Marine Insurance
Companies in the USA. All of the data came from the report of NAIC entitled “2022 Market Share Reports for
Property/Casualty Groups and Companies by State and Countrywide”. We rank
based on the direct premium written which
company has collected from their Inland marine insurance products.
The Rank of 15 Largest Inland Marine Insurance Companies in the USA
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|
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|
Rank |
Name
of Inland Marine Insurance Company |
Direct
Premium Written |
Direct
Premium Earned |
Market
Share |
|
|
|
(Thousand
US Dollar ($)) |
(Thousand
US Dollar ($)) |
(%) |
|
1 |
Liberty
Mutual |
4,348,701 |
4,272,152 |
12.75% |
|
2 |
CNA
Insurance |
3,452,166 |
3,340,526 |
10.12% |
|
3 |
CHUBB
LTD |
2,015,263 |
1,873,935 |
5.91% |
|
4 |
ALLIANZ
Insurance |
1,945,699 |
1,889,307 |
5.71% |
|
5 |
American
International Group |
1,635,273 |
1,627,386 |
4.80% |
|
6 |
Nationwide |
1,300,116 |
1,242,680 |
3.81% |
|
7 |
Zurich
Insurance |
1,277,574 |
1,166,785 |
3.75% |
|
8 |
Assurant |
1,251,583 |
1,258,517 |
3.67% |
|
9 |
Travelers |
865,712 |
838,222 |
2.54% |
|
10 |
FM
Global |
863,340 |
840,039 |
2.53% |
|
11 |
Trupanion |
820,697 |
766,556 |
2.41% |
|
12 |
State
Farm Insurance |
782,140 |
751,996 |
2.29% |
|
13 |
Progressive
Insurance |
779,452 |
755,552 |
2.29% |
|
14 |
Fairfax
Financial |
586,447 |
584,576 |
1.72% |
|
15 |
Markel
Corporation |
585,168 |
552,894 |
1.72% |
|
Source :2022 Market Share Reports
For Property/Casualty Groups and Companies by State and Countrywide, NAIC,
2023 |
||||
Brief Description of The Rank of 15 Largest Inland Marine Insurance Companies in the USA
1. Liberty Mutual
Liberty Mutual Insurance is an American insurance company which
has a main office in Berkeley Street, Boston, Massachusetts. Historically, this
company started the business on July 1, 1912. In the year of 2022, specifically in the
inland marine insurance industry, Liberty Mutual Insurance got direct premiums
written around USD 4,348,701 Thousand with Direct Premiums Earned about USD
4,272,152 Thousand. Furthermore, this company has a market share of 12.75
% in the Inland Marine Insurance
industry.
2. CNA Insurance
CNA is one of the largest commercial property and casualty
insurance companies in the USA. With more than 125 years of experience, CNA
provides a broad range of standard and specialized insurance products and
services for businesses and professionals in the U.S., Canada and Europe.
Historically, the journey of CNA started in 1897. Operationally, CNA has a main
office in Chicago, Illinois. In the inland marine industry, CNA has collected a
direct premium written of USD 3,452,166 Thousand with a direct premium earned
of USD 3,340,526 Thousand. Furthermore, in the inland marine insurance
industry, CNA has a market share of 10.12 % in the USA market.
3. CHUBB LTD
Chubb is one of the largest Property and Casualty (P&C)
insurance companies in the U.S.A. Operationally, Chubb has executive offices in
Zurich, New York, London, Paris, and other locations, and employs approximately
40,000 people worldwide. Financially, in the inland marine insurance industry,
according to the report of National Association of Insurance Commissioners
(NAIC), Chubb gained a direct premium written around USD 2,015,263 Thousand
with direct premium earned around USD 1,873,935 Thousand. In terms of the
inland marine insurance industry, Chubb has market share around
5.91 %.
4. Allianz Insurance
Allianz still becomes one of the world’s largest insurance
companies. Historically, this company was founded in 1890 by Carl von Thieme
and Wilhelm von Finck. Along with business development from time to time,
Allianz has employed 159,000 people worldwide. According to the report of
National Association of Insurance Commissioners (NAIC) in the inland marine
insurance industry, Allianz gained a direct premium written around USD
1,945,699 Thousand with direct premium earned around USD 1,889,307 Thousand. Furthermore,
Allianz insurance also has market share around 5.71 %.
5. American International Group
American International Group, Inc., also known as AIG, is an
American multinational insurance corporation. Historically, it was founded by
Cornelius Vander Starr on December 19, 1919. Based on the financial structure
on the Balance sheet in 2021, AIG has assets around 596 billion US Dollar and
gained revenue around 52 billion US Dollar. According to the report of National
Association of Insurance Commissioners (NAIC), in the inland marine insurance
industry, the American International Group (AIG) gained a direct premium
written around USD 1,635,273 Thousand with direct premium earned around USD
1,627,386 Thousand. Overall, in 2022, American International Group (AIG) has a
market share of 4.80 %.
6. Nationwide
Historically, Nationwide Mutual Insurance Company was founded in
the 1920s as Farm Bureau Mutual. Later in 1955, the name was changed into
Nationwide insurance until this time. To date, this company has a main office
in One Nationwide Plaza, Columbus, Ohio, U.S.A.
Financially, in 2022, especially in the inland marine industry,
Nationwide has direct premiums written at USD 1,300,116 Thousand with Direct
Premiums Earned USD 1,242,680 Thousand. Furthermore, in the Private Passenger
Auto Insurance industry, Nationwide has market share around 3.81 %.
7. Zurich Insurance
As one of the leaders in insurance industries, Zurich has a long
journey of more than 150 years to achieve incredible performance in the
insurance industry. Operationally, Zurich Insurance Group Ltd has a primary
office in Zürich. Historically, this company was founded in 1872 with the name
of Versicherungs-Verein (insurance associations). In inland marine insurance
industries, Zurich Insurance successfully gained the direct Premium Written USD
1,277,574 Thousand with Direct Premium Earned 1,166,785 thousand. In the USA
market, Zurich Insurance has a market share of 3.75 % in 2022.
8. Assurant
Assurant is an insurance company which was
founded in 1892. Operationally, this company has a main office in Atlanta.
Furthermore, as of 2022, Assurant has total assets around USD 33 billion. In the inland marine insurance industry,
Assurant Insurance successfully gained the direct Premium Written USD 1,251,583
Thousand with Direct Premium Earned USD 1,258,517 Thousand. In the US, Assurant Inc has a market share of
3.67 % in 2022.
9. Travelers
Historically, the Travelers insurance company was formed in 2004
by the merger between The St. Paul Companies, Inc., and Travelers.
Historically, the founder of Travelers is James G. Batterson meanwhile St. Paul
Fire and Marine Insurance Company was founded by Alexander Wilkin and 16 other
St. Paul businessmen. Along with business development, until 2022, Travelers
has more than 30,000 employees, 13,500 independent agents and brokers in the
United States, Canada, the United Kingdom, and Ireland.
Financially, in 2022, in the inland marine industry, Travelers has
successfully collected Direct Premiums Written around USD 865,712 thousand with
Direct Premiums Earned around 838,222 thousand. In the inland marine insurance industry, Travelers
has a market share around 2.54 %.
10. FM Global
FM Global is an American mutual company based in
Johnston, Rhode Island, United States. Historically, FM Global started the
business in 1835 with the founder of the
company being Zachariah Allen. Along with business development in the inland
marine insurance industry, FM Global has collected direct premium written of USD 863,340 Thousand
with direct premium earned of USD 840,039 Thousand. Furthermore, in the USA
Market, FM Global has a market share of 2.53 % .
11. Trupanion
Trupanion is an insurance provider which has headquarters in
Seattle, Washington. Historically, this company was founded by Darryl Rawlings
in 1999. Financially, according to the annual report of Trupanion in 2022,
along with business development, Trupanion has total assets around USD 671
million. Commonly in inland marine insurance industries, Trupanion successfully
collected USD 820,697 Thousand of Direct Premium Written with direct premium
earned around USD 766,556 Thousand. Overall, in the inland marine
insurance industry, Trupanion has market share in the USA around 2.41 %
in 2022.
12. State Farm Insurance
State Farm Insurance is one of the largest insurance companies
from Bloomington, Illinois, U.S.A. Historically, this company was founded by
George J. Mecherle in June 1922. According to the report of The National Association of Insurance
Commissioners (NAIC) in 2022, especially in the inland marine
insurance industry, State Farm Insurance has collected direct premiums written
around USD 782,140 Thousand and USD 751,996 Thousand of Direct Premiums Earned.
Statistically, in the inland marine insurance industry, State Farm Insurance
has market share around 2.29 % in 2022.
13. Progressive Insurance
The Progressive Insurance is an American Insurance Company started
in the insurance business in 1937 and the founder of progressive insurance companies
was Joseph Lewis and Jack Green. Operationally, Progressive has headquarter in
Mayfield Village, Ohio, U.S. Financially, based on the report of The National Association of Insurance
Commissioners (NAIC) in 2022, Progressive Insurance has Direct
Premiums Written around USD 779,452 Thousand with Direct Premiums Earned around
USD 755,552 Thousand. Overall, in 2022, Progressive insurance has market share
2.29 % in inland marine insurance industries.
14. Fairfax Financial
Fairfax is a financial and insurance company which was founded in
1985 by Prem Watsa. Operationally, Fairfax has a primary office in Toronto,
Ontario, Canada. Financially, in private crop, according NAIC report of 2022,
Fairfax Financial has Direct Premium Written USD 586,447 Thousand US Dollar
with Direct Premium Earned USD 584,576 Thousand. Furthermore, Fairfax Financial
has market share 1.72 %.
15. Markel Corporation
Markel Insurance has over 5,000 employees across the globe. Based
on the financial ratings, Markel got A from S&P, A from A.M. Best and A2
from Moody’s. According to the report of NAIC, the Markel gained a direct premium written
around 585,168 thousand with direct premium earned around USD 552,894 Thousand.
Furthermore, in 2022, Markel Corporation has market share around 1.72 %.
The Summary of 15 Largest Inland Marine Insurance Companies in the USA
Bibliography of 15 Largest Inland Marine Insurance Companies in the USA
NAIC. 2023. 2022. Market Share Reports for Property/Casualty
Groups and Companies by State and Countrywide. Accessed via https://content.naic.org/article/naic-releases-2022-market-share-data on September 14th, 2023.
Liberty Mutual. 2023.Financial Reports 2015-2022.Accessed
via https://www.libertymutualgroup.com/about-lm/investor-relations/overview on July 19th, 2023.
Chubb Ltd. 2023. Accessed via www.chubb.com/ on September 17th, 2023.
Allianz Insurance Group. 2023. Accessed via https://www.allianz.com/en.html on September 18th, 2023.
American International Group. 2023. About Us. Accessed via https://www.aig.com/home/about on September 18th, 2023.
Nationwide. 2023.Annual Report 2017-2022.Accessed via https://www.nationwide.com on July 25th, 2023.
Zurich Insurance. 2023. Annual Report 2022. Accessed via https://www.zurich.com/en/investor-relations on August 1st, 2023.
Assurant Inc. 2023. Accessed via https://www.assurant.com on September 18th, 2023.
Travelers companies. 2023. Annual Report 2010-2022. Accessed
via https://investor.travelers.com/financial-information/annual-reports/default.aspx on July 18th, 2023.
State Farm. 2023. Annual Report 2015- 2022. Accessed via https://www.statefarm.com/about-us/company-overview/annual-reports on July 28th, 2023.
Progressive Insurance. 2023. Annual Report 2012-2022. Accessed via
https://investors.progressive.com/financials/default.aspx on July 16, 2023.