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 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
| 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 since 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 since 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 since 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 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.
