Top 10 P/C Companies by 2002 Premium Volume for Selected Lines

The Top 10 P/C insurance companies for selected personal and commercial lines are provided for both Ohio and the US, based on their 2002 direct premiums written. The information also provides insurer market share based on 2002 premium volume. Also provided is the total premium volume for each product line. Direct premiums written and market shares have been rounded.

Direct premiums are premiums collected from policyholders before reinsurance is deducted.

Sources for the charts are A.M. Best Company, the Ohio Department of Insurance (based on NAIC data) and the National Association of Insurance Commissioners (NAIC). Chart titles followed by an * denotes the NAIC as the data source.

There were 3,330 P/C companies in the US in 2002 compared to 3,188 in 2001. The life/health insurance industry consisted of 1,462 companies compared with 1,521 in 2001. (National Association of Insurance Commissioners)

According to A.M. Best data for 2002, only three states, Florida, Pennsylvania and Illinois, have more homeowners insurance providers than Ohio. In 2002, there were 289 companies licensed to write homeowners insurance in the Buckeye state. Ohio’s total homeowners premium volume ranks eighth in the nation.

Ohio’s direct premiums written for commercial auto for 2002 rose 10.9%, compared to 2001 premiums. (A.M. Best)

In 2002, commercial lines represented 52.4% of P/C net premiums written for about $197.6 billion. Personal lines represented $179.6 billion in net premiums written, for a 47.6% share of the P/C industry. (A.M. Best and Insurance Information Institute)

A.M. Best reports that 420 companies were writing private passenger auto insurance in the Buckeye state in 2002. Only Illinois has more auto insurance writers than Ohio. Ohio’s total auto premium volume ranks eighth in the nation.

After declining in 1999–2000, premiums for liability insurance rose sharply in 2001–2002 partly due to higher costs for hospitalization, pharmaceuticals and related legal costs. (Insurance Information Institute)

The average time spent driving each day by age group: • 15–19: 25 minutes • 20–24: 52 minutes • 25–54: 64 minutes • 55-64: 58 minutes • 65+: 39 minutes (US Department of Transportation, from USA Today, 11/7–11/9/03)

In 2003, bills limiting noneconomic damage awards in malpractice cases were signed into law in Arkansas, Florida, Ohio and Texas. 22 other states have laws that place some form of limits on jury awards in malpractice cases, bringing the total to 26: Alaska, California, Colorado, Hawaii, Idaho, Indiana, Kansas, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nevada, New Mexico, North Dakota, South Dakota, Utah, Virginia, West Virginia and Wisconsin. (US Department of Health and Human Services)