Considering that the property/casualty industry was buffeted by everything from terrorism to natural disaster to financial meltdowns, the sector’s financial performance for the past decade has been estimable, a new report for New York-based Fitch Ratings finds.
The report, “Property/Casualty Insurer Long-Term Financial Performance, Decade In Review: 2000−2009,” examines the 25 largest market participants over the last 10 years. The report places Bloomington, Ill.-based State Farm Mutual Automobile Insurance Co. at the top of the list, accounting for 11.7% of new written premium in the market. Northbrook, Ill.-based Allstate Insurance Co. and the insurance entities of Omaha, Neb.-based Berkshire Hathaway came in next at 5.9% and 5.0%, respectively. Fitch noted that many of the companies with the largest growth in market share did so through large acquisitions, citing Hartford, Conn.-based Travelers Cos. Inc. and Boston-based Liberty Mutual Group Inc. as examples.
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