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Immediate Vault

The Top 25 Property/Casualty Insurance Writers

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No, neither Johnathan Franzen nor myself made the list. We’re talking about the companies that wrote the most business in 2010. Here’s the full list of the top 25 U.S. carriers in terms of net premiums written, according to AM Best.

1. State Farm Group—$50,808,635
2. Allstate Insurance Group—$24,796,656
3. Liberty Mutual Insurance Cos.—$21,483,996
4. Berkshire Hathaway Insurance—$21,358,316
5. Travelers Group—$20,594,458
6. American International Group—$19,687,720
7. Nationwide Group—$14,489,531
8. Progressive Insurance Group—$14,476,676
9. Farmers Insurance Group—$14,129,512
10. USAA Group—$10,679,414
11. Hartford Insurance Group—$9,688,760
12. Chubb Group of Insurance Cos.—$8,927,736
13. CNA Insurance Cos.—$6,188,618
14. American Family Insurance Group—$5,324,290
15. Allianz of America—$4,666,301
16. Auto-Owners Insurance Group—$4,485,442
17. Munich-America Holding Corp.—$4,413,834
18. Zurich Financial Services NA Group—$4,400,123
19. Erie Insurance Group—$4,019,273
20. Ace INA Group—$3,705,475
21. Transatlantic Holdings Inc. Group—$3,418,020
22. W.R. Berkley Group—$3,392,330
23. The Hanover Insurance Group Property & Casualty Cos.—$3,053,508
24. MetLife Auto & Home Group—$2,983,236
25. Cincinnati Insurance Cos.—$2,965,462

Do Insurers Pose Systemic Risk?

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The G20 is meeting today and tomorrow and among the items of its agenda is finalizing the new, stricter capital requirements that Basel III will mandate for banks.

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And also insurers?

Perhaps, according to a new report from Bloomberg.

The Financial Stability Board and the Basel Committee on Banking Supervision are considering including insurers and clearing houses in measures to safeguard the world economy from crises at so-called systemically important financial institutions, said the people, who declined to be identified because the talks are private … “Systemic relevance does not depend on an insurer’s size, but on the nature of the business,” Allianz SE Chief Financial Officer Oliver Baete said in a conference call yesterday.

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“Defining systemic relevance by size is wrong.

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I would always be watching for weak business models as those could become systemically relevant faster than we all can imagine.”

Obviously, many insurers disagree.

“We firmly believe that insurers, if they keep to their core business, are not systemically relevant as banks are, and we are very confident that politicians will clearly see that difference,” Joerg Schneider, chief financial officer at Munich Re, the world’s biggest reinsurer, said in a conference call Nov. 9. “We regard ourselves as not systemically relevant and we are quite convinced that this is economically sound.”

What do you think?