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In This List

USAA leapfrogs Liberty Mutual in homeowners line; Progressive's growth continues

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USAA leapfrogs Liberty Mutual in homeowners line; Progressive's growth continues

Strong growth in premiums written pushed United Services Automobile Association into the top three writers of U.S. homeowners business during the second quarter of 2019.

An S&P Global Market Intelligence analysis shows that, across the industry, homeowners premiums rose by 5.3% year over year in the quarter, as compared to 5.2% in the prior-year period.

Of the 20 largest homeowners insurers by premiums written, 18 reported year-over-year premium increases in the quarter and five recorded double-digit growth. The cohort accounts for roughly 72% of the industry's total written premiums.

Among those big companies, Progressive Corp. posted the largest increase at 17.03%, logging premiums written of $443.2 million in the quarter, good enough for the No. 12 spot. Progressive's premium growth was ahead of its peers because it is a newcomer in the homeowners market and is growing from a smaller base, CFRA analyst Cathy Seifert said in an interview.

That said, Progressive is starting to close in on the top 10. Erie Indemnity Co., which was the only insurer in the list that posted a loss ratio of more than 100% in the second quarter, sits in the No. 10 position having written $484.4 million in premiums in the second quarter. Auto-Owners Insurance Co. Inc. retained its hold on 11th after boosting its premiums written by 9.25% year over year to $463.7 million.

The U.S. homeowners market continues to be dominated by State Farm Mutual Automobile Insurance Co., which saw its premiums written rise 3.56% year over year to $5.16 billion.

Although the rankings for many of the top insurers stayed the same, the quarter did see Liberty Mutual fall out of the top three after increasing its homeowners premiums by just 1.29%. Fast-rising USAA overtook Liberty Mutual in the second quarter as its premiums jumped 10.91% year over year to $1.91 billion.

American International Group Inc. and Hartford Financial Services Group Inc. also dipped one spot each to 14th and 17th, respectively.

AIG's premiums decreased 3.31% to $327.1 million, while The Hartford recorded a 2.40% year-over-year reduction in premiums written during the second quarter.

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