By: Hemanth Ramesh August, 27, 2019
Gavop has identified the top 5 multi-peril home insurance providers in Indiana by analyzing the market share report for 2019, published by the National Association of Insurance Commissioners (NAIC).
State Farm has the highest market share in the multi-peril home insurance segment in Indiana, with25.26%. The firm reported a sum of $502,702 in direct premiums written and $ 496,726 in direct premiums earned. AM Best credited State Farm with the highest possible score of A++ for their superior ability to meet their current financial obligations.
Liberty Mutual is the second-largest player in Indiana’s multi-peril homeowner’s insurance segment, with a market share of 8.07%. The firm rewards responsible choices by homeowners with home insurance discounts regardless of where they live in Indiana. Liberty Mutual offers exclusive savings to cover over 1,000 college alumni groups, companies, and associations across Indiana. Liberty Mutual has received an A rating from AM Best for their excellent ability to meet their current financial obligations.
All State accounts for 8.05% of the market share in the multi-peril homeowner's insurance segment in Indiana. Rated A+ for their superior financial ability to meet their ongoing insurance obligations by Am Best, the firm typically covers the following components in a standard homeowners insurance policy:
Indiana Farm Bureau
Indiana Farm Bureau holds 8.04% of the market share in the multi-peril homeowner's insurance segment in Indiana. The firm has received an A rating from AM Best for their excellent financial ability to meet their current insurance obligations. In 2018, Indiana Farm Bureau’s direct premiums written amounted to $159,919 while the direct premium earned was $ 156,073.
American Family Insurance
American Family Insurance wrote $128,036 in direct insurance premiums and collected $ 123,914 in direct premiums earned in 2018 in Indiana. AM Best gave American Family a rating for A for their excellent financial ability to meet their current insurance obligations. The firm holds a 6.43% market share in the multi-peril homeowner's insurance segment.
The chart below shows the market shares held by the top 5 insurance firms in the multi-peril homeowner's insurance segment.
Hemanth Ramesh works as a writer for Gavop. He has previously written content for film promotions, start-ups, advertising agencies and event management firms. Hemanth Ramesh completed his MA in Journalism and Mass Communication from The English and Foreign Languages University. His other passion includes script writing.