Who Audits Insurance Companies – 2019 and 2020

Insurance companies registered with the National Association of Insurance Commissioners (NAIC) are required to file audited financial statements unless an exemption is granted.

In 2019, 223 different auditors reviewed financials for 3,950 insurance firms. In comparison, in 2020, 219 different auditors reviewed financials for 3,967 insurance companies. This is a notable drop from the 241 accounting firms that audited 3,946 insurance companies in 2018.

Changes to Insurance Audit Market Between 2019 and 2020

The top 10 firms auditing insurers experienced minimal change between 2019 and 2020. PWC and EY remained first and second, respectively. KPMG and Deloitte traded third and fourth place, with KPMG losing 22 clients and Deloitte gaining 11.

Other changes in the top 10 between years: Crowe and RSM swapped places, and Baker Tilly replaced BDO in the number 10 spot.

Additionally, we have the top 10 auditors who performed insurance audits in 2019.
Firstly, PwC has 678 clients and 16%of the insurance market share.
Secondly, EY has 636 clients and 15% of the insurance market share.
Thirdly, KPMG has 515 clients and 12.1% of the insurance market share.
Fourthly, Deloitte has 492 clients and 11.6% of the insurance market share.
Fifthly, Johnson Lambert has 164 clients and 3.9% of the insurance market share.
Sixthly, BKD has 87 clients and 2% of the insurance market share.
Seventhly, Crowe has 86 clients and 2% of the insurance market share.
Eighthly, RSM has 77 clients and 1.8% of the insurance market share.
Ninthly, Plante & Moran has 72 clients and 1.7% of the insurance market share.
Tenthly, BDO has 70 clients and 1.6% of the insurance market share.

Additionally, we have the top 10 auditors who performed insurance audits in 2020.
Firstly, PwC has 687 clients and 16.1%of the market share.
Secondly, EY has 659 clients and 15.4% of the market share.
Thirdly, Deloitte has 503 clients and 11.8% of the market share.
Fourthly, KPMG has 493 clients and 11.5% of the market share.
Fifthly, Johnson Lambert has 162 clients and 3.8% of the market share.
Sixthly, BKD has 91 clients and 2.1% of the market share.
Seventhly, RSM has 75 clients and 1.8% of the market share.
Eighthly, Crowe has 75 clients and 1.8% of the market share.
Ninthly, Plante & Moran has 69 clients and 1.6% of the market share.
Tenthly, Baker Tilly has 65 clients and 1.5% of the market share.

When expanding our view of the top auditors to the top 25 of 2020, we can see that the year-over-year changes are mostly minimal. There are, of course, exceptions. For example, Baker Tilly gained 18 clients, while Crowe and BDO each lost 11 and 10, respectively.

Top 25 Auditors of 
insurance Companies.

One word to sum up the year-over-year changes in the insurance audit market: consistency. Outside of the top 10, most firms either gained or lost a small number of clients.


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