Best’s Rankings: US Private Passenger Auto DPW Decreased 1.5% in 2020
OLDWICK, N.J. //BestWire// - U.S. private passenger automobile insurers saw direct premiums written in 2020 drop 1.5% from the prior year to $250.13 billion, according to a 2021 Best’s Rankings.
State Farm Group topped the list of companies writing private passenger coverage, with $40.39 billion in direct premiums during 2020, a decrease of 2% from a year earlier. Second-place Berkshire Hathaway Insurance experienced a slightly larger drop with $33.78 billion in DPW — 3.2% lower than the prior year.
American Family Insurance Group saw the largest percentage drop among the top 10 largest U.S. private passenger auto insurers, with $5.16 billion in DPW in 2020 — down 10.5% from the prior year. Progressive Insurance Group, which ranked third overall, posted the biggest increase in the top 10, with the $33.17 billion in DPW it posted for 2020 rising by 6.9%.
The three-page AM Best report measures: 2020 direct premiums written; the percent change from the prior year; market share and adjusted loss ratios for 2018, 2019 and 2020, as well as auto insurance as a percentage of company premiums.
Subscribers can access the report and data here.
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(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)