Best’s News & Research Service - June 16, 2023 12:36 PM (EDT)
Best’s Rankings: Direct Premiums Rise 7.1% for US Total Auto in 2022
OLDWICK, N.J. //BestWire// - Direct premiums written for U.S. total automobile insurance rose 7.1% to $338.14 billion as the five largest writers remained unchanged, according to a Best’s Ranking measuring the industry for the full-year 2022.
Progressive Insurance Group retained the top ranking among the carriers, with its $48.19 billion in direct written premiums for 2022 up 8.2% from the prior year. Progressive’s market share increased to 14.3% from 14.1% in 2021.
State Farm Group took the second-place position, with $47.87 billion in direct written premiums in 2022 up by 12.6% from the previous year. Its market share jumped to 14.2% from 13.5% in 2021, according to the ranking.
Berkshire Hathaway, the No. 3 company on the list, saw premium growth of 1.9% in 2022 to reach $39.84 billion. At the same time, market share of 11.8% dropped in 2022 from 12.4% a year earlier.
Among the top 10 writers, only Nationwide Group saw a drop in direct premiums written of 1.4% to $7.15 billion.
The rankings include direct premiums written, percentage change, market share, adjusted loss ratios and percentage of company premiums.
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(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)