Best’s News & Research Service - June 28, 2024 10:30 AM (EDT)
Best’s Rankings: US 2023 Property/Casualty DPW By Line Up 10.5%
OLDWICK, N.J. //BestWire// - U.S. property/casualty direct premiums written by line increased by 10.5% in 2023 to $967.27 billion, while the adjusted loss ratio improved by about 2 points, to 65.6, according to a new Best's Rankings report.
Adjusted loss ratios dropped in several lines, including an improvement to 76.0 from 78.6 in private passenger automobile liability, the industry’s largest property/casualty line at 18.6% of direct written premiums, according to the report. Direct written premiums increased 12.0% to $179.62 billion for the line.
For auto physical damage, the second-largest line at $153.54 billion in DPW, the adjusted loss ratio improved to 74.2 from 81.0, according to the report. There were also decreases in total allied lines, inland marine, fire, and ocean marine, among others.
The top writer in each of the three largest lines was State Farm Group according to the report. Its largest market share was 17.7% for homeowners multiperil, 17.6% for auto physical damage, and 17.4%, for private passenger auto.
The report includes direct premium written by business line, share of the total U.S. property/casualty market, the percentage change from the prior year, adjusted loss ratios for 2022 and 2023, and the two largest writers in each line with their market share and percentage of the line in the company’s overall business.
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AM Best data sourced from Best’s Financial Suite, US.
(By Anthony Bellano, associate editor, Best's Review: anthony.bellano@ambest.com)