Best's Rankings: California Earthquake Authority DPW Falls 9.1% as US Earthquake Premiums Rise
OLDWICK, N.J. //BestWire// - While U.S. earthquake direct premiums written increased 2.9% for the industry, premiums at No. 1 writer California Earthquake Authority declined 9.1% in 2024, according to a new Best's Rankings report.
The CEA wrote all of its $882.8 million in DPW in the country's largest market of California. Its national market share decreased to 14% from 15.8% in the prior year.
The industry wrote $6.33 billion in U.S. earthquake DPW in 2024.
Berkshire Hathaway Insurance dropped to No. 6 from No. 5 in the line after premiums declined 12.4% to $319.1 million.
QBE North America Insurance Group jumped to No. 9 from No. 24 with $191.5 million in DPW.
The report includes 2024 direct premiums written and percentage change, three years of market share and adjusted loss ratios and the percentage share of company premiums for the line.
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Subscribers can access the report and data here.
AM Best data sourced from Best’s Financial Suite, US.
(By Renée Kiriluk-Hill, senior associate editor, BestWire: Renee.Kiriluk-Hill@ambest.com)