Best’s News & Research Service - July 26, 2024 10:19 AM (EDT)
Best's Rankings: US Total Auto Industry's Direct Premiums Written Increase 13.1% in 2023
OLDWICK, N.J. //BestWire// - Direct premiums written for U.S. total automobile insurance rose 13.1% to $382.63 billion in 2023, according to a new Best's Ranking report.
Top-ranked State Farm Group's DPW grew 24.6% to $59.65 billion in 2023, the largest increase among the top 10 carriers and enough to knock Progressive Insurance Group down one place to second. Progressive posted DPW of $57.97 billion for the 12-month period, up by 20.3%, according to the data.
No. 3 Berkshire Hathaway Insurance saw DPW increase 2.7% to $40.92 billion in 2023, according to the data. Allstate Insurance Group retained the fourth spot on the list, with its $33.69 billion in 2023, up 9% from the prior year. No. 5 USAA Group posted $19.85 billion in DPW for 2023, up 21% from a year earlier.
Nationwide P&C Group, which dropped to 10th place from 9th a year earlier, posted the largest decrease among the top 10 with its DPW of $6.66 billion down 6.9% from 2022, according to the ranking.
The rankings include direct premiums written, percentage change, market share, adjusted loss ratios and percentage of company premiums.
Subscribers can access the report and data here.
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AM Best data sourced from Best’s Financial Suite, US.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)