Best’s News & Research Service - July 22, 2022 09:40 AM (EDT)
Best’s Rankings: Direct Premiums Rise 6.5% for US Total Auto in 2021
OLDWICK, N.J. //BestWire// - Direct premiums written for U.S. total automobile insurance rose 6.5% to $315.59 billion, according to a Best’s Ranking.
Progressive Insurance Group bypassed State Farm as the leading writer of total U.S. auto policies with a 14.2% rise in direct premiums written in 2021.
The increase gave Progressive a 14.1% share of the total U.S. auto market with $44.53 billion in direct premiums written.
State Farm had premium growth of 3.5% to $42.5 billion, leaving it with 13.5% market share, down from 13.9%, it said.
Berkshire Hathaway retained its third place in direct premiums written, with $39.1 billion written in 2021, it said. Berkshire increased its market share to 12.4%, it said.
Among the top 10 writers, direct premiums written fell by 0.2% at No. 5 USAA Group; and 2.5% at No. 9 Nationwide Group, it said.
The rankings include direct premiums written, percentage change, market share, adjusted loss ratios and percentage of company premiums.
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(By Timothy Darragh, associate editor, BestWeek: Timothy.Darragh@ambest.com)