Best’s News & Research Service - July 22, 2022 09:46 AM (EDT)
Best’s Rankings: US Commercial Auto Direct Premiums Written Increases 17.2%
OLDWICK, N.J. //BestWire// - The U.S. commercial automobile insurance industry’s direct premiums written rose 17.2% in 2021, according to a new Best’s Ranking.
DPW rose to $53.97 billion for the U.S. commercial auto industry overall.
Top-ranked Progressive Insurance Group remained far in front of the market with $8.67 billion in DPW and increased its premiums 48.8% in 2021. The rest of the top five saw single-digit percentage premium increases.
Progressive’s market share rose to 16.1% from 12.7%. The rest of the top five underwriters saw slight market share declines.
Farmers Insurance Group moved up in rank most among the top 25 as it rose to No. 18 from No. 26. Erie Insurance Group fell to No. 21 from No. 17.
DPW fell 0.6% in 2021 for seventh-ranked Zurich Insurance US PC Group, the only decline for the industry until No. 38 IAT Insurance Group, which saw a 2.2% drop.
The three-page report includes 2021 DPW; percentage change in premiums; market share for 2021, 2020 and 2019; adjusted loss ratios for those three years; and percentage of company premiums.
Subscribers to Best’s News and Research Service can download the report at no charge, including data in spreadsheet format.
Subscribers can access the report and data here.
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(By David Pilla, news editor, BestWeek: David.Pilla@ambest.com)