Best’s Rankings: Progressive Edges Out State Farm to Claim Lead in US Total Auto DPW
OLDWICK, N.J. //BestWire// - Progressive Insurance Group ascended to the top of the U.S. total automobile insurance ranking with a 16.4% market share in 2024, just edging out former No. 1 State Farm Group's 16.2% market share, according to a new Best's Ranking.
This past year, Progressive saw direct premium written rise 22.2% to reach $70.84 billion, while State Farm's DPW rose 17% to $69.76 billion. In 2023, the roles were reversed as State Farm moved from No. 2 to No. 1 and Progressive fell to the second spot (BestWire, June 21, 2024).
Rounding out the top five carriers for 2024, based on DPW, were Berkshire Hathaway, at $44.4 billion; Allstate Insurance Group, $37.24 billion; and USAA Group, $22.14 billion.
The overall sector saw DPW increase 12.8% to $431.69 billion in 2024. The adjusted loss ratio improved to 67.4 from 75.4 in 2023.
In addition to the change at the top of the ranking, Auto-Owners Insurance Group moved up a spot to No. 9 in 2024 as DPW increased 20% to $7.31 billion. American Family Insurance Group also moved up one spot and broke into the top 10 with $6.47 billion in DPW, up 8.2% from the prior year.
The report includes direct premium written, change in premiums, market share, adjusted loss ratio and percentage of the line in the company's overall business.
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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AM Best data sourced from Best's Financial Suite, US.
(By Steve Hallo, senior associate editor, BestWire: Steve.Hallo@ambest.com)