Best’s News & Research Service - June 16, 2022 11:19 AM (EDT)
Best’s Rankings: Progressive Surpasses State Farm to Become Largest US Total Auto Writer in 2021
OLDWICK, N.J. //BestWire// - Progressive Insurance Group has overtaken State Farm Group to become the largest U.S. total automobile insurance writer with a 14.1% market share, compared with State Farm’s 13.5% share, according to a new Best’s Rankings report.
Progressive increased direct premiums written 14.2% last year to $44.53 billion. State Farm dropped to the second-largest total auto writer after DPW increased 3.5% to $42.5 billion in 2021.
Direct premiums written rose 6.5% for all U.S. total auto writers, to $315.57 billion.
Berkshire Hathaway, thanks mostly to its Geico unit, remained the third-largest U.S. total auto writer with $39.1 billion in direct premiums written, an 11.1% increase that saw it improve its market share to 12.4%.
The remaining top-10 writers also retained their prior-year rankings. Direct premiums written declined at two insurers — No. 5 USAA Group, by 0.2%, and No. 9 Nationwide Group, by 2.5%.
The ranking includes 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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(By Renée Kiriluk-Hill, associate editor, BestWeek: Renee.Kiriluk-Hill@ambest.com)