Best’s Rankings: Chubb Buoys US P/C Medicare Supplement DPW
OLDWICK, N.J. //BestWire// - In 2024, most U.S. property/casualty insurers writing Medicare supplement coverage saw direct premiums written decline, except for Chubb INA Group and State Farm Group, according to a new Best's Rankings report.
Chubb's Medicare supplement DPW was up 281.1% to $151.3 million in 2024, which saw the company move up one spot in the ranking to No 2. Overall, the company held a 28.1% market share, up from 9.1% in 2023.
While Chubb saw the highest growth, State Farm retained its No. 1 spot with a 57.2% market share and $308.4 million in DPW, up 2%, in 2024, according to the ranking.
Overall, the industry's DPW increased 23.9% to $539.4 million.
The remaining ranked carriers all saw DPW decline this past year, with Fairfax Financial (USA) Group seeing a 42.8% decline, the steepest in the ranking. The company fell one spot to No. 6 on the 2024 ranking and its market share tumbled to 1.6% from 3.5% the year prior.
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 can access the report and data here.
Learn more about Best's News and Research Service.
AM Best data sourced from Best's Financial Suite, US.
(By Steve Hallo, senior associate editor, BestWire: Steve.Hallo@ambest.com)