Best’s News & Research Service - July 22, 2022 09:50 AM (EDT)
Best’s Rankings: US Auto Physical Damage Direct Premiums Written Increases 7.2%
OLDWICK, N.J. //BestWire// - U.S. automobile physical damage direct premiums written rose 7.2% in 2021 for both the top 100 writers and the U.S. property/casualty industry overall, according to a new Best’s Ranking.
DPW rose to $121.1 billion for the U.S. industry overall and to $116.94 billion for the top 100 writers, which had an aggregate market share of 96.6%, the same as in the previous two years, AM Best said.
The top 10 auto physical damage writers all retained the same positions in rank from the previous year. The top underwriter, State Farm Group, saw DPW rise 6.4% to $18.11 billion. Berkshire Hathaway Insurance and Progressive Insurance Group, at No. 2 and No. 3, each posted a double-digit rise in DPW.
The only underwriter among the top 15 to see premiums fall in 2021 was Nationwide Group, which retained its No. 8 rank but had a 2.5% drop in 2021 DPW.
Markel Corp. Group rose to No. 20 from No. 25 with a 32.0% rise in 2021 DPW.
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)