Best’s News & Research Service - September 22, 2023 10:04 AM (EDT)
Best’s Rankings: US Property Catastrophe Risk DPW Up 12.1% in 2022
OLDWICK, N.J. //BestWire// - Direct premiums written for U.S. property catastrophe risks rose 12.1% in 2022 to $416 billion, a new Best’s Rankings report says.
At the top of the ranking is State Farm Group, which reported $48.37 billion in DPW for the year, an increase of 12.7%, it said. The company maintained a market share of 11.6%, it said.
Allstate Insurance Group remained in second place, with $26.57 billion in DPW, up 10% over 2021, it said.
Among the top 10 writers, fourth-place Progressive Insurance Group, with $20.59 billion in DPW, flipped places with Berkshire Hathaway Insurance, ranking fifth, with $20.21 billion.
All of the top 10 companies reported year over year increases in DPW, with Chubb INA Group reporting the largest increase of 15.7%, it said.
The rankings report lists the 100 U.S. property catastrophe risk insurers by direct premium written, the percentage change in DPW from 2021, market share from 2020-2022, adjusted loss ratios 2020-2022 and property catastrophe risk DPW as a percentage of company premiums.
Subscribers can access the report and data here.
Learn more about Best’s News and Research Service.
(By Timothy Darragh, senior associate editor, BestWire: Timothy.Darragh@ambest.com)