Best’s News & Research Service - October 06, 2023 09:58 AM (EDT)
Best’s Rankings: US Products Liability (Total) Direct Premiums Written Increases 12.6% in 2022
OLDWICK, N.J. //BestWire// - The U.S. products liability (total) industry’s direct premiums written increased 12.6% to $4.99 billion in 2022, according to a new Best’s Rankings report.
Leading the ranking with the most direct premiums written for the period was Chubb INA Group, which posted $528.5 million for a gain of 9.8% from the prior year and held a 2022 market share of 10.6%. No. 2-ranked Liberty Mutual Insurances Cos. posted the largest gain among the top 10 carriers, with its $299.6 million in DPW up 34.5% from the prior year and a market share of 6%.
Allianz US PC Insurance Cos., which moved down one place from the previous year to take third place, saw its DPW decrease by 2.1% to $245.7 million with a market share of 4.9%. Great American P&C Insurance Group held the fourth-place position, with DPW of $225.4 million up 10.3% from 2021 figures and a market share of 4.5%.
W.R. Berkley Insurance Group moved up one spot to round out the top five carriers with a DPW of $216.2 million that increased by 15.8% from the previous year. Berkley had a market share of 4.3%.
The three-page AM Best ranking measures: direct premiums written in 2022; the percentage change; market share for 2022, 2021 and 2020; adjusted loss ratios for 2022, 2021 and 2020; and the percent of company premiums.
Subscribers can access the report and data here.
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(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)