Best’s News & Research Service - June 16, 2023 12:57 PM (EDT)
Best’s Rankings: State Farm Remains No. 1 in US Homeowners Multiperil Market
OLDWICK, N.J. //BestWire// - State Farm Group continues to dominate the U.S. homeowners multiperil insurance market with an 18.3% share, based on 2022 direct premiums written, according to a new Best’s Ranking. Direct premiums written for State Farm increased 10.8% to $24.43 billion.
Florida’s insurer of last resort, Citizens Property Insurance Corp., rose three spots to No. 11 after premiums jumped 79% to $2.26 billion. That accounted for a 1.7% of the U.S. homeowners multiperil insurance market.
Multiple carriers concentrating on business in coastal states moved into the top-100 list, including Florida-based insurtech Slide Insurance Co. at No. 42 and insurtech Kin Insurance Group at No. 77.
DPW for the U.S. homeowners insurance market in 2022 totaled $133.8 billion, up 11.7% from the previous year.
The report measures 2022 DPW for the top 100 U.S. homeowners insurers and the percent change from the previous year. The information for each company or group in this study also includes market share and adjusted loss ratios for 2022, 2021 and 2020 and homeowners insurance as a percentage of the company’s total premiums.
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(By Renée Kiriluk-Hill, senior associate editor, BestWire: Renee.Kiriluk-Hill@ambest.com)