Best’s News & Research Service - August 01, 2023 11:01 AM (EDT)
Best’s Rankings: US Other Commercial Auto Liability Premiums Rise 11.3% in 2022
OLDWICK, N.J. //BestWire// - Direct premiums written for other commercial automobile liability insurance in the United States rose 11.3% from 2021 to 2022, with a little bit of change in the rankings of the top writers, according to a new Best’s Rankings report.
Total direct premiums written reached $45.41 billion in the United States last year, it said. The aggregate adjusted loss ratio for the industry also rose from 66.6 in 2021 to 72.3 in 2022, it said.
Progressive Insurance Group retained its position as the top writer of other commercial auto liability coverage with $7.11 billion in direct premiums written, a 5.3% increase from a year earlier. Its market share, however, fell to 15.7% from 16.6% in 2021, it said.
The remainder of the top four was unchanged, with Travelers Group second with $2.42 billion; Liberty Mutual Insurance Cos. third with $1.84 billion; and Old Republic Insurance Group fourth, with $1.6 billion.
Taking over fifth place was Zurich Insurance US PC Group, with $1.34 billion, a 10.9% increase over 2021. Berkshire Hathaway Insurance, 2021’s fifth-place holder, fell to sixth, with $1.33 billion in direct premiums written.
Among the top 10, No. 10 Farmers Insurance Group more than doubled its direct premiums written, with $989.5 million, leaping from 14th place in 2021, it said.
The Best Rankings report lists the top 100 writers of other commercial auto liability coverage in the United States in 2022, the total premiums written, the percentage change from 2021, market share 2020-2022, adjusted loss ratios 2020-2022 and their percentage of company premiums.
Subscribers can access the report and data here.
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(By Timothy Darragh, senior associate editor, BestWire: Timothy.Darragh@ambest.com)