Best’s News & Research Service - July 24, 2023 12:37 PM (EDT)
Best’s Rankings: Progressive Jumps to No. 2 in US Private Passenger Auto Insurance for 2022
OLDWICK, N.J. //BestWire// - State Farm Group held on to its position as the top writer of private passenger automobile insurance by direct premiums written in 2022, according to a new Best’s Ranking report.
State Farm wrote $46.7 billion in DPW in 2022, a 12% increase over 2021 and enough to raise its market share to 16.8%, it said.
Progressive Insurance Group leaped to second place from third, writing $38.93 billion in DPW, up 8.6%, it said.
Falling to third place was Berkshire Hathaway Insurance Group, with $38.13 billion, an increase of 1.9% over 2021, it said.
Nationwide Group fell two spots to 10th, writing $5.5 billion in DPW, a decline of 1.1%, it said. It was the only writer in the top 10 to have a decline in DPW.
The top 100 writers of private passenger auto coverage wrote $273.51 billion in DPW in 2022. That was a 6.2% increase over 2021, it said.
Also noteworthy is, among the top 10 companies, all reported higher adjusted loss ratios in 2022. State Farm, for example, saw its adjusted loss ratio rise to 94.7, up from 72.9 in 2021, it said.
The ranking report lists the top writers by direct premiums written, the change in DPW from 2021 to 2022, market share 2020-2022, adjusted loss ratios 2020-2022 and private passenger 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)