Best’s News & Research Service - June 16, 2022 10:54 AM (EDT)
Best’s Rankings: State Farm Strengthens Its Grip on Homeowners Multiperil in 2021
OLDWICK, N.J. //BestWire// - State Farm Group strengthened its grip on its ranking as the top U.S. writer of homeowners multiperil insurance, writing $22 billion in direct premiums written in 2021 — an increase of 11.8% — according to a new Best’s Ranking report.
The group outpaced the growth in homeowners multiperil premiums among all carriers, which rose 8.3% in 2021 to $119.74 billion, it said.
State Farm’s market share grew to 18.4% in 2021, up from 17.8% in 2020, it said.
Allstate Insurance Group remained in second place, with $10.5 billion in direct premiums written, it said.
Among the top 10 writers of homeowners multiperil coverage, No. 10 Progressive Insurance Group saw the largest growth, writing $2.21 billion in direct premiums in 2021, a 16.9% increase, it said.
The AM Best ranking captures 2021 homeowners multiperil direct premiums written in 2021, the percentage change in premiums year over year, market share from 2019-2021 and adjusted loss ratios, 2019-2021.
Subscribers can access the report and data here.
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(By Timothy Darragh, associate editor, BestWeek: Timothy.Darragh@ambest.com)