Best’s News & Research Service - July 22, 2022 10:34 AM (EDT)
Best’s Rankings: US Private Passenger Auto Direct Premiums Written Rise 4.6% in 2021
OLDWICK, N.J. //BestWire// - Private passenger automobile direct premiums written increased 4.6% to $261.62 billion in the United States in 2021, according to a Best’s Ranking.
State Farm Group increased premiums 3.1% to $41.67 billion and remained the largest writer. No. 2 Berkshire Hathaway Insurance grew premiums 10.8% and No. 3 Progressive took in an additional 8.1% in private passenger auto direct premiums written.
Each group in the top-10 maintained its position, although premiums declined at No. 5 USAA Group and No. 8 Nationwide Group.
Insurtech Root Insurance Group moved up two places to No. 32 on a 17.7% increase in premiums, to $724.6 million.
Premiums at Redpoint County Mutual Insurance Co., which offers coverage through independent managing general agencies, rose 47.8%, moving to to the No. 54 position. In a late-2020 regulatory filing, it said new Tesla insurance program private passenger auto would be distributed in Texas through a digital insurtech platform from Tesla Insurance Services of Texas Inc.
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(By Renée Kiriluk-Hill, associate editor, BestWeek: Renee.Kiriluk-Hill@ambest.com)