Best’s News & Research Service - July 25, 2023 02:24 PM (EDT)
Best’s Rankings: US Commercial Auto Industry’s Direct Premiums Written Increased 11.2%
OLDWICK, N.J. //BestWire// - The U.S. commercial automobile insurance industry’s direct premiums written grew 11.2% to $60.1 billion in 2022, according to a new Best’s Ranking.
No. 1-ranked Progressive Insurance Group saw its DPW increase 6.8% to $9.27 billion, even as its market share dropped slightly to 15.4% in 2022 from 16.1% a year earlier. Progressive remained far ahead of the pack and all carriers in the top five saw positive growth in DPW.
Travelers Group, which took second, saw its DPW increase 5.5% to $3.14 billion in 2022. Third-ranked Liberty Mutual Insurance Cos. saw the largest DPW gain among the top five on a percentage basis, with an increase of 14.2% to $2.35 billion in 2022.
Old Republic Insurance Group saw an 11.4% DPW rise to $2.25 billion and Zurich Insurance Group rose to No. 5 in 2022 from seventh a year earlier with $1.77 billion for a rise of 9.7%.
Among the top 10 carriers, only Nationwide Group saw a drop in DPW, with its $1.64 billion down 2.5%.
The three-page report includes 2022 DPW; percentage change in premiums; market share for 2022, 2021 and 2020; adjusted loss ratios for those three years; and percentage of company premiums.
Subscribers can access the report and data here.
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(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)