Best’s News & Research Service - June 21, 2024 10:35 AM (EDT)
Best's Rankings: US Total Auto 2023 DPW up 13.1% as State Farm Assumes Top Spot
OLDWICK, N.J. //BestWire// - Direct premiums written for U.S. total automobile insurance rose by 13.1% in 2023, as State Farm Group moved to the top of the line, according to a new Best's Rankings report.
Total DPW for the line increased to $382.63 billion in 2023, with similar percentage increases seen across the board, according to the report. DPW for the top 100 insurers was up 13.2% to $365.42 billion, and DPW for the top-50 writers was up 13.0% to $342.27 billion.
While much of the top-10 held steady, State Farm moved to first from second thanks a 24.6% DPW increase to $59.65 billion. It was the largest increase among the top-10 writers, according to the report.
Progressive Insurance Group dropped from first to second despite its 20.3% increase to $57.97 billion DPW, according to the report.
The report includes direct premium written, change in premiums, market share, adjusted loss ratio and percentage of the line in the company’s overall business.
Subscribers to Best’s News and Research Service can download the report at no charge, including data in spreadsheet format.
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AM Best data sourced from Best’s Financial Suite, US.
(By Anthony Bellano, associate editor, Best's Review: anthony.bellano@ambest.com)