Best’s News & Research Service - July 26, 2024 10:33 AM (EDT)
Best's Rankings: US Auto Physical Damage DPW Grows 16.8% in 2023
OLDWICK, N.J. //BestWire// - U.S. automobile physical damage direct premiums written increased 16.8% last year to $153.54 billion, according to a new Best’s Ranking report.
No. 1 State Farm Group’s premiums expanded by the greatest percentage among the 10 largest writers, rising 29.6% to $27.02 billion, although four insurers in the group upped DPW by at least 22.4%.
Progressive Insurance Group, the second-largest writer, increased auto physical damage direct premiums written 26.3%, to $21.5 billion.
One saw premiums decline, Nationwide P&C Group. A 0.8% reduction in DPW for the line, to $2.81 billion, dropped it to No. 10. American Family Insurance Group moved up to No. 9 on $3.08 billion in premiums, 22.4% higher than in 2022.
The report includes change in DPW from the prior year, market share and adjusted loss ratios for three years and the percentage of company premium written for the line.
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AM Best data sourced from Best’s Financial Suite, US.
(By Renée Kiriluk-Hill, senior associate editor, BestWire: Renee.Kiriluk-Hill@ambest.com)