Best’s News & Research Service - July 26, 2024 10:57 AM (EDT)
Best's Rankings: US Private Passenger Auto No Fault Direct Premiums Written Increase 5.4%
OLDWICK, N.J. //BestWire// - The industry’s U.S. private passenger automobile no fault 2023 direct premiums written rose 5.4% to $17.8 billion, according to a new Best’s Rankings report.
DPW rose 5.5% to $17.75 billion for the top 100 writers and rose 4.8% to $16.5 billion for the top 25 writers, according to the data.
Progressive Insurance Group moved up one position to top the list, with its $3.28 billion in DPW in 2023 up 13%, according to the report. Berkshire Hathaway Insurance moved down one place to second, with its $3.14 billion down 1.8%.
State Farm Group retained the No. 3 spot, with $2.95 billion in DPW for 2023 up 6.4%, compared with the prior year. Allstate Insurance Group also held steady at No. 4, with $1.73 billion in premium up 6.2% from the prior year.
The report measures 2023 DPW for the top 100 U.S. private passenger auto no fault writers; percent change from 2022; market share for 2023, 2022 and 2021; adjusted loss ratios for those three years; and auto DPW as a percentage of company premiums.
AM Best data sourced from Best’s Financial Suite, US.
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)