Best’s News & Research Service - July 26, 2024 11:19 AM (EDT)
Best’s Rankings: US Other Private Passenger Auto Liability 2023 DPW Rises 12.9%
OLDWICK, N.J. //BestWire// - Direct premiums written in the U.S. other private passenger automobile liability market grew 12.9% to reach $161.9 billion in 2023, a year which saw many of the leading companies, in terms of market share, retain their spots in the top 10, according to a new Best’s Rankings report.
State Farm Group held the top spot with a market share of 17.5%. In 2023, the company saw DPW increase 21.5%. Progressive Insurance Group, which came in at No. 2 with a 15.8% market share, saw DPW increase 22%. Berkshire Hathaway Insurance, Allstate Insurance Group and USAA rounded out the top five with market shares of 12.3%, 10.7% and 6.2%, respectively.
The only notable year-on-year change among the top 10 companies was Liberty Mutual Insurance Cos. falling from No. 6 in 2022 to No. 7 this past year, with a 5.8% drop in DPW. Farmers Insurance Group moved into No. 6, up a spot from prior year, despite a 0.4% decline in DPW.
Subscribers can access the report and data here.
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AM Best data sourced from Best’s Financial Suite, US.
(By Steve Hallo, senior associate editor, BestWire: Steve.Hallo@ambest.com)