Best’s News & Research Service - August 02, 2024 09:58 AM (EDT)
Best's Rankings: US Private Flood Direct Premiums Written Increase 9.2%
OLDWICK, N.J. //BestWire// - The U.S. private flood industry's direct premiums written Increased 9.2% to $1.43 billion in 2023, according to a new Best's Rankings report.
For the top 25 writers, private flood DPW rose 8.8% to $1.37 billion.
There was movement among the top 10 writers in the ranking as top-ranked Berkshire Hathaway Insurance rose from No. 3, up 47.8% to $184.0 million.
Zurich Insurance US P/C Group remained at No. 2 as its DPW rose 12.2% to $169.7 million. XL America Cos. advanced to No. 3 from No. 5, with DPW rising 23.2% to $144.5 million.
American International Group fell from the top spot to No. 5 as DPW fell 31.5% to $120.0 million.
The two-page report includes 2023 direct premiums written for the insurers and percent change from 2022; market share and adjusted loss ratios for 2023, 2022 and 2021; and private flood as a percentage of company premiums.
Subscribers can access the report and data here.
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AM Best data sourced from Best's Financial Suite, US.