Best’s News & Research Service - September 06, 2024 10:45 AM (EDT)
Best’s Rankings: State Farm Retains Top Market Share of US P/C Medicare Supplement in 2023
OLDWICK, N.J. //BestWire// - State Farm Group continued to hold a large swath of the U.S. property/casualty Medicare supplement sector this past year, with the company’s market share hitting 69.5% and direct premiums written totaling $302.45 million, according to a new Best’s Rankings report.
Overall, the sector saw DPW increase 2% to reach $435.25 million, according to the new ranking. The sector’s adjusted loss ratio was 78.3, a slight deterioration from 76.7 in 2022.
Although State Farm retained the No. 1 spot, Fairfax Financial (USA) Group saw DPW grow the fastest, increasing 97.3% to reach $15.05 million. Fairfax Financial ranked No. 5 on the list.
Outside of Fairfax Financial, the rest of the ranked carriers saw DPW decline or remain flat year-on-year.
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)