Best’s News & Research Service - September 13, 2024 10:28 AM (EDT)
Best’s Rankings: US Fire and Allied DPW Increased 16.9% in 2023
OLDWICK, N.J. //BestWire// - The U.S. fire and allied lines business saw direct premiums written increase 16.9% to reach $87.78 billion in 2023, a year that saw the top 25 insurers account for roughly 70% of the market, according to a new Best’s Rankings report.
Ranked No. 1, Zurich Insurance US PC Group saw DPW increase 0.3% to reach $6.05 billion, while No. 2 Chubb INA Group had a 5.6% increase in DPW, which totaled $5.68 billion.
FM Global Group moved up one spot to No. 3 in the ranking as its DPW increased 19.2% to reach $4.89 billion. Fire and allied lines accounted for 70.5% of the company’s premiums in 2023, according to the report.
QBE North American Insurance Group ranked No. 4 with $4.73 billion in DPW and No. 5 Berkshire Hathaway Insurance’s fire and allied lines DPW increased 52.4% to reach $4.33 billion. Sompo Holdings US Group dropped to No. 6 from third a year prior with its DPW of $3.76 billion down 11.3%.
Rounding out the top 10 were No. 7 American International Group, $3.75 billion; No. 8 Travelers Group, $2.96 billion; and No. 9 Liberty Mutual Insurance Group, $2.58 billion, according to Best’s Rankings. No. 10 Starr International Group saw its DPW rise 76.1% to $2.13 billion, according to the data.
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)