Best’s News & Research Service - September 13, 2024 11:00 AM (EDT)
Best's Rankings: US P/C Vision Only Direct Premiums Written Decrease 1.6%
OLDWICK, N.J. //BestWire// - The U.S. property/casualty vision-only industry's direct premiums written decreased 1.6% in 2023 to $18.7 million, according to a new Best's Rankings report.
There was no movement among the four carriers listed in the report.
Top-ranked UPMC Insurance Group held a market share of 78.3%, a growth of 3.2% from the previous year. The company had DPW of $14.6 million for a gain of 2.6%, compared with 2022, according to the data.
BCBS Insurance Co., which took the No. 2 spot on the list, saw its DPW drop 14.2% in 2023 to $3.5 million, according to the ranking. Its 2023 market share also dropped to 18.7% from 21.4% during the time frame.
Third-place Independence Pet Insurance Group reported 2023 DPW of $484,000, a drop of 13.9%. Taking the fourth and final spot, Axis US Operations reported DPW of $91,000, down 11.7%, according to the ranking.
The report includes 2023 direct premiums written, percentage change, market share and adjusted loss ratios for 2023 and 2022, and the percent 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.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)