Best’s News & Research Service - September 13, 2024 11:34 AM (EDT)
Best's Rankings: U.S. Homeowners Multiperil Industry's DPW Increased 14.1% in 2023
OLDWICK, N.J. //BestWire// - The U.S. homeowners multiperil industry’s direct premiums written increased 14.1%, reaching $152.68 billion in 2023, according to a new Best’s Rankings report.
State Farm Group retained its perch atop the list of the top 100 carriers, with $27.04 billion in DPW for 2023, posting a 10.7% increase and a market share of 17.7%. Homeowners multiperil accounted for 28.8% of the company's premiums, according to the data.
There was no movement among the top five carriers on the list. None of the top 24 reported a decline in DPW.
No. 10-ranked Citizens Property Insurance Corporation of Florida moved up one position from 2022, with DPW of $3.2 billion, up by 42.2%, according to the data. Homeowners multiperil accounted for 63.3% of the company's premiums.
No. 11 Progressive Insurance Group moved down one spot even as it saw DPW increase 20.8% to $2.95 billion. The line comprised 4.7% of its premiums.
The three-page report measures 2023 DPW for the top 100 U.S. homeowners insurers, the percent change from the previous year, market share and adjusted loss ratios for 2023, 2022 and 2021. It also details homeowners insurance as a percentage of the company’s total 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)