Best's Rankings: US Property/Casualty 2024 DPW by Line Rises 9.5%
OLDWICK, N.J. //BestWire// - U.S. property/casualty 2024 direct premiums written by line rose 9.5% to $1.06 trillion, according to a new Best's Rankings report.
Among the top three lines, private passenger automobile liability rose 11.8% to $200.84 billion. Auto physical damage rose 14.0% to $175.06 billion. Homeowners multiperil rose 13.4% to $173.08 billion.
For private passenger auto liability, lead writer State Farm Group had a 17.9% market share with 32.9% of its premiums from the line. No. 2 Progressive Insurance Group had a 17.8% market share.
In auto physical damage, top writer State Farm Group's market share was 18.4% and 29.6% of its total DWP.
For homeowners multiperil, Stare Farm Group was No. 1 with an 18. 2% market and 28.9% of its total DPW.
Other P/C lines in the ranking, all of which were below 10% of total DWP, are commercial multiperil, workers' compensation, commercial auto liability, allied lines, inland marine (including pet insurance as a new line in 2024), fire and medical professional liability, among others.
The ranking includes DPW by line, top and second-place writers, line's percent of total market, percent change from the previous year, adjusted loss ratios for 2023 and 2022, percent of market share and percent of writer total DPW for lead and second writers.
Subscribers can access the report and data here.
Learn more about Best's News and Research Service.
AM Best data sourced from Best's Financial Suite, US.
(By David Pilla, news editor, BestWire: David.Pilla@ambest.com)