Best’s News & Research Service - July 18, 2025 10:53 AM (EDT)
Best's Rankings: US Auto Physical Damage Industry's Direct Premiums Written Increased 14%
OLDWICK, N.J. //BestWire// - U.S. automobile physical damage direct premiums written increased 14% to $175.06 billion in 2024, according to a new Best’s Ranking report.
State Farm Group took the No. 1 with its $32.29 billion in DPW, up by 19.5% from the prior year. Seven of the top-10 ranked carriers posted double-digit gains for the year and there was no shift in ranking among the top five.
Progressive Insurance Group took second-place, with its $26.7 billion in premiums during 2024, up by 24.2% in the largest percentage gain among the top 10 carriers.
No. 7 Liberty Mutual Insurance Cos. registered the only decrease in DPW among the top 10 carriers. Its $5.68 billion figure was down by 12% from 2023, according to the ranking. Auto-Owners Insurance Group, which took the ninth position on the list, registered the second-largest gain among those in the top 10, with its $3.13 billion up by 23.5%.
The three-page report includes change in DPW from the prior year, market share and adjusted loss ratios for three years and the percentage of company premium written for the line.
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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)