Best's Rankings: US Commercial Auto Industry’s Direct Premiums Written Increased 12.1%
OLDWICK, N.J. //BestWire// - U.S. commercial automobile carriers saw direct premiums written increased 12.1% in 2024 to a total of $72.18 billion, according to a new Best's Rankings report.
Progressive Insurance Group, which retained its spot at the top of the list, saw its DPW climb 11% to $10.79 billion for 2024. The company was nearly $7 billion in premiums higher than its nearest competitor and saw its market share largely unchanged at 15% in 2024, compared with 15.1% a year earlier, according to the report.
Travelers Group, which took second in the ranking, saw its DPW climb 12.1% to $3.86 billion in 2024. Third-ranked Old Republic Insurance Group saw its DPW rise 17.8% in 2024 to reach $2.95 billion, according to the report.
Liberty Mutual Insurance Cos., which came in fourth after falling one spot from the prior year, had DPW of $2.79 billion for an increase of 2.7%.
The three-page report includes 2024 DPW; the percentage change in premiums; market share for 2024, 2023 and 2022; adjusted loss ratios for those three years; and percentage 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)