Best’s News & Research Service - June 09, 2023 10:32 AM (EDT)
Best’s Rankings: 2023 US Property/Casualty Three-Month Net Premiums Rise 9.8%
OLDWICK, N.J. //BestWire// - Total U.S. property/casualty three-month 2023 net premiums written increased 9.8% to $209.89 billion, according to a new 2023 Best’s Ranking report.
Nationwide Group had the largest increase among the top 25 writers, recording a 37.1% increase in net premiums written. Overall, 22 of the top 25 writers increased their net premiums written in the quarter.
There was no change among the top five writers. State Farm Group topped the ranking with $21.12 billion in net premiums written for the quarter, an increase of 18.3%. No. 2 Berkshire Hathaway Insurance saw a 3% increase, to $19.06 billion.
No. 3 Progressive Insurance Group recorded an increase of 22.2%, to $16.11 billion. No. 4 Allstate Insurance Group’s increase was 8.7%, to $10.90 billion.
Liberty Mutual Insurance Cos. was the only group in the top five that posted lower net premiums written in the first quarter, declining 3% to $9.38 billion.
Subscribers to Best’s News and Research Service can download the report at no charge, including data in spreadsheet format.
The rankings include net premiums written, admitted assets, policyholder surplus and percentage changes.
Subscribers can access the report and data here.
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(By Anthony Bellano, associate editor, Best’s Review: anthony.bellano@ambest.com)