Best’s News & Research Service - October 08, 2021 09:00 AM (EDT)
Best’s Rankings: US 2020 Inland Marine Direct Premiums Written Drop 1.9%
OLDWICK, N.J. //BestWire// - Direct written premium for U.S. inland marine carriers fell 1.9% in 2020, according to a new Best’s Rankings report.
For the total U.S. property/casualty industry, inland marine direct written premiums were $25.95 billion in 2020.
Liberty Mutual Insurance Cos. and CNA Insurance Cos. retained their positions from 2019 as the No. 1 and No. 2 writers of inland marine in 2020.
For most of the rest of the top 10 carriers, positions changed as business ebbed and flowed. Chubb INA Group bumped up from fourth in 2019 to third. as direct premiums written increased 12.9% to $1.53 billion.
However, American International Group dropped from third to fourth with $1.1 billion in direct premiums written, a drop of 32.8% from 2019. Likewise, Allianz U.S. PC Insurance Cos. premium fell 33.2% to $842.6 million, as the company fell to eighth from fifth place.
The list shows rankings of the top 100 inland marine writers, including the amount of premiums written, the change from 2019, market share over the past three years, adjusted loss ratios over the past three years and inland marine premium written, as a total of all premiums written.
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(By Timothy Darragh, associate editor, BestWeek: Timothy.Darragh@ambest.com)