Best’s News & Research Service - October 07, 2022 11:05 AM (EDT)
Best’s Rankings: Liberty Mutual, CNA, Chubb Stay at Top in US Inland Marine
OLDWICK, N.J. //BestWire// - U.S. inland marine direct premiums written increased 14.9% to $29.82 billion. Premiums rose as much as 66.4% among nine of the top-10 insurers, according to a new Best’s Ranking report.
Liberty Mutual Insurance Cos. remained the largest writer with a 13.7% market share as DPW rose 4.9% to $4.08 billion. CNA insurance Cos. grew premiums 3.1% to $3.64 billion to remain second, while Chubb INA Group saw double-digit growth of 14.1% as the third-largest U.S. marine inland insurer.
Insurtech Lemonade Insurance Co. jumped from No. 98 to No. 54 after DPW jumped 418.1% to $64 million.
Allianz US PC Insurance Cos. boosted DPW 66.4% and climbed four positions to the No. 4 spot.
In the top 10, FM Global was the sole group to reduce DPW, by 17.7% to $809.4 million.
The report includes 2021 direct premiums written for the top 100 U.S. inland marine writers and the percent change from the previous year. The information for each company or group in this study also includes market share and adjusted loss ratios for 2021, 2020 and 2019, and inland marine insurance as a percentage of the company’s total premiums.
Subscribers to Best’s News and Research Service can download the report at no charge, including full data in spreadsheet format.
Subscribers can access the report and data here.
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(By Renée Kiriluk-Hill, associate editor, BestWire: Renee.Kiriluk-Hill@ambest.com)