Best’s News & Research Service - June 09, 2023 10:18 AM (EDT)
Best’s Ranking: State Farm Group Top US P/C Writer by NPW for 2022
OLDWICK, N.J. //BestWire// - Net premiums written rose 8.6% for U.S. property/casualty writers as several writers saw dramatic NPW gains.
The top 10 companies maintained their position from the previous year except No. 1 State Farm Group and No. 2 Berkshire Hathaway Insurance, which exchanged places. State Farm’s NPW rose 11.6% to $77.76 billion while Berkshire Hathaway’s NPW fell 2.1% to $73.56 billion.
Total NPW in 2022 for the U.S. P/C industry was $782.31 billion, according to the Best’s Ranking for the Top 200 U.S. Property/Casualty Writers of 2022.
For the top 200 writers, 2022 NPW rose 8.5% to $752.01 billion.
Among the biggest changes in rank was Citizens Property Insurance Corp., which rose to No. 45 in 2022 from No. 70 the previous year as its NPW rose 93.3% to $2.63 billion.
AM Best data for 2022 now prove what insurance-watchers assumed would be the case in Florida: Citizens Property Insurance Corp. is the top writer of homeowners multiperil coverage in the Sunshine State. The property insurer of last resort has 15.62% market share for homeowners coverage in Florida, rising from 10.17% in 2021, according to BestLink (BestWire, June 5, 2023).
The report measures company 2022 and 2021 net premiums written, percent change in 2022 and 2021 and company rank for 2022 and 2021.
Subscribers to Best’s News and Research Service can download the report at no charge, including full data in spreadsheet format.
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(By David Pilla, news editor, BestWire: David.Pilla@ambest.com)