Best’s News & Research Service - June 09, 2023 04:22 PM (EDT)
Best’s News: State Farm Group Top US P/C Writer by NPW for 2022, New Best’s Ranking Finds
OLDWICK, N.J. //BestWire// - Net premiums written rose 8.6% for U.S. property/casualty writers as several writers saw dramatic NPW gains, according to the latest Best’s News.
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.
Also featured in the news Best’s News:
— California Insurance Commissioner Ricardo Lara says he cannot stop homeowners insurers such as State Farm from putting a freeze on new homeowners business in the state, but he remains confident it will return.
Lara said the California Department of Insurance legal team advised him he cannot order State Farm, the largest writer of homeowners policies in California in 2022, to pursue new homeowners coverage, pushing back against Consumer Watchdog, which last month said Lara indeed has that authority.
— California’s regulator has filed a petition in Los Angeles Superior Court to have Crusader Insurance Co. placed into conservation. The state is taking action because Crusader is in a “hazardous” financial condition, according to a statement from parent company Unico American Corp.
— 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, rising from 10.17% in 2021, according to BestLink.
Best’s News is produced by AM Best for insurance professionals. To subscribe, visit www.ambest.com.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.
(By Rick Cornejo, managing editor, BestWire: Rick.Cornejo@ambest.com)