Best’s News & Research Service - July 25, 2023 02:44 PM (EDT)
Best’s Ranking: US Auto Physical Damage 2022 Direct Premiums Written Rose 8.6%
OLDWICK, N.J. //BestWire// - For the U.S. property/casualty industry, total automobile direct premiums written rose 8.6% to $131.51 billion in 2022, according to a new Best’s Ranking.
For the top 100 writers, total DPW was $126.86 billion, up 8.5%. The top 25 writers had $110.18 billion in DPW, up 8.3%.
The adjusted loss ratio for the U.S. industry was 81.0 in 2022, compared with 70.4 the previous year. The top 100 writers saw the adjusted loss ratio rise to 81.4 from 70.7. For the top 25 writers the adjusted loss ratio rose to 82.5 from 71.7
State Farm Group retained its top rank as its DPW rose 15.1% to $20.84 billion. Its 2022 adjusted loss ratio rose to 94.2 from 82.6.
Progressive Insurance Group rose to second from third place as its DPW climbed 14.6% to $17.03 billion. Its adjusted loss ratio remained flat at 78.0.
Berkshire Hathaway Insurance fell to No. 3 from No. 2 as its DPW rose 1.5% to $15.62 billion. Its adjusted loss ratio rose to 92.2 from 82.2.
The report measures 2022 DPW for the top 100 U.S. auto writers; percent change from 2021; market share for 2022, 2021 and 2020; adjusted loss ratios for those three years; and auto DPW as a percentage of company 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.
Learn more about Best’s News and Research Service.
(By David Pilla, news editor, BestWire: David.Pilla@ambest.com)