Best’s News & Research Service - July 27, 2023 11:36 AM (EDT)
Best’s Rankings: US 2022 Auto Liability Direct Premiums Written Rose 6.2%
OLDWICK, N.J. //BestWire// - U.S. automobile liability 2022 direct premiums written increased 6.2% to $206.65 billion, according to a new Best’s Ranking. The industry’s adjusted loss ratio worsened 11.1 points to 77.1.
The loss ratio worsened for each of the 10 largest writers and ranged from 64.2 at No. 1 Progressive Insurance Group to 99.7 at No. 6 USAA Group.
Progressive’s direct premiums written increased 5% increase to $31.17 billion, although its market share declined to 15.1%.
State Farm Group remained No. 2 ,while increasing market share to 13.1%. State Farm’s DPW rose 10.8% to $27.02 billion, or 34.4% of company premiums.
Berkshire Hathaway again held the No. 3 position as its U.S auto liability DPW rose 2.1% to $24.22 billion.
Insurtech Root dropped to No. 57 from No. 40 a year earlier with the greatest percentage decline of direct premiums written among the Top 100 writers, down 24.2% in 2022 to $384.7 million.
The report includes 2022 direct premiums written and the percentage change; percent market share and adjusted loss ratios for three years; and U.S. auto liability share of a company’s premium.
Subscribers can access the report and data here.
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(By Renée Kiriluk-Hill, senior associate editor, BestWire: Renee.Kiriluk-Hill@ambest.com)