Best’s News & Research Service - September 25, 2023 03:28 PM (EDT)
Best’s Rankings: US P/C 2022 Accident and Health Lines Direct Premiums Written Rise 10.4%
OLDWICK, N.J. //BestWire// - The U.S. property/casualty accident & health lines industry’s direct premiums written increased 10.4% to $8.17 billion in 2022, according to a new Best’s Rankings report.
State Farm Group, the No. 1 carrier in the segment, saw its DPW drop 0.9% in 2022 to $1.05 billion. The company held a market share of 12.9% last year, down from 14.4% in 2021.
Fairfax Financial (USA) Group moved up one spot to take second place in the ranking, with its $849.7 million in DPW for 2022 up by 15%. Fairfax notched a market share of 10.4% in 2022, up from 10% the prior year. Berkshire Hathaway Insurance also moved up one spot to grab the No. 3 position with a reported 2022 DPW of $837.9 million, up 41.1% from 2021. Berkshire Hathaway held a 10.3% market share for 2022, which was up from the 8% it had the previous year.
Chubb INA Group moved down two places to take the fourth-place position with $804.5 million in DPW up by 8.5% in 2022. Chubb had a market share of 9.9% in 2022, compared with 10% in 2021.
The three-page report measures: 2022 direct premiums written; the percentage change; market share for 2022, 2021 and 2020, adjusted loss ratios for 2022, 2021 and 2020, and the line as a percentage of company premiums.
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(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)