Best’s News & Research Service - August 16, 2024 10:11 AM (EDT)
Best’s Rankings: US Commercial Multiperil Liability DPW Increased 7.2%
OLDWICK, N.J. //BestWire// - Direct premiums written for U.S. commercial multiperil liability policies increased 7.2% in 2023 to reach $20.60 billion, according to a new Best’s Rankings report.
During the year, DPW from the top 25 carriers totaled $14.55 billion, a 6% increase from year prior.
Travelers Group sat atop the ranking again for 2023, with DPW increasing 14.1% to reach $2.02 billion. The company held a 9.8% market share.
Tokio Marine US PC Group moved up one spot to No. 2 as DPW increased 6.2% to reach $1.27 billion, while Liberty Mutual Insurance Cos. fell one spot to No. 3 as DPW slipped 5.4% and totaled $1.15 billion. The Hartford Insurance Group and Auto-Owners Insurance Group rounded out the top five with $892.2 million and $811.0 million, respectively.
Nationwide P&C Group saw the biggest drop in the ranking, falling two spots to No. 6 as it saw DPW decline 21.2% to total $785.8 million.
Subscribers can access the report and data here.
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AM Best data sourced from Best’s Financial Suite, US.
(By Steve Hallo, senior associate editor, BestWire: Steve.Hallo@ambest.com)