Best’s News & Research Service - August 16, 2024 10:24 AM (EDT)
Best's Rankings: US Commercial Multiple Peril (Total) DPW Increase 12.6%
OLDWICK, N.J. //BestWire// - U.S. commercial multiperil (total) direct premiums written rose 12.6% to $62.36 billion in 2023, according to a new Best's Rankings report.
The top two writers of commercial multiperil, Travelers Group and Chubb INA Group, respectively, retained their positions from the previous year. Travelers saw DPW growth of 16.3% to $5.28 billion and Chubb posted an increase of 9.3% to $3.38 billion, according to the report.
Hartford Insurance Group moved to the No. 3 spot from fifth a year earlier with DPW of $3.09 billion, up by 16%, according to the ranking.
Liberty Mutual Insurance Cos. moved down one place to fourth with $2.78 billion in DPW in 2023, down 2.2%. State Farm Group moved to No. 5 in 2023 from the No. 7 spot a year earlier with its $2.59 billion in DPW up 19.4%.
Berkshire Hathaway Insurance, ranked 10th, saw the largest percentage gain among the top 25 writers of commercial multiperil, with its $1.67 billion in DPW for 2023 up 55.8%.
For the top 25 writers collectively, DPW rose 11% to $43.46 billion and for the top 100 writers DPW rose 12% to $57.93 billion.
The report measures company 2023 and 2022 ranking; 2023 DPW; percent change in DPW; market share and adjusted loss ratios for 2023, 2022 and 2021; as well as commercial multiperil as a percentage of company premiums.
Subscribers can access the report and data here.
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AM Best data sourced from Best’s Financial Suite, US.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)