Best’s News & Research Service - September 06, 2024 10:23 AM (EDT)
Best’s Rankings: US P/C Long-Term Care Direct Premiums Written Decrease 3.7% in 2023
OLDWICK, N.J. //BestWire// - The U.S. property/casualty long-term care industry's direct premium written declined 3.7% to $645.6 million, according to a new Best's Rankings report.
CNA Insurance Cos. retained the top spot, with its $403.7 million in DPW down 4.1% from 2022, according to the data. CNA had a market share of 62.5%, according to the ranking. The company had an adjusted loss ratio of 286.4 for the P/C LTC segment and the line accounted for 2.9% of all company premiums in 2023, according to the report.
There was no ranking movement among the 12 carriers on the list.
Second-place State Farm Group, which reported direct premiums written dropped 2.7% to $222 million in 2023, held a market share of 34.4%, according to the report. State Farm had an adjusted loss ratio of 111.6, compared with 96.8 in the prior year, and the line accounted for 0.2% of all company premiums.
No. 3 AF&L Insurance Co. saw DPW drop 13.7% to $7 million and a market share of 1.1% for the year, the report said.
No other company on the list registered a market share of 1% or higher.
The one-page AM Best ranking measures 2023 direct premiums written, percentage change from the prior year, market share on a percentage basis, adjusted loss ratio for 2023 and 2022, and the 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)