Best’s News & Research Service - July 27, 2021 11:16 AM (EDT)
2021 Best’s Rankings: US Commercial Auto - Industry’s Direct Premiums Written Increased 1.3%
OLDWICK, N.J. //BestWire// - U.S. insurers saw direct premiums written for the commercial automobile industry increase 1.3% in 2020 to $46.05 billion, according to a 2021 Best’s Rankings report.
Progressive Insurance Group topped the rankings with DPW of $5.83 billion in 2020, down 0.1% from the prior year. Second-place Travelers Group saw a 2.2% increase in DPW to $2.86 billion.
Old Republic Insurance Group, at No. 3, saw the sharpest increase among the top 10 on a percentage basis as it posted a 16.7% jump in DPW to $1.88 billion in 2020. Ninth-ranked Allstate Insurance Group led decreases among the group with DPW falling 16.1% to $1.07 billion.
The three-page AM Best report measures: 2020 direct premiums written; the percent change from the prior year; market share and adjusted loss ratios for 2018, 2019 and 2020, as well as the segment as a percentage of company premiums.
Subscribers can access the report and data here.
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(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)