Contents

Best’s Rankings

US Property/Casualty – 2023 Asset Distribution – 2024 Edition

Ranked by 2023 total admitted assets.

($ Millions)

Note: Data for some companies in this report has been received from the NAIC.

Source:

— Statement File - P/C, U.S.; data as of Aug. 1, 2024.

Company/Group

Nonaffiliated

Bonds

202320222021

11Berkshire Hathaway Ins000811$9,0591.6$321,93057.2$49,7458.8$105,24018.7$562,9062.95.62.3

22State Farm Group000088113,60942.898,80437.217,6206.64,2711.6265,6642.62.32.3

33Liberty Mutual Ins Cos00006060,58950.91000.18,6607.33,2002.7119,0354.73.33.7

44Travelers Group01867475,22973.31350.11,4761.42,3892.3102,6693.83.53.8

55Chubb INA Group01849861,60965.12770.31400.11,1011.294,6285.03.83.8

66Progressive Ins Group00078058,00166.72,8853.38451.01,3921.687,0113.02.52.1

77Allstate Ins Group00000839,87454.97041.09951.42,6393.672,6173.93.56.9

88Amer Intl Group 01854040,30262.14120.65050.81,8552.964,8964.34.04.2

99Nationwide P&C Group 00598720,82236.0250.09,60116.65120.957,8523.03.73.2

1010USAA Group

00408026,47946.05,4169.46,87911.9760.157,5682.72.12.8

1111Hartford Ins Group00004832,10359.7670.11470.32,1564.053,7704.23.83.8

1212CNA Ins Cos01831337,95578.11910.49602.01,0082.148,6115.04.85.3

1313Farmers Ins Group00003222,71451.14481.090.01,8644.244,4935.92.82.7

1415Fairfax Financial (USA) Group00311615,01337.12,0985.25,64213.91,4103.540,4974.52.52.2

1514Tokio Marine US PC Group01873325,58964.11060.31,2843.21,5023.839,9206.55.34.8

1616Zurich Ins US PC Group01854915,91046.68542.530.06902.034,1393.83.13.1

1717Amer Family Ins Group00012417,27650.81,7775.28502.51,0533.133,9786.03.73.5

1818Auto-Owners Ins Group00435420,58663.03,89511.96652.03371.032,6583.22.72.5

1919W. R. Berkley Ins Group01825218,25157.41,4094.41,0093.21,4494.631,7944.23.33.2

2022FM Global Group0185028,26626.511,26336.13,24610.41,2664.131,2202.11.71.6

2124Everest Re US Group00569616,40757.5830.3540.21,5255.328,5465.43.74.0

2221Munich-Amer Hldg Corp Cos01875318,46267.1920.3870.32,4859.027,5222.52.11.9

2320Swiss Reins Group00326215,18461.600.000.01,7497.124,6633.62.01.7

2425Erie Ins Group00428311,36447.53,71015.53981.74792.023,9184.03.53.8

2529Markel Ins Group01846810,81746.25,03521.500.02,0938.9

23,4132.72.02.0

Top 25 Insurers$791,46939.5$461,71623.0$110,8205.5$143,7417.2$2,003,9893.53.93.0

Total U.S. P/C Industry$1,308,65045.5$537,90018.7$120,9334.2$200,8787.0$2,874,1693.63.63.0

% of

Assets

AMB#

2022

Rank

2023

Rank

Nonaffiliated

Common

Stocks

Gross Yield on Invested Assets

% of

Assets

Affiliated

Bonds &

Stocks

Cash &

Short-Term

Investments

Total

Admitted

Assets

% of

Assets

% of

Assets

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st.

Pushing Back the Risk Frontier:

How Insurers Are Co-Opting

the Insurtech Playbook

Insurance and data experts spoke with AM Best TV about how evolving

technology is playing an increasingly integral role in the industry.

Sankha Basu

Kris George

Scott Hawkins

Paul Mattern

Hareem Naveed

Jerey O’Shaughnessy

June Quah

Mitch Wein

Eric Weisburg

Contents

How Insurers Are Incubating Their Own Technology

New Models for Managing Successful Insurance Tech Evolution

How Insurers Are Launching Their Own Evolutionary Tech

AM Best TV

Page 24

Page 27

Page 30

Scan to watch

Pushing Back the Risk Frontier—How Insurers Are Co-Opting the

Insurtech Playbook

.

BEST’S RE

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IEW

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Pushing Back the Risk Frontier

star

tups. I see two main themes. Firstly, relating to

a company’s strategic vision and long-term goals

for innovation. Secondly, flexibility, especially with

large companies, whereby they want that flexibility

to customize and develop solutions that are tailored

for their use cases and that fit the needs of their

consumers.

From a strategy perspective, there’s so much

going on in technology today. Insurers need to

continue to innovate, to stay ahead, and to remain

competitive. They should always

be asking themselves: Does it make

more sense to build or to buy, and

how does that align with your long-

term vision? Ultimately, especially

in areas where insurers have domain

expertise, it can make a difference in

terms of the success or the failure of

an initiative—whether they’re doing

it on their own or with incubators or

whether they are partnering with an

external party.

Are insurers risk averse when

it comes to developing tech

incubators?

Weisburg:

We have them in

many parts of the country. People

are willing to travel for the right innovation and

the right tech. The one that wasn’t mentioned was

Plug and Play out on the West Coast. I would say

that insurers generally have a challenging time in

attracting and retaining the type of technology

talent that’s required for true technological

innovation. Another concern with doing this

in house is a continued funding stream. These

innovations are essentially products that need to be

continually invested in. If it’s not managed by an

entity that it’s their primary business, that funding

can dry up as priorities shift, as management and

strategies change ... The vast majority of insurers

are looking at the broad capabilities available in the

marketplace and working with those insurtechs and

established tech vendors.

Hawkins:

We’re seeing exactly the same thing.

We survey insurtech leaders as well as insurance

company leaders. The idea of partnering with an

insurtech or with a technology firm is, far and

away, the most common way that insurers bring in

technology in house rather than trying to develop it.

What are the lessons learned coming out of

tech incubators?

Quah:

I see the industry as being very early in

this journey. We’ve been learning and adapting as

we go. Whether it’s doing it in house or working

with a tech incubator, there are several things to

consider, especially, from the learnings that we’ve

had. Fundamentally speaking, there are so many

things that we can do. The list of potential projects is

almost never-ending. Selecting and focusing on the

right problems to solve is probably the

main driver for a successful project.

It goes without saying that you want

to build a solution that has viable use

cases and meets the needs or solves

existing challenges. It seems obvious,

but starting with a clear problem

statement or goal can ensure that the

solution is useful and relevant.

Next is collaboration. Having

that collaboration mindset, working

with different departments and

teams within and outside of the

organization is crucial. Insurance

companies are also learning in terms

of, how do they foster a culture of

collaboration internally? Working

with tech teams is not something that

insurance companies are terribly familiar with. Then,

making sure that communication is clear, so that all

stakeholders are aligned and working toward the same

goals and incentives.

What are the results like coming out of

technology incubators?

Hawkins:

Overall, for everybody that’s been

following the insurtech market and the startup

market overall, you know that they’ve been going

through some relatively lean years in terms of

funding. A lot of insurtech and technology startup

funding, overall, has dried up since the COVID

lockdown. This is a real challenge for startups

looking to grow their business and even to get

established. Not only that, for every insurtech

unicorn that’s out there in the space, there’s a lot of

failures. That’s the nature of the startup business.

There was an interesting paper from Wharton that

came out in May. They did an analysis of a bunch of

tech companies ... all types of tech accelerators. Their

analysis found that companies that went through

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Eric Weisburg

25