Contents
- Cover
- Editors Desk: Private Passenger Auto and Auto Insurer Rankings
- Contents: Auto Insurers and Parametric Insurance
- Bests Calendar and Executive Changes
- Executive Changes and Web Traffic
- Emerging Leaders Conference and Masthead Forestay
- At Large and Insurance Wellness Programs
- Risk Adviser and Business Judgment Rule
- Issues and Answers: Data and Asset Management
- Issues and Answers: Technology Revolution and Data Security
- Issues and Answers: Asset Allocation Strategy and 2024 Outlook
- What AM Best Says: Long-Term Care Claims Increase
- Life Insurance: Life Reinsurance Growth and Asia and Europe
- Auto Costs: Underwriting Losses and Private Passenger Insurers
- Auto Costs and Rate Adequacy
- Auto Electric Vehicles: Insurance and Battery
- Auto Electric Vehicles: Repair Cost and Claims Frequency
- Bests Rankings Auto: Top US Commercial and Top US Liability
- Bests Rankings Auto: Top US Private Passenger and Top US Total Auto
- Bests Rankings Auto: All Lines By State and Auto Liability By State
- Bests Rankings: Physical Damage and Private Passenger By State
- Bests Rankings: US Commercial By State and Private Passenger No Fault
- Bests Rankings: Commercial Auto No Fault and Commercial Auto Liability
- Parametric Insurance and Coral Reefs
- Parametric Insurance: Hawaii and Mexico
- Bests Rankings: L/H Asset Distribution and Private Flood and Cyber
- Bests Rankings Caribbean Insurers and What AM Best Says
- What AM Best Says and Underwriting Loss Control
- Underwriting Loss Control and Insurance Media
- Insurance Media and Insurance Guys Podcast
- State Rate Filings: North Carolina Auto Rates and Private Passenger
- Book Store and App Store
- Trending News and Trending Research
- AM Best Webinars and AM Best TV Audio
- Rating Actions and Americas Life/Health
- Rating Actions: Americas Life/Health and Americas Property/Casualty
- Rating Actions: Americas P/C and Europe Middle East and Africa
- Rating Actions: Holding Companies and Financial Strength Ratings
- Rating Actions and Corporate Changes
- Corporate Changes and Preferred Publisher Program
- Insurance Professional Resources and Industry Updates
- Last Word and Masthead Backstay
- Back Cover
38
Best’s Rankings
Ranked by 2022 direct premiums written.
($ Thousands)
AL
2323531$2,103,0171.67.374.40.226.773.3State Farm Group
22.7Allstate Ins Group
13.9
AK
5050273266,5840.26.572.80.417.682.4State Farm Group
26.8Berkshire Hathaway Ins
18.1
AZ
15155742,902,3422.212.979.30.430.369.7State Farm Group
15.7Berkshire Hathaway Ins
14.6
AR
31304761,297,8871.06.491.90.326.473.6State Farm Group
22.8Southern Farm Bureau Casualty Group 11.9
CA
1152516,266,79112.47.182.30.330.369.7Berkshire Hathaway Ins
12.3State Farm Group
11.8
CO
13145112,990,0902.313.366.30.327.972.1State Farm Group
19.3Progressive Ins Group
12.3
CT
29284331,377,3861.05.578.60.839.061.0Berkshire Hathaway Ins
15.4Progressive Ins Group
11.0
DE
4848414370,6210.36.288.80.329.770.3State Farm Group
24.1Berkshire Hathaway Ins
15.8
DC
5252321194,9120.15.593.20.320.979.2Berkshire Hathaway Ins
38.2State Farm Group
15.6
FL
335328,059,6076.112.4109.41.138.461.6Berkshire Hathaway Ins
23.7Progressive Ins Group
20.7
GA
876334,329,6383.34.878.70.335.964.1State Farm Group
20.7Progressive Ins Group
15.1
HI
4546220424,1370.37.168.60.523.276.8Berkshire Hathaway Ins
27.4State Farm Group
17.3
ID
3839427721,1720.58.271.00.330.469.6State Farm Group
13.0Liberty Mutual Ins Cos
11.2
IL
666394,719,1583.611.179.10.433.466.6State Farm Group
27.0Allstate Ins Group
11.1
IN
21205862,389,4201.810.179.60.343.956.1State Farm Group
19.0Progressive Ins Group
14.4
IA
28294841,396,2921.19.779.20.356.543.5Progressive Ins Group
17.9State Farm Group
17.2
KS
32324851,282,8621.08.167.50.135.764.3State Farm Group
17.2Progressive Ins Group
13.1
KY
27274991,420,7261.17.784.70.330.269.8State Farm Group
21.4KY Farm Bureau Group
18.4
LA
25244322,016,9041.56.673.90.329.370.7State Farm Group
28.8Progressive Ins Group
18.6
ME
4343354508,2600.47.274.10.244.155.9Progressive Ins Group
14.0State Farm Group
12.5
MD
17174962,589,1062.07.783.60.332.867.2Berkshire Hathaway Ins
23.4State Farm Group
16.2
MA
14133452,927,1652.23.274.80.664.036.0MAPFRE North America Group
18.9Berkshire Hathaway Ins
13.0
MI
784804,432,1403.48.086.00.349.850.2Progressive Ins Group
16.5State Farm Group
16.2
MN
20214912,414,4101.811.795.50.344.555.5State Farm Group
20.8Progressive Ins Group
17.4
MS
33334521,199,5650.95.873.80.329.270.8State Farm Group
23.2Progressive Ins Group
13.9
MO
18195502,544,6091.98.975.70.430.569.5State Farm Group
20.4Progressive Ins Group
12.7
MT
4040386596,3170.59.575.00.337.762.3State Farm Group
19.5Progressive Ins Group
15.6
NE
3636449929,3270.79.590.30.347.952.1State Farm Group
17.7Progressive Ins Group
13.4
NV
35354751,010,7890.86.883.50.429.670.4Berkshire Hathaway Ins
16.6State Farm Group
16.4
NH
4242371557,2600.47.073.20.341.758.3Progressive Ins Group
13.7Berkshire Hathaway Ins
11.8
NJ
12114733,225,4832.57.081.50.526.373.7Berkshire Hathaway Ins
21.6Progressive Ins Group
12.7
NM
3737450770,2480.610.475.10.732.467.6State Farm Group
20.1Progressive Ins Group
17.8
NY
444856,091,5134.62.683.70.331.668.4Berkshire Hathaway Ins
27.8Allstate Ins Group
13.8
NC
994924,243,1173.29.970.50.235.964.1Allstate Ins Group
16.4Berkshire Hathaway Ins
13.2
ND
4747402409,5210.38.974.00.347.852.2Progressive Ins Group
17.9State Farm Group
10.4
OH
10106173,938,4143.07.983.60.351.049.0Progressive Ins Group
16.7State Farm Group
16.5
OK
26264901,732,3371.39.965.60.331.168.9State Farm Group
22.4Progressive Ins Group
14.4
OR
30314731,356,6331.011.584.00.432.667.4State Farm Group
18.4Progressive Ins Group
15.5
PA
556215,294,4904.07.181.80.350.149.9State Farm Group
17.5Erie Ins Group
14.4
RI
4645367414,2060.34.578.30.441.158.9Progressive Ins Group
21.5Berkshire Hathaway Ins
14.0
SC
24225322,100,6271.66.376.10.333.766.3State Farm Group
22.3Progressive Ins Group
15.9
SD
4444391505,1130.410.781.70.250.149.9State Farm Group
16.1Progressive Ins Group
14.6
TN
16165852,791,5832.110.580.70.631.468.6State Farm Group
19.3TN Farmers Ins Cos
15.3
TX
2261413,340,41610.111.974.30.335.864.2Progressive Ins Group
16.4State Farm Group
14.5
UT
34344881,156,6740.99.673.00.338.761.3State Farm Group
13.2Allstate Ins Group
11.3
VT
5151334260,7940.24.971.40.752.247.8Progressive Ins Group
17.4Berkshire Hathaway Ins
14.0
VA
11125683,238,8672.59.578.60.333.366.7Berkshire Hathaway Ins
17.7State Farm Group
14.4
WA
19185002,518,4071.96.388.30.333.266.8State Farm Group
15.0Progressive Ins Group
13.2
WV
3938401710,4240.55.979.20.241.458.6State Farm Group
26.6Erie Ins Group
15.8
WI
22255312,113,8871.612.387.10.454.345.7Progressive Ins Group
19.0Amer Family Ins Group
14.3
WY
4949371343,3830.39.155.70.430.269.8State Farm Group
19.6Progressive Ins Group
15.9
Guam
53532251,5310.015.439.02.978.121.9Chung Kuo Ins Co, Ltd GUB
23.1USAA Group
21.9
Puerto Rico414165580,3490.49.748.00.063.936.1Universal Ins Grou
p of Puerto Rico 39.5Coop de Seguros Multiples PR
U.S. Virgin Is.55552623,9690.036.748.72.974.026.0Guardian Ins Group
31.0USAA Group
26.0
Canada54542034,5280.09.5139.731.568.331.7CNA Ins Cos
36.9Liberty Mutual Ins Cos
28.4
Other
56565221,4730.0103.039.20.218.981.1Berkshire Hathaway Ins
50.1USAA Group
31.0
N. Mariana Is.575773,2020.014.920.51.4100.00.0Tokio Marine US PC Group
32.8DB Ins US Group
23.5
1
ALR: Adjusted loss ratio is direct losses incurred divided by the dierence between direct premium earned and dividends paid t
o policyholder.
2
DDCCE: Direct defense and cost containment expense ratio is the former allocated loss adjustment expense (ALAE) ratio.
3
Insurers that distribute primarily through independent agents.
4
Insurers that distribute primarily through a direct-selling system or an exclusive agency system.
Note: Data for some companies in this report has been received from the NAIC.
Source:
— State/Line (P/C Lines) - P/C, U.S.; data as of July 14, 2023.
BEST’S REVIEW • OCTOBER 2023
Best’s Rankings: Auto
35.9
Best’s Rankings
Ranked by 2022 direct premiums written.
($ Thousands)
AL
2424276$4,065,4441.53.973.11.321.978.1State Farm Group
23.6Allstate Ins Group
14.9
AK
4948149542,3200.24.573.11.714.086.0State Farm Group
29.8Berkshire Hathaway Ins
19.6
AZ
13133336,488,0922.38.979.31.628.571.5Berkshire Hathaway Ins
16.2Progressive Ins Group
15.6
AR
32322502,341,2300.84.383.01.021.578.5State Farm Group
23.8Progressive Ins Group
12.2
CA
1131632,701,44711.83.182.12.726.373.7State Farm Group
12.4Berkshire Hathaway Ins
11.8
CO
14162896,062,5252.28.268.61.824.475.6State Farm Group
19.1Progressive Ins Group
12.0
CT
28272503,265,8711.22.380.33.035.864.2Berkshire Hathaway Ins
17.2Progressive Ins Group
12.2
DE
4141236996,0410.43.182.92.526.573.5State Farm Group
26.4Berkshire Hathaway Ins
16.9
DC
5252189394,4500.11.988.21.920.679.4Berkshire Hathaway Ins
38.3State Farm Group
16.2
FL
3333325,359,8789.112.289.94.835.364.8Berkshire Hathaway Ins
24.0Progressive Ins Group
21.4
GA
5536811,263,1994.16.885.92.531.268.8State Farm Group
22.1Progressive Ins Group
16.3
HI
4545132836,9920.33.867.41.519.680.4Berkshire Hathaway Ins
28.9State Farm Group
19.2
ID
38392271,342,6180.56.969.41.425.174.9State Farm Group
14.3Progressive Ins Group
12.4
IL
893868,488,5823.17.879.71.926.074.1State Farm Group
30.0Allstate Ins Group
11.8
IN
22223454,415,0101.66.374.91.637.662.5State Farm Group
20.8Progressive Ins Group
15.3
IA
35352822,103,6040.86.675.91.151.248.8Progressive Ins Group
21.7State Farm Group
19.1
KS
34342882,197,4700.86.872.71.331.468.6State Farm Group
17.6Progressive Ins Group
15.0
KY
27262953,348,2601.23.378.42.025.374.7State Farm Group
22.8KY Farm Bureau Group
18.4
LA
20192474,963,9631.82.775.21.927.172.9State Farm Group
29.1Progressive Ins Group
19.5
ME
4444202883,4260.36.571.00.939.960.1Progressive Ins Group
17.5State Farm Group
13.7
MD
17172725,656,8642.05.781.61.729.770.3Berkshire Hathaway Ins
25.4State Farm Group
17.2
MA
16151955,701,5362.11.672.41.260.939.1MAPFRE North America Group
19.4Berkshire Hathaway Ins
16.2
MI
772839,230,3413.31.287.63.345.254.8Progressive Ins Group
20.5State Farm Group
18.1
MN
23232904,309,2161.57.983.41.839.560.5State Farm Group
22.2Progressive Ins Group
21.1
MS
33332342,248,8380.83.474.61.423.876.2State Farm Group
24.2Progressive Ins Group
15.0
MO
21212874,737,7391.76.876.91.625.974.1State Farm Group
21.6Progressive Ins Group
14.3
MT
4343196940,6530.37.573.71.531.168.9State Farm Group
21.8Progressive Ins Group
18.0
NE
37372581,507,9790.57.185.01.041.458.6State Farm Group
19.3Progressive Ins Group
16.9
NV
30292653,113,4211.14.885.43.327.472.6Berkshire Hathaway Ins
18.4State Farm Group
15.9
NH
4242201979,4130.45.769.71.237.962.2Progressive Ins Group
16.0Berkshire Hathaway Ins
13.8
NJ
982828,440,7313.04.578.94.021.978.1Berkshire Hathaway Ins
23.6Progressive Ins Group
14.0
NM
36362401,683,7690.66.771.31.928.871.2State Farm Group
20.5Progressive Ins Group
17.7
NY
4432915,275,5815.52.384.44.026.673.4Berkshire Hathaway Ins
29.3Allstate Ins Group
15.9
NC
10102817,613,2832.77.476.60.830.169.9Allstate Ins Group
18.2Berkshire Hathaway Ins
14.3
ND
4849216548,3780.26.172.90.640.459.6Progressive Ins Group
23.0State Farm Group
12.7
OH
11113957,332,4262.65.476.01.246.353.7Progressive Ins Group
17.5State Farm Group
17.4
OK
29302783,145,5221.17.470.81.427.172.9State Farm Group
22.5Progressive Ins Group
14.7
OR
26282713,371,6341.27.076.11.828.072.1State Farm Group
19.7Progressive Ins Group
16.4
PA
663889,607,7263.53.777.81.943.956.1State Farm Group
18.6Erie Ins Group
13.0
RI
40402141,034,1100.42.773.21.242.058.0Progressive Ins Group
28.6Berkshire Hathaway Ins
14.4
SC
18182775,220,5621.96.181.71.530.969.1State Farm Group
23.7Progressive Ins Group
17.2
SD
4646229694,7160.28.177.91.044.555.6State Farm Group
18.5Progressive Ins Group
17.5
TN
19203355,140,7031.87.679.01.725.874.3State Farm Group
19.9TN Farmers Ins Cos
15.5
TX
2238026,511,3999.512.282.12.034.165.9Progressive Ins Group
16.1State Farm Group
15.2
UT
31312742,714,2701.010.873.62.033.266.8State Farm Group
13.8Allstate Ins Group
12.0
VT
5151192404,9020.12.070.41.450.449.6Progressive Ins Group
20.5Berkshire Hathaway Ins
14.7
VA
12123436,588,7332.49.078.01.430.369.7Berkshire Hathaway Ins
20.1State Farm Group
14.8
WA
15142945,970,2422.12.483.62.329.270.8State Farm Group
16.5Progressive Ins Group
13.4
WV
39382341,325,8160.53.073.01.539.360.7State Farm Group
27.2Erie Ins Group
15.2
WI
25253123,627,3121.37.178.51.348.251.8Progressive Ins Group
21.8Amer Family Ins Group
16.8
WY
5050196488,9810.26.661.00.924.076.0State Farm Group
21.6Progressive Ins Group
17.3
Guam
53531361,2100.02.243.94.277.122.9USAA Group
22.9Amer Intl Group
22.3
Puerto Rico474731668,6690.27.352.10.160.339.7Universal Ins Grou
p of Puerto Rico 41.1Coop de Seguros Multiples PR
39.5
U.S. Virgin Is.55541643,1890.0-4.263.66.481.318.7Guardian Ins Group
36.9Underwriters at Lloyd's, London (VI) 23.2
Canada575713
900.0-11.8-99.91000.0100.00.0Hartford Ins Group
99.9Assurant P&C Group
0.1
Other
54553852,9760.077.552.95.352.747.3Berkshire Hathaway Ins
26.9Natl Unity Ins Co
23.0
N. Mariana Is.565663,9430.07.412.44.5100.00.0Tokio Marine US PC Group
32.4Amer Intl Group
21.3
1
ALR: Adjusted loss ratio is direct losses incurred divided by the dierence between direct premium earned and dividends paid t
o policyholder.
2
DDCCE: Direct defense and cost containment expense ratio is the former allocated loss adjustment expense (ALAE) ratio.
3
Insurers that distribute primarily through independent agents.
4
Insurers that distribute primarily through a direct-selling system or an exclusive agency system.
Note: Data for some companies in this report has been received from the NAIC.
Ratios of 999.9 and -99.9 are maximum and minimum values, respectively.
Source:
— State/Line (P/C Lines) - P/C, U.S.; data as of July 14, 2023.
BEST’S REVIEW • OCTOBER 2023
39
40
Best’s Rankings
Ranked by 2022 direct premiums written.
($ Thousands)
AL
2424512$831,4701.47.162.25.184.815.2Progressive Ins Group
17.8Auto-Owners Ins Group
AK
525229197,8920.213.630.43.074.325.7Western Natl Ins Group
14.6CopperPoint Ins Group
AZ
16195171,100,2351.817.967.05.273.526.5Progressive Ins Group
13.7Farmers Ins Group
AR
3333455533,2880.98.769.64.082.018.0Progressive Ins Group
16.4Travelers Group
CA
115127,194,74112.017.581.17.478.921.1Progressive Ins Group
11.7Travelers Group
CO
2020482998,6121.79.962.94.780.020.0Progressive Ins Group
18.5Travelers Group
CT
3131428592,4481.06.166.04.280.219.8Progressive Ins Group
13.3Liberty Mutual Ins Cos
DE
4343417202,2420.39.164.45.688.311.7Great Amer P & C Ins Group
14.5Progressive Ins Group
DC
545435773,4780.116.484.56.247.053.0Farmers Ins Group
22.3State Farm Group
FL
335114,993,9378.313.383.17.183.316.7Progressive Ins Group
22.9Auto-Owners Ins Group
GA
665812,509,9864.216.380.85.678.321.7Progressive Ins Group
20.4Farmers Ins Group
HI
4848251136,0140.28.242.73.488.911.1Tokio Marine US PC Group
22.0Island Ins Group
ID
3838402313,6550.512.258.22.977.722.3Progressive Ins Group
13.6Old Republic Ins Group
IL
555712,635,2704.413.862.94.485.114.9Progressive Ins Group
12.9Travelers Group
IN
13135401,157,9001.99.464.54.386.713.3Progressive Ins Group
14.2Travelers Group
IA
3029477615,8771.08.765.02.989.910.1Progressive Ins Group
10.4Old Republic Ins Group
KS
3535462483,4150.87.063.13.283.616.4Progressive Ins Group
12.6Travelers Group
KY
2928494620,7641.08.365.94.782.417.6Progressive Ins Group
10.4Travelers Group
LA
18174411,050,7781.76.277.68.181.518.5Progressive Ins Group
16.5Skyward Specialty Ins Group
ME
4242350204,1230.37.251.72.185.414.6W. R. Berkley Ins Group
16.2Progressive Ins Group
MD
2121488953,9481.66.261.73.381.818.2Erie Ins Group
11.5Progressive Ins Group
MA
12123751,172,1102.06.556.82.889.410.6MAPFRE North America Group
12.6Safety Group
MI
11114961,388,9612.311.159.06.282.117.9Auto-Owners Ins Group
7.7Progressive Ins Group
MN
2322475860,2891.47.367.63.185.714.3Old Republic Ins Group
11.0Progressive Ins Group
MS
3232445568,7920.96.164.65.281.818.2Progressive Ins Group
16.8Travelers Group
MO
19185041,020,7041.79.271.84.979.320.7Progressive Ins Group
12.1Travelers Group
MT
4040390244,3070.47.755.12.480.819.2Progressive Ins Group
13.6Old Republic Ins Group
NE
3636449405,5760.77.662.72.887.512.5Old Republic Ins Group
15.2Progressive Ins Group
NV
2627469716,6141.221.589.97.770.030.0Progressive Ins Group
20.4Farmers Ins Group
NH
4645371192,6300.36.650.02.083.816.2W. R. Berkley Ins Group
17.0Liberty Mutual Ins Cos
NJ
784822,207,0063.79.276.86.578.721.3Progressive Ins Group
17.7Liberty Mutual Ins Cos
NM
3737435320,7130.510.165.67.281.818.2Progressive Ins Group
18.8Travelers Group
NY
444573,334,3715.58.075.68.281.119.0Progressive Ins Group
12.1Amer Transit Ins Co
NC
10105131,502,8022.510.064.03.079.520.5Progressive Ins Group
16.2Allstate Ins Group
ND
4444395197,5630.39.051.62.085.214.8Progressive Ins Group
11.9Old Republic Ins Group
OH
995751,655,5172.88.259.73.590.99.1Progressive Ins Group
19.6Cincinnati Ins Cos
OK
2726452696,3601.26.955.14.279.420.6Progressive Ins Group
15.6Travelers Group
OR
2830453621,6281.010.557.13.071.628.5Progressive Ins Group
15.8Liberty Mutual Ins Cos
PA
875802,199,5633.75.862.94.886.913.1Progressive Ins Group
16.4Erie Ins Group
RI
4747361160,3560.37.953.32.580.919.1Progressive Ins Group
15.2Selective Ins Group
SC
2525509804,1981.310.968.33.883.316.7Progressive Ins Group
17.5Auto-Owners Ins Group
SD
4546396192,7270.37.967.52.684.215.8Old Republic Ins Group
13.6Acuity, A Mutual Ins Co
TN
17165571,074,7171.87.458.83.785.414.7Progressive Ins Group
12.8Travelers Group
TX
226096,651,43611.113.075.17.582.817.2Progressive Ins Group
21.5Liberty Mutual Ins Cos
UT
3434447519,3550.912.873.47.282.717.3Progressive Ins Group
13.9Auto-Owners Ins Group
VT
535135893,5590.25.557.83.382.517.5Progressive Ins Group
13.4W. R. Berkley Ins Group
VA
14145221,129,8471.99.261.63.479.720.3Progressive Ins Group
13.1Erie Ins Group
WA
15154621,114,9711.99.763.54.573.326.7Progressive Ins Group
17.7Liberty Mutual Ins Cos
WV
4141404218,7740.48.556.42.386.313.7Progressive Ins Group
13.4Erie Ins Group
WI
2223497880,1521.510.056.93.389.110.9Acuity, A Mutual Ins Co
8.7Progressive Ins Group
WY
5049367126,9920.24.855.23.884.315.8Progressive Ins Group
19.2Travelers Group
Guam
55552413,0280.014.238.43.4100.00.0DB Ins US Group
19.6Pacific Indemnity Ins Co
Puerto Rico393973269,3760.43.237.61.189.110.9Asoc de Suscripcion
Conjunta del Seg 24.9Universal
Ins Group of Puerto Rico
U.S. Virgin Is.56563511,4870.090.130.71.0100.00.0Markel Corp Group
39.8Guardian Ins Group
Canada495031132,3990.210.292.915.566.034.1Liberty Mutual Ins Cos
30.2CNA Ins Cos
Other
515378104,4760.239.351.54.7100.00.0New Horizon Ins Co
43.0Natl Unity Ins Co
N. Mariana Is.57577
1,1990.027.8-3.429.9100.00.0DB Ins US Group
44.5Tokio Marine US PC Group
1
ALR: Adjusted loss ratio is direct losses incurred divided by the dierence between direct premium earned and dividends paid t
o policyholder.
2
DDCCE: Direct defense and cost containment expense ratio is the former allocated loss adjustment expense (ALAE) ratio.
3
Insurers that distribute primarily through independent agents.
4
Insurers that distribute primarily through a direct-selling system or an exclusive agency system.
Note: Data for some companies in this report has been received from the NAIC.
Source:
— State/Line (P/C Lines) - P/C, U.S.; data as of July 14, 2023.
9.0
14.3
10.1
5.7
5.8
6.1
7.4
12.3
20.2
8.8
8.9
12.8
9.4
5.1
4.9
8.4
7.6
6.4
8.0
10.6
11.2
11.6
7.1
8.6
7.3
7.4
9.3
10.7
18.0
7.8
7.8
8.6
8.1
8.6
10.0
7.1
9.4
10.4
9.4
7.2
6.2
8.8
6.1
5.2
9.7
12.6
8.1
9.9
12.6
8.3
9.5
16.8
17.6
31.1
27.2
26.5
43.0
BEST’S REVIEW • OCTOBER 2023
Best’s Rankings: Auto
Best’s Rankings
Ranked by 2022 direct premiums written.
($ Thousands)
11Berkshire Hathaway Ins000811$3,196,5693.518.918.917.461.566.270.15.6
22Progressive Ins Group0007802,903,5541.417.217.517.957.162.759.35.5
33State Farm Group0000882,777,28110.216.415.415.380.858.143.03.5
44Allstate Ins Group0000081,633,7389.69.79.19.173.9139.469.03.6
55Liberty Mutual Ins Cos000060767,429-6.84.55.04.765.155.061.21.7
66USAA Group004080638,6703.03.83.84.195.095.171.12.4
77Farmers Ins Group000032521,391-0.43.13.23.370.976.357.82.0
88Auto Club Group000312486,005-6.32.93.23.8265.673.367.216.5
99Auto-Owners Ins Group004354374,862-2.62.22.42.769.352.365.23.4
1010Kemper PC Companies018908299,163-2.01.81.91.669.4102.165.36.6
1111Travelers Group018674285,9506.11.71.71.636.349.835.10.8
1212Amer Family Ins Group000124221,4299.01.31.21.259.949.044.51.6
1313Hanover Ins Group Prop & Cas Cos004861194,915-2.91.21.21.450.111.276.93.3
1414Nationwide Group005987185,665-6.11.11.21.3-45.3-4.840.30.9
1515United Automobile Ins Co010781174,8372.71.01.00.962.671.774.055.2
1616NJM Ins Group003985161,434-1.41.01.01.069.374.952.17.8
1720Ocean Harbor Ins Companies018764153,44238.10.90.70.779.993.267.027.6
1817Palisades Group018426139,475-5.90.80.91.070.761.859.214.6
1918Erie Ins Group004283135,4931.30.80.80.971.750.153.81.6
2021Sentry Ins Group000086117,36816.50.70.60.558.465.155.03.5
2119Michigan Farm Bureau PC Companies018942113,883-2.80.70.71.097.7133.579.513.1
2222Hartford Ins Group00004899,290-0.40.60.60.749.745.449.00.7
2323NYCM Ins Group01856261,2327.00.40.40.457.159.755.38.7
2425KY Farm Bureau Group00328153,895-2.50.30.30.368.467.259.24.6
2526Amica Mutual Group01852247,488-5.10.30.30.351.863.642.82.0
Reflects Grand Total (includes Canada and U.S. Territories).
Source:
— State/Line (P/C Lines) - P/C, U.S.; data as of July 24, 2023.
Best’s Rankings
Ranked by 2022 direct premiums written.
($ Thousands)
11State Farm Group000088$23,336,3389.616.315.616.096.766.554.929.7
22Progressive Ins Group00078021,013,8935.514.714.614.063.258.650.140.2
33Berkshire Hathaway Ins00081119,667,7502.013.714.113.384.570.265.034.6
44Allstate Ins Group00000815,336,09010.810.710.110.385.166.454.233.7
55USAA Group0040808,308,6994.05.85.96.1100.080.868.730.9
67Liberty Mutual Ins Cos0000607,049,7782.74.95.04.968.263.861.915.6
76Farmers Ins Group0000326,994,1080.14.95.15.364.358.256.326.5
89Travelers Group0186743,217,3649.72.22.22.171.759.550.59.4
98Amer Family Ins Group0001243,182,6774.02.22.22.271.956.253.622.6
1010Nationwide Group0059872,842,231-2.52.02.12.373.665.761.814.0
1112Auto Club Enterprises Ins Group0185152,164,6365.91.51.51.592.974.864.842.6
1211Kemper PC Companies0189082,064,415-14.61.41.81.872.072.759.745.6
1313Erie Ins Group0042831,635,2334.31.11.21.290.367.559.719.0
1414CSAA Ins Group0184601,593,9143.51.11.11.170.852.252.132.1
1516Auto-Owners Ins Group0043541,534,4455.61.11.11.175.063.161.614.0
1615Mercury Casualty Group0181951,471,134-2.51.01.11.174.458.148.236.7
1717Hartford Ins Group0000481,173,3186.50.80.80.867.858.154.58.0
1818Sentry Ins Group000086876,6266.80.60.60.658.155.656.025.9
1920MAPFRE North America Group018801686,1443.60.50.50.568.259.458.029.0
2024Alfa Ins Group000106672,53915.50.50.40.467.361.054.640.0
2119Auto Club Group000312672,3701.20.50.50.563.955.962.722.8
2221Amica Mutual Group018522668,9673.50.50.50.586.759.759.928.3
2322COUNTRY Financial PC Group000302653,9851.90.50.50.564.870.664.222.9
2423Southern Farm Bureau Casualty Grou
p004237627,3823.90.40.40.576.177.261.736.6
2525Shelter Ins Cos000598596,1608.20.40.40.478.874.259.528.0
Reflects Grand Total (includes Canada and U.S. Territories).
Source:
— State/Line (P/C Lines) - P/C, U.S.; data as of July 24, 2023.
BEST’S REVIEW • OCTOBER 2023
41
42
Best’s Rankings
Ranked by 2022 direct premiums written.
($ Thousands)
BEST’S REVIEW • OCTOBER 2023
11Progressive Ins Group000780$132,2792.714.315.512.858.264.569.10.3
22Amer Transit Ins Co00466073,3516.07.98.39.564.161.456.327.1
34Allstate Ins Group00000857,53563.86.24.25.082.587.959.40.1
43Liberty Mutual Ins Cos00006047,28532.95.14.33.561.386.381.00.1
55Travelers Group01867435,4912.93.84.14.1-24.748.968.60.1
68Hereford Ins Co00249433,75818.43.73.43.564.159.355.123.4
76Auto-Owners Ins Group00435430,0652.13.33.53.727.921.9-20.40.3
813Kemper PC Companies01890829,64177.23.22.01.377.7102.982.20.7
97Zurich Ins US PC Group01854928,777-1.03.13.54.514.01.124.20.2
1011Farmers Ins Group00003228,66753.03.12.31.476.7109.585.30.1
1120Old Republic Ins Group00073425,260143.22.71.31.851.324.535.50.4
129Berkshire Hathaway Ins00081125,237-4.12.73.23.127.2108.259.30.0
1312State Farm Group00008823,68631.92.62.22.246.137.766.20.0
1419Trailblazers Ins Co, Inc., A RRG02107520,82199.82.31.30.059.769.50.0100.0
1510A-One Commercial Ins RRG, Inc.02229517,150-19.41.92.62.660.460.440.2100.0
1614Nationwide Group00598715,291-4.21.71.92.151.875.096.80.1
1715Tokio Marine US PC Group01873315,2291.91.71.81.940.829.239.50.1
1817Erie Ins Group00428312,4963.41.41.51.434.349.045.20.1
1918Selective Ins Group00392611,4021.31.21.41.550.541.434.30.3
2016Core Specialty Ins Group0189759,067-28.51.01.50.514.1-0.439.90.6
2121Markel Corp Group0184688,646-9.70.91.21.039.289.968.30.1
2224Cincinnati Ins Cos0042948,0680.10.91.01.130.021.850.00.1
2323Michigan Farm Bureau PC Companies0189427,962-1.30.91.01.2-0.264.080.30.9
2428United Automobile Ins Co0107817,77621.40.80.80.650.974.875.22.5
2525Great Amer P & C Ins Group0048357,216-0.60.80.90.839.934.129.00.1
Reflects Grand Total (includes Canada and U.S. Territories).
Source:
— State/Line (P/C Lines) - P/C, U.S.; data as of July 24, 2023.
Best’s Rankings
Ranked by 2022 direct premiums written.
($ Thousands)
11Progressive Ins Group000780$7,115,2905.315.716.613.070.068.566.113.6
22Travelers Group0186742,420,6385.85.35.66.463.057.776.17.0
33Liberty Mutual Ins Cos0000601,844,26416.24.13.94.376.568.071.44.1
44Old Republic Ins Group0007341,594,9833.73.53.84.178.068.977.627.7
57Zurich Ins US PC Group0185491,342,82110.93.03.03.675.574.285.37.6
65Berkshire Hathaway Ins0008111,333,8361.22.93.23.360.958.371.82.3
76Nationwide Group0059871,275,352-1.92.83.23.769.365.580.76.3
89Chubb INA Group0184981,145,79528.42.52.22.280.268.675.43.8
98Auto-Owners Ins Group0043541,113,17513.62.52.42.477.761.765.210.1
1014Farmers Ins Group000032989,49951.62.21.61.271.492.793.53.7
1111W. R. Berkley Ins Group018252967,82913.22.12.11.966.051.654.910.4
1210Allstate Ins Group000008936,7057.02.12.12.3121.087.863.42.1
1319State Farm Group000088887,12355.62.01.41.3122.373.872.01.1
1413Hartford Ins Group000048867,70816.11.91.81.866.264.968.75.9
1512Amer Intl Group 018540829,9666.61.81.92.172.474.976.65.3
1615Tokio Marine US PC Group018733715,06510.31.61.61.762.468.065.26.3
1716Great Amer P & C Ins Group004835695,69912.61.51.51.558.968.156.58.0
1824Fairfax Financial (USA) Group003116677,40741.51.51.21.376.773.964.66.2
1917Sentry Ins Group000086669,2169.71.51.51.568.468.163.919.8
2020Selective Ins Group003926631,49613.01.41.41.468.067.865.615.5
2118Cincinnati Ins Cos004294603,1825.61.31.41.662.951.358.19.0
2222CNA Ins Cos018313564,64011.51.21.21.478.079.270.44.3
2323Erie Ins Group004283524,3317.61.21.21.482.463.252.46.1
2425Acuity, A Mutual Ins Co000468504,3979.81.11.11.170.358.546.522.7
2526Federated Mutual Group004284470,8259.71.01.11.157.462.785.721.3
Reflects Grand Total (includes Canada and U.S. Territories).
Source:
— State/Line (P/C Lines) - P/C, U.S.; data as of July 24, 2023.
Best’s Rankings: Auto
SEE HOW INSURERS BALANCE
THE RISKS THAT IMPACT
FINANCIAL STRENGTH
In today’s precarious market conditions,
Best’s Capital Adequacy Ratio Model – P/C, US
delivers
the tools you need to assess an insurer’s risk-adjusted capitalization through customizable risk
scenarios, using a model consistent with AM Best’s rating methodology.
NOTE: The results or output created by use of the
Best’s Capital Adequacy Ratio (BCAR) Model
(“Output”) is for informational and internal purposes only, and such
Output may not match or be consistent with the ocial BCAR scores that AM Best publishes for the same rating unit. The Output i
s not guaranteed or warranted in any
respect by AM Best. The
BCAR Model
is a non-rating services product, and its purchase is not required as part of the rating process.
Our Insight, Your Advantage
™
sales@ambest.com
(908) 439-2200
23.BCAR017E2
PICTURE OF HEALTH
A coral reef in Ka’ūpūlehu, Hawaii, thrives with sea life.
Parametric Insurance Helps
44
Restore Dwindling Coral Reefs
The first-of-its-kind policy in the U.S. finances work by The Nature Conservancy
to repair ecosystems critical to the health of the water and the land.
by Lori Chordas
H
urricane damage on land has been well
documented, but the impact on underwater
ecosystems has gone largely overlooked by insurers.
To address the harm that natural disasters inflict
on these aquatic environments, which have been
credited with protecting nearby land and the people
who inhabit it, The Nature Conservancy and WTW
Lori Chordas
is a senior associate editor. She can be reached at
lori.chordas@ambest.com.
BEST’S REVIEW
•
OCTOBER
recently launched the first parametric coral reef
insurance policy in the U.S. The Munich Re-backed
vehicle is designed to provide funding for rapid
coral reef repair and restoration across Hawaii in the
immediate aftermath of damaging storms.
“It’s a windstorm intensity trigger,” said James
Doona, managing director, parametrics and ART,
Munich Re. “The idea is that, along that whole
spectrum of starting from assessing the risk and
Photo by Bryce Groark, The Nature Conservancy
Parametric Insurance
figuring out what we need to mitigate the risk, The
Nature Conservancy is focused on trying to use
the reef as a barrier that protects people on land,
and development on land and the economy on
land. Their direct efforts are at restoring the reef,
protecting the reef, strengthening the reef.”
“Here in Hawaii, we look at coral reefs as a
cultural asset,” said Chana Makale’a Dudoit Ane,
community based program manager, The Nature
Conservancy. “In our Kumulipo, our creation chant,
it starts off as the first living organism that was
created was the coral polyp, and then from that,
all life was created. Having that as our foundation
helped us to look at parametric insurance in a
different light, and know inherently, culturally, the
value of coral reefs and the reasons why we want to
protect them.”
Parametric insurance is a great concept because
it’s easy to implement, said Sridhar Manyem, senior
director, industry research and analytics, AM Best.
Whenever a preset parameter—such as sea surface
“Here in Hawaii, we look at coral
reefs as a cultural asset. In our
Kumulipo, our creation chant,
it starts off as the first living
organism that was created was
the coral polyp, and then from
that, all life was created.”
temperature—is triggered, the predetermined
amount is paid out.
“For the policyholder, it’s very efficient because
they receive payment based on the parameters already
set,” Manyem explained. “For the insurance company,
it’s again efficient because they don’t have to go
through the pain of claims-handling, adjusters.”
Hurricanes have long been an issue for coral reefs.
In 2022, for example, Hurricane Ian destroyed many
human-made reefs in Southwest Florida. In 2017,
hurricanes Irma and Maria caused significant damage
to vital and delicate coral reefs across Puerto Rico and
Florida. But the actual threats to underwater habitats
might surprise some storm watchers.
“The winds aren’t the impact to coral reefs,” said
Julia Rose, Hawai’i Island marine project manager,
The Nature Conservancy. “It’s the wave energy and
the water energy that that creates. As those waves
hit the coastline with incredible strength, that can
dislodge corals.”
Chana Makale’a Dudoit Ane
The Nature Conservancy
BEST’S REVIEW
•
OCTOBER
45
