Best’s News & Research Service - July 23, 2021 10:49 AM (EDT)
Best’s Rankings: US Total Auto Direct Premiums Down 1.1% in 2020
OLDWICK, N.J. //BestWire// - The U.S. insurance industry’s total automobile direct premiums written were $296.18 billion in 2020, down 1.1% from a year earlier, according to the 2021 Best’s Rankings.
Topping the list was State Farm Group with $41.07 billion in total auto DPW in 2020, down 2.4% from the prior year. Progressive Insurance Group, which ranked No. 2 with $39 billion, saw the sharpest increase among the top five carriers, with that total up 5.8% over the previous period.
Tenth-place American Family Insurance Group saw the largest percentage drop in total auto DPW in the top 10, with its $5.45 billion down 9.6% from the previous year. Farmers Insurance Group, ranked seventh in the list, saw the next-biggest decrease with its $12.74 billion in DPW for 2020 down 6.9%.
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 total auto 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)