Best’s News & Research Service - July 26, 2021 11:02 AM (EDT)
Best’s Rankings: US Auto Physical Damage Direct Premiums Written Decreased 0.1%
OLDWICK, N.J. //BestWire// - U.S. insurers saw direct premiums written for automobile physical damage largely hold nearly steady through 2020 compared with the previous year, as the segment saw the total drop by 0.1% to $112.94 billion, according to a 2021 Best’s Rankings report.
State Farm Group led the list of auto physical damage insurers as its DPW totaled $17.02 billion, up 0.4% from the prior year. Berkshire Hathaway Insurance, which ranked second, saw its DPW drop 2.7% to $13.63 billion.
Progressive Insurance Group, which took the third-place spot, posted the largest increase by percentage among the top 10 insurers with $13.11 billion — up by 7%. Tenth-place American Family Insurance Group had a 10.2% drop with $2.11 billion in the largest percentage decrease among the top 10 insurers in the ranking.
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 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)