Best’s News & Research Service - June 30, 2023 09:09 AM (EDT)
Best’s Rankings: US 2022 Property/Casualty DPW By Line Rises 9.7% as Adjusted Loss Ratio Worsens
OLDWICK, N.J. //BestWire// - U.S. 2022 property/casualty direct premiums written by line rose 9.7% to $875.5 billion as the overall adjusted year-over-year loss ratio worsened from 62.6 to 67.5, according to a new Best’s Ranking.
Adjusted loss ratios for a number of lines worsened by double digits, including the industry’s largest property/casualty line — private passenger automobile liability — along with auto physical damage, total allied lines, farmowners multiperil, ocean marine and more.
The adjusted loss ratio for private passenger auto liability worsened from 66.0 to 78.6. Direct premiums written were up 4.8% to $160.3 billion, accounting for 18.3% of overall property/casualty DPW by line.
Homeowners multiperil, the second-largest line in the United States, saw DPW increase 11.7% to $133.8 billion while the adjusted loss ratio worsened to 71.1 from 69.2.
For auto physical damage, the third-largest line at $131.5 billion in DPW, the adjusted loss ratio worsened to 81 from 70.4.
The top writer in each of the three largest lines was State Farm Group, with market shares ranging from 15.8%, for auto physical damage, to 18.3%, for homeowners multiperil.
The second-largest writers were: Progressive Insurance Group for private passenger auto liability, at 14.9%, and auto physical damage, 12.9%; and Allstate Insurance Group for homeowners multiperil, at 9%.
Private passenger auto liability accounted for 45.7% of Progressive’s total DPW in 2022, compared with 33.2% of State Farm Group’s total DPW.
Subscribers to Best’s News and Research Service can download the report at no charge, including full data in spreadsheet format.
The report includes direct premium written by business line, share of the total U.S. property/casualty market, the percentage change from the prior year, adjusted loss ratios for 2021 and 2022, and the two largest writers in each line with their market share and percentage of the line in the company’s overall business.
Subscribers can access the report and data here.
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(By Renée Kiriluk-Hill, senior associate editor, BestWire: Renee.Kiriluk-Hill@ambest.com)