US multi-risk commercial liability up 7.2%

BEST RANKING

Best News & Research Service – August 16, 2024 10:11 am (EDT)

OLDWICK, NJ //BestWire// – Direct written premiums for U.S. commercial multi-peril liability policies will grow 7.2% in 2023 to $20.60 billion, according to a new Best’s Rankings report.

For the year, DPW from the top 25 carriers totaled $14.55 billion, up 6% from the previous year.

Travelers Group topped the rankings again for 2023, with DPW growing 14.1% to reach $2.02 billion. The company had a market share of 9.8%.

Tokio Marine US PC Group climbed one spot to No. 2 as DPW rose 6.2% to $1.27 billion, while Liberty Mutual Insurance Cos. dropped one spot to No. 3 as DPW fell 5.4% to total $1.15 billion. Hartford Insurance Group and Auto-Owners Insurance Group rounded out the top five with $892.2 million and $811.0 million, respectively.

Nationwide P&C Group saw the biggest drop in the rankings, falling two places to No. 6, as it saw a 21.2% drop in DPW to a total of $785.8 million.

Subscribers can access report and data here.