US Commercial Multiple Hazard (Total) DPW Increase 12.6%

BEST RANKING

Best News & Research Service – August 16, 2024 10:24 AM (EDT)

OLDWICK, NJ //BestWire// – U.S. direct commercial multi-peril (total) premiums will grow 12.6% to $62.36 billion in 2023, according to a new Best’s Rankings report.

The top two commercial multi-peril writers, Travelers Group and Chubb INA Group, respectively, maintained their year-over-year positions. Travelers posted a 16.3 percent increase in DPW to $5.28 billion, and Chubb posted a 9.3 percent increase to $3.38 billion, according to the report.

Hartford Insurance Group moved up to No. 3 from fifth a year earlier with DPW of $3.09 billion, up 16 percent, according to the rankings.

Liberty Mutual Insurance Cos. dropped one place to fourth with $2.78 billion in DPW in 2023, down 2.2%. State Farm Group moved up to No. 5 in 2023 from No. 7 a year earlier, with $2.59 billion in DPW up 19.4%.

10th-ranked Berkshire Hathaway Insurance posted the largest percentage gain among the top 25 commercial multiperil writers, with $1.67 billion in 2023 DPW up 55.8%.

For the top 25 writers, DPW increased 11% to $43.46 billion, and for the top 100 writers, DPW increased 12% to $57.93 billion.

The report measures the company’s ranking in 2023 and 2022; 2023 DPW; percentage change in DPW; market share and adjusted loss rates for 2023, 2022 and 2021; as well as commercial multi-peril as a percentage of company premiums.

Subscribers can access the report and data here.

Learn more about Best’s news and research service.

AM Best data comes from Best’s Financial Suite, USA.

(By Terrence Dopp, Senior Associate Editor, Best’s Review: [email protected])