US marine direct premiums up 7.5% in 2023

BEST RANKING

Best News & Research Service – August 23, 2024 10:16 AM (EDT)

OLDWICK, NJ //BestWire// – Direct written premiums in the US ocean marine segment will grow 7.5% in 2023, according to a new Best’s Rankings report.

That growth applied to both the total market and the top 75 writers, as DPW for each rose to $5.67 billion last year, according to the report. The top 50 writers saw a 7.1% increase to $5.62 billion.

American International Group maintained its No. 1 spot despite a 6.2% decline to $783.4 million DPW. It was the biggest drop among the top 10 writers, each of whom maintained their place from the previous year.

The only other drop in the top 10 belonged to the US P/C Group no. 5 Tokio Marine, which was down 5.3% to $322.2 million DPW.

No. 2 Starr International Group had the biggest increase in the top 10, a change of 35.8% to $499.7 million DPW. Completing the top 5 were Group No. 3 Travelers, which grew 2.7% to $366.9 million DPW; and Chubb Group INA no. 4, which grew 6.4% to $366.1 million DPW.

The report measures the total 2023 DPW for the largest US ocean marine writers as well as the percentage change in premiums; market share for 2023, 2022 and 2021; adjusted loss rates for 2023, 2022 and 2021; and ocean marine as a percentage of total premiums.

Subscribers to Best’s News and Research Service can download the report for free, including the full data in spreadsheet format.

Subscribers can access the report and data here.

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

(By Anthony Bellano, Associate Editor, Best’s Review: [email protected])