US Real Estate Catastrophe Industry DPW Up 14.9%

BEST RANKING

Best News & Research Service – September 20, 2024 10:42 AM (EDT)

OLDWICK, NJ //BestWire// – Direct written premiums for the US property catastrophe risk industry will grow 14.9% in 2023 to $478.13 billion, according to a new Best’s Rankings report.

Top-ranked State Farm Group saw its DPW grow 19.2 percent in 2023 to $57.63 billion, according to the data. No. 2 Allstate Insurance Group posted $29.42 billion in DPW for the year, up 10.7%. State Farm and Allstate had market shares of 12.1 percent and 6.2 percent, respectively.

Liberty Mutual Insurance Cos., which took third place, had 2023 DPW of $25.8 billion, up 4.9 percent and a 5.4 percent market share. Progressive Insurance Group was fourth with $25.63 billion in DPW up 24.4%, the biggest gain among the industry’s top 15 insurers.

Berkshire Hathaway rounded out the top five with $23.01 billion in DPW up 13.9 percent and a 4.8 percent market share, according to the data.

Rankings include direct premiums written, percentage change, market share, adjusted loss rates and percentage of company premiums.

Subscribers can access the report and data here.

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

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