MarketScout tracks property and casualty insurance rates. The first quarter of 2023 say rates jump 5%. Transportation was the only group — when breaking things down from line to line — that saw a quarter-over-quarter increase.
For commercial auto, there was a 7.3% rise in the 4th quarter of 2022 and in the 1st quarter of 2023, rates rose 8%. That’s good news for commercial auto insurance writers.
The National Association of Insurance Commissioners (NAIC) recently released figures on the top-10 writers of commercial auto in the U.S. Topping the list — says S&P Global Market Intelligence — is Progressive. It reports that at the start of 2023, Progressive and its subsidiaries got approval for 17 rate hikes in 15 states.
That led to an increase for Progressive’s coffers of about $68.1 million. AIG and its subsidiaries picked up six increases for about $15.3 million.
Here is how the NAIC rates the top commercial auto insurers based on its figures:
1. Progressive
Direct written premium: $9,267,311,458
Market share: 15.53%
2. Travelers
Direct written premium: $3,138,587,082
Market share: 5.26%
3. Liberty Mutual
Direct written premium: $2,347,037,179
Market share: 3.39%
4. Old Republic
Direct written premium: $2,249,262,747
Market share: 3.77%
5. Zurich
Direct written premium: $1,769,426,871
Market share: 2.97%
6. Berkshire Hathaway
Direct written premium: $1,709,014,746
Market share: 2.86%
7. Nationwide
Direct written premium: $1,642,005,521
Market share: 2.75%
8. Auto-Owners
Direct written premium: $1,601,751,911
Market share: 2.68%
9. Allstate
Direct written premium: 1,293,789,821
Market share: 2.17%
10. Chubb
Direct written premium: $1,289,311,098
Market share: 2.16%
Source link: PropertyCasualty360.com — https://bit.ly/3PmEvdd
