NAIC Ranks the Top Homeowners Insurers for 2023

S&P Global says homeowners insurance rates rose an average of 11.3% in 2023. In 25 states those rates went up at least 10%. Rates in Texas had the highest increases averaging 23.3%. Second highest was 20.3% in Utah.

The PIA Western Alliance state of Oregon, Texas, Arizona, Oklahoma and Colorado all saw double-digit increases in 2022 and 2023.

The lowest rate jumps were seen in Hawaii at 1.8%.

Around the country, the cumulative growth rates for home insurance premiums was 18.2% from 2022 to 2023. And when looking at the last five years — 2018 to 2023 — rates jumped a staggering average of 33.8%.

Insurify says the average homeowner paid $2,377 for their insurance in 2023. The company thinks rates will go up an average of 6% this year.

The National Association of Insurance Commissioners (NAIC) took a look at homeowners insurance and tabulated which companies are doing the most business. Here is the list:

1. State Farm

Direct written premiums: $27,037,940,172

Market share: 17.79%

2. Allstate

Direct written premiums: $13,551,256,390

Market share: 8.92%

3. Liberty Mutual

Direct written premiums: $10,476,330,091

Market share: 6.89%

4. USAA

Direct written premiums: $10,346,045,233

Market share: 6.81%

5. Farmers Insurance

Direct written premiums: $8,981,109,577

Market share: 5.91%

6. Travelers

Direct written premiums: $7,569,914,243

Market share: 4.98%

7. American Family Insurance

Direct written premiums: $7,009,999,632

Market share: 4.61%

8. Nationwide

Direct written premiums: $4,077,262,120

Market share: 2.68%

9. Chubb

Direct written premiums: $3,891,675,567

Market share: 2.56%

10. Citizens Property Insurance Corporation

Direct written premiums: $3,208,944,568

Market share: 2.11%

Source link: PropertyCasualty360.com — https://bit.ly/4brJnpp

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The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.


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