Within the topsy-turvy world of householders insurance coverage, first-quarter loss ratios have been bouncing round for the final 5 years—from beneath 50 in 2020 to over 70 in 2021 and 2023, a brand new evaluation reveals.
The S&P International Market Intelligence evaluation printed earlier this week reveals a 14.7 level enchancment to 56.5 for the business general—and enhancements greater than twice as giant for insurers Allstate and Nationwide.
The S&P GMI report, which shows direct written premiums, development, market shares and direct loss ratios for every of the ten greatest writers of householders insurance coverage, reveals that Nationwide’s loss ratio drop of 30.7 factors to 58.0 from 88.7 got here because the provider recorded a 4.1% decline in direct written premium.
Nationwide, ranked eighth in first-quarter 2024 premium quantity, was the one insurer within the top-10 with decrease premiums in first-quarter 2024 than first-quarter 2023. Industrywide, premiums grew 13% to $35.7 billion, with high gamers State Farm and Allstate rising a bit extra.
Premiums and loss ratios extracted from the report for the highest 5 gamers are set forth beneath.
Whereas not shrinking premiums general, Liberty Mutual, Farmers Insurance coverage and Vacationers had been the one three owners insurers among the many top-10 (ranked by first-quarter 2024 direct premiums) to put up development numbers beneath the business’s 13% dash.
Farmers, posting a 6.5% rise in premium, had the third greatest loss ratio drop—bettering almost 23 factors to 51.5.
Vacationers was the one top-10 participant to report a worse loss ratio in first-quarter 2024 than first-quarter 2023. Vacationers’ 64.7 loss ratio, up 3.2 factors from first-quarter 2023, tied with State Farm’s first-quarter consequence because the worst loss ratio among the many 10 largest writers nationwide.
Allstate, reporting the largest enchancment in its first-quarter owners loss ratio at 37.2 factors, additionally reported the second-lowest first-quarter 2024 direct loss ratio among the many high 10 writers (50.2)—greater than 6 factors higher than the general business results of 56.5.
Progressive, ranked tenth by premium quantity, scored the most effective first-quarter 2024 loss ratio at 46.8.
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