Excess & Specialty Insurers — The Top 10

Excess and specialty (E&S) insurance lines premiums rose for the fifth year in a row. E&S premiums in the U.S. totaled $86.47 billion in 2023 compared to $75.51 billion in 2022.

The 2023 figures — according to S&P Global — hit double-digit percentage increases as they did in 2021 and 2022. The 2023 percentage increase is 14.5% compared to 2022’s percentage of 20.1% and the 32.3% we saw in 2021.

So the growth is slowing a bit.

S&P Global’s report also notes that E&S premiums are now 9.2% of the total direct written premiums in the U.S. That’s up from 8.8% in 2022. Digging a bit deeper into the report:

• 52.5% of the premiums in 2023 were for medical professional liability, product liability and other coverages specific to liability
• 31.7% of the 2023 premiums were for specialty property lines like commercial multi-peril, fire and homeowners
• 5.4% were for various commercial auto coverages

Here are the top-10 insurers writing E&S insurance:

1. Berkshire Hathaway

Direct written premiums 2023: $8.39 billion

2. AIG

Direct written premiums 2023: $4.96 billion

3. Fairfax Financial Holdings

Direct written premiums 2023: $4.04 billion

4. Markel

Direct written premiums 2023: $3.68 billion

5. W. R. Berkley

Direct written premiums 2023: $3.61 billion

6. Chubb

Direct written premiums 2023: $3.18 billion

7. Nationwide

Direct written premiums 2023: $2.84 billion

8. Starr Insurance Companies

Direct written premiums 2023: $2.71 billion

9. Liberty Mutual

Direct written premiums 2023: $2.31 billion

10. AXA

Direct written premiums 2023: $1.96 billion

Source link: PropertryCasualty360.com — https://bit.ly/3YKsuRF