P/C Direct Premium Written Up 3.5 Percent
By: Douglas Powell
Direct premium written (DPW) for Property/Casualty insurance companies continues to increase, albeit gradually. At year-end 2013, nearly $545 billion of DPW was reported, a record high for the industry. For 2013, total DPW for all P/C insurers aggregately increased 4.1 percent over 2012, an increase of nearly $22 billion. Through the first quarter of 2014, the insurance industry’s growth trend has continued, as DPW for all P/C insurers aggregately increased 3.5 percent over 2013.
For the three months ending March 31, 2014, P/C companies comprising the Top 25 insurers in terms of DPW leveraged their experience and increased their DPW nearly 14 percent over the first three months of 2013. This continues the Top 25 insurers’ impressive display of premium growth and financial stability. The Top 25 accounted for over 67 percent of the growth in the P/C insurance industry’s DPW. In contrast, the remainder of the industry reported an increase in DPW of only 1.4 percent, or $1.5 billion year over year.
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