P/C Direct Premium Written Up 4.1 Percent for 2013
By: Douglas Powell
Direct premium written (DPW) for Property/Casualty insurance companies continues to increase. At year-end 2012, more than $523 billion of DPW was reported, which was an all time high for the industry. For 2013, total DPW for all P/C insurers aggregately increased 4.1 percent over 2012, an increase of more than $21.5 billion. Nearly 58 percent of this premium growth is attributed to the Top 25 P/C insurers in terms of growth.
Overall, P/C insurance companies have continued to serve their clients by responding to catastrophic events, difficult economic conditions and regulatory uncertainty. For the twelve months ending December 31, 2013, P/C companies comprising the Top 25 insurers leveraged their experience and increased their DPW nearly 12.6 percent over 2012. This continues the Top 25 insurers’ impressive display of premium growth and financial stability. In contrast, the remainder of the industry reported an increase in DPW of only 2.2 percent, or $9.1 billion, year over year.