Top 10 Largest Car Insurance Companies in the United States
Every year the Insurance Information Institute of America publishes a wealth of data about the auto insurance industry including a list of the Top 10 largest car insurance companies by market share. There are many ways to define the top car insurance companies when it comes to customer service, claims handling and overall company reputation but how much of a market share a company has is a pretty solid statistic that correlates quickly to how trusted a brand is by consumers. Here are the top 10 largest car insurance companies
10. American Family Mutual – Market Share 2.0%
American Family Insurance is a private mutual company that focuses on property, casualty and auto insurance, but also offers commercial insurance, life, health, and homeowners coverage, as well as investment and retirement-planning products. A Fortune 500 company, its revenues for 2008 were over $6.7 billion and this is the largest car insurance companies.
9. Travelers – Market Share 2.1%
The Travelers Companies is the largest car insurance companies by market value. Travelers has headquarters in St. Paul, Minnesota and Hartford, Connecticut with significant operations in New York, New York. It has been a component of the Dow Jones Industrial Average since June 8, 2009. In 2010, the company reported revenues of US $25.1 billion and total assets of US $105.2 billion.
8. USAA Insurance – Market Share 4.1%
United Services Automobile Association (USAA) is a Texas-based and Texas Department of Insurance regulated unincorporated reciprocal inter-insurance exchange and Fortune 500financial services company offering banking, investing, and insurance to people and families that serve, or served, in the United States military. In 2011, this largest car insurance companies were 8.4 million members. 2.5 million of the total of 8.4 million members were subscribing members who have about $7-8 on deposit with the exchange to guarantee its financial capabilities.
7. Liberty Mutual – Market Share 4.4%
Liberty Mutual Group as the largest car insurance companies, more commonly known by the name of its primary line of business Liberty Mutual, is a diversified global insurer and the third largest property and casualty insurer in the United States based on 2010 net written premium. It is the 82nd company on the Fortune 500 list for 2011. As of December 31, 2010 Liberty Mutual Group had $112.35 billion in consolidated assets, $95.4 billion in consolidated liabilities, $17.0 billion in policyholders’ equity,and $33.2 billion in annual consolidated revenue.
6. Nationwide Mutual – Market Share 4.5%
Nationwide Mutual Insurance Company & Affiliated Companies is a group of large U.S. insurance and financial services companies based in Columbus. The company also operates regional headquarters in Des Moines, Iowa, San Antonio, Texas, Gainesville, Florida, and Lynchburg, Virginia. Nationwide Financial Services, a component of the group, was publicly traded on the New York Stock Exchange prior to being purchased by Nationwide Mutual in 2009 and the largest car insurance companies.
5. Zurich Financial Services (Farmers) – Market Share 6.4%
The US consumer market is the largest car insurance companies. The Chicago area-based Zurich American Insurance Company is the third largest provider of commercial property-casualty insurance in North America, serving small business, mid-size markets and large corporate customers. In 2005, Zurich Commercial produced gross written premiums of USD 12.5 billion.
4. Progressive – Market Share 7.5%
The Commercial Auto segment writes primary liability and physical damage insurance for automobiles and trucks owned by businesses primarily through the independent agency channel. The Other-indemnity segment provides professional liability insurance to community banks, principally directors, and officers liability insurance. It also provides insurance-related services, primarily providing policy issuance and claims adjusting services in 25 states for Commercial Auto Insurance Procedures/Plans. In 2011, this largest car insurance companies was ranked 164 in the Fortune 500.
3. Berkshire Hathaway Inc (GEICO) – Market Share 8.2%
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years, while employing large amounts of capital, and minimal debt. This largest car insurance companies stock produced a total return of 76% from 2000–2010 versus a negative 11.3% return for the S&P 500.
2. Allstate – Market Share 10.5%
The Allstate Corporation is the second largest car insurance companies in the United States. The company also has personal lines insurance operations in Canada. Allstate was founded in 1931 as part of Sears, Roebuck and Co., and was spun off in 1993. The company has its headquarters in Northfield Township, Illinois, near Northbrook.
1. State Farm Mutual – Market Share 18.6%
State Farm Insurance is a group of insurance and financial services companies in the United States. The company also has operations in Canada. According to the Fortune Global 500, State Farm is also the world’s largest mutual “P&C” (property & casualty insurance) firm.In October 2008, State Farm Insurance Companies in Canada was named one of Greater Toronto’s Top Employers by Mediacorp Canada Inc., which was announced by the Toronto Star newspaper. State Farm Mutual is the largest car insurance companies.