Maybe it’s not the most exciting reading the list of the the largest auto insurance companies in the US in 2019, but it is surely arresting and useful. As almost all of us have a car of their own, it’s always a big question which insurance company we should choose. Now Insider Monkey have made a valuable research for us about the largest auto insurance companies, you don’t need to do anything but sit comfortably in your armchair and follow the list.
According to IBIS World, the total revenue raked in by the industry in 2019 is approximately $285 billion. The auto insurance industry is one an essential part of the economy in the US. For individuals, starters, and businesses in the US can’t operate legally without car insurances. Insurers take up the critical role of ensuring that the individuals and businesses have the insurance.
10. American Family Insurance Group
It was founded in 1927, and originally it offered insurance to farmers’ automobiles in Wisconsin. In the 1930s the company grew into one of the largest insurance companies in the US. American Family claims 2% of the American auto insurance market.
9. Travelers Companies Inc. (NYSE:TRV)
Travelers has an international presence with having more than 13,500 agents. Its largest markets are in America, the United Kingdom and Ireland. The company collected about $1.3 billion in direct premiums written in Q1 2019.
8. Nationwide Mutual Group
This company was launched in 1925. At the beginning it was a small company that offered insurance policies to Ohio farmers, and it has grown to be one of the largest companies in the United States. The company claims 2.74% of the US auto insurance market share. Company records show that Nationwide had collected a little over $7 million in direct premiums written as at January 2019.
7. Farmers Insurance Group of Companies
Farmers is not only one of the largest auto insurance companies across the US, but it is highly ranked as well. When it was founded it offered insurance policies to farmers and truck drivers. Farmers’ market share is 4.27%.
6. Liberty Mutual
Librty Mutual was founded more than 100 years, it is present in 20 countries throughout the whole world. In Q1 2019, Liberty Mutual recorded $3.07 billion in direct premiums written. The insurer claims 4.79% of the US auto insurance industry.
We are half way on our list of the largest auto insurance companies in the US in 2019. The next company is USAA. The United States Automobile Association (USAA) is among the largest companies in the US, and it is ranked with the A++ rating. Based in San Antonio, Texas, USAA recorded direct premiums written of $3.91 billion in Q1 2019 and has a market share of 5.88%.
4. Allstate Corporation (NYSE:ALL)
This company was ranked with the A+ superior rating. Allstate offers insurance policies to inland-marine players, automobile owners, businesses, homes. With a market share of 9.22%, the company earned approximately $5.78 billion direct premiums written in Q1 2019.
3. Progressive Corporation (NYSE:PGR)
Progressive Corporation offers insurance to drivers with the highest risk. It also sells recreational vehicles insurance, motorcycle and commercial vehicle insurance. The company reported approximately $7.74 billion direct premiums written in Q1 2019. Progressive holds an 11.00% market share of the US auto insurance market.
GEICO is among the largest auto insurance companies, what’s more it is ranked with an A++ exceptional rating. The company claims a market share of 13.45%. In Q1 2019, GEICO recorded $9.02 billion direct premiums written.
1.State Farm Mutual Automobile Insurance
State Farm is on the top of the largest auto insurance operator in the US. The company was founded in 1922, and the targets of the insurances were mainly farmers. Nowadays State Farm provides property insurance throughout the whole US. State Farm continues to lead in 2019 with a market share of 17.06% and direct premiums written of $10.54 billion in Q1 2019. This was the list of the largest auto insurance companies in the US in 2019.