US Car Insurance 2020: which are the biggest companies?

Owning a car is undoubtedly advantageous, but it also involves financial burdens and possible risks. Taking out insurance cover to protect the car you own will protect you from damage that your vehicle may suffer, as well as from other circumstances, where you may have third party liabilities that will require you to pay sums of money for damage repair or medical expenses. In the U.S. market, there are hundreds of companies competing to offer the best protection to the owner and/or driver of a car, but only a few of these companies have really been able to impose their best terms and gain an established professional reputation. In the rankings we will see, it is not only the ability to charge more reasonable prices to their customers that stands out, but also the ability to provide a service that supports them comprehensively, from simple claims to smart access to manage payments or recoveries. Here, based on data published in late 2020 by the National Association of Insurance Commissioners (NAIC) regarding market share held, 10 providers in auto insurance in the U.S. positively emerge, which added together cover well over 50% of the total value.

State Farm (market share = 9.27 %)

With a direct premium base of $65.6 billion, State Farm is at the top of the auto insurance market. Part of the State Farm Mutual Automobile Insurance Company (Illinois) financial group, it ranks among the largest companies on the Fortune 500 list. Through its 60,000 employees and 19,000 independent contracting agents, State Farm provides property and casualty coverages, annuities, life and health insurance, mutual funds and banking products.

GEICO (market share = 6.50 %)

Controlled by Berkshire Hathaway, the Government Employees Insurance Company (GEICO) offers global insurance coverages to more than 16 million policyholders: vehicle, real estate, travel, life, pet, jewelry and identity protection.

Progressive (market share = 5,50 %)

Always recognized as an innovative personal car company, Progressive leads the nation in the motorcycle and specialty RV (recreational vehicles) niche, as well as protecting a wide range of other vehicles. It operates throughout the country with over 3000 independent agencies.

Allstate (market share = 5 %)

Allstate is a P&C Insurance, with specialized policies that can cover various physical property damage: auto, home, condos, renters, motorcycles, boats and other recreational vehicles. Also active with all-around financial products: from a savings plan to support study expenses, to annuities and retirement plans. It serves a pool of 16 million customer households through its network of 46,000 employees.

Pagina 1 di 1

You Might Also Like