USA insurance company | best insurance companies of USA | top insurance companies
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USA insurance company | best insurance companies of USA | top insurance companies
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TOP 5 INSURANCE COMPANIES IN USA
Owning a car exposes you to various financial risks. With car insurance, you can be covered for damage to your vehicle and other circumstances in which you could be liable to pay repair bills or medical expenses.
The best car insurance providers offer not only comprehensive coverage for a reasonable price but also excellent customer service, straightforward claims processes, and accessible ways to make payments and manage policies.
Based on figures from the National Association of Insurance Commissioners (NAIC), here are the top 10 leading car insurance providers in the US by market share:
1.State Farm
Direct Written Premiums: $65.6 billion
Market Share: 9.27%
State Farm is a group of insurance and financial services firms owned by State Farm Mutual Automobile Insurance Company, a mutual insurance company based in Bloomington, Illinois. In 2019, it ranked 36th on the Fortune 500 list of largest companies.
State Farm provides property and casualty (P&C) insurance, annuities, life and health insurance, mutual funds, and banking products. It has around 59,000 employees and sells products through a 19,000-strong force of independent contractor exclusive State Farm agents.
2. GEICO
Direct Written Premiums: $46.1 billion
Market Share: 6.51%
The Government Employees Insurance Company (GEICO) is a Maryland-based auto insurance company. It is a wholly-owned subsidiary of Berkshire Hathaway and offers coverage for over 20 million vehicles owned by more than 16 million policyholders.
GEICO employs over 40,000 associates, maintains more than 16 offices across the US, and provides 24/7 service. Its insurance products include vehicle, property, business, travel, overseas, life, pet, jewelry, and identity protection.
3. Progressive Group
Direct Written Premiums: $39.2 billion
Market Share: 5.54%
The Progressive Group of Insurance Companies is known for its innovation in the personal auto market. It claims to be the third-largest auto insurance provider and the number one motorcycle/specialty RV insurer in the US.
For over 80 years, Progressive has offered a wide range of insurance products such as auto, commercial auto, motorcycle, boat, renters, home, and small business policies. It employs over 36,000 people, operates in all 50 states, and sells products through more than 30,000 independent insurance agencies across the country.
4. Allstate
Direct Written Premiums: $35 billion
Market Share: 4.95%
Allstate is a personal lines P&C insurer in the US founded in 1931 as part of Sears, Roebuck & Co. Its insurance products include car, home, property, condo, renters, life, business, motorcycle, boats, and other recreational vehicles. It also offers financial products, such as college savings programs, annuity, and retirement plans.
In 2018, Allstate ranked 79th on the Fortune 500 list of largest US corporations by total revenue. It employs nearly 46,000 people and serves around 16 million households.
5. USAA
Direct Written Premiums: $23.4 billion
Market Share: 3.32%
USAA is a family of companies that provides insurance, investments, banking, retirement, and other financial products and services for former and current members of the US military and their families. It has more than 35,000 employees and over 13 million members.
USAA’s insurance products are divided into four categories: auto and vehicle, home and property, life and health, and additional insurance.
Its auto and vehicle insurance products provide coverage for auto, motorcycle, motorhome, boat, and classic ca
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