Top Ten Biggest Auto Insurance Companies in USA, UK, Europe
Top Ten Biggest Auto Insurance Companies in the USA, UK, Europe:- The auto insurance market in the U.S. is dominated by a few key players. In fact, the top ten auto insurance companies control more than 72% of the market. While the top ten insurance companies fund a large number of policies, they have very distinct characteristics. To help you choose the best insurance company that suits best for your own personal needs, we have shortlisted a list of the Top Ten Biggest Auto Insurance Companies in the USA, UK, Europe and discuss what makes each of them unique.
What are the Biggest Auto Insurance Companies in the USA, UK & Europe?
When looking at the rankings of the Top Ten Biggest Auto Insurance Companies in the USA, UK, Europe, most of the names are recognizable due to their national television advertising campaigns. The Top Ten Biggest Auto Insurance Companies in the USA, UK, Europe offer varied insurance rates, customer claims experience, and features. We discuss the top ten biggest auto insurance companies in the USA, UK & Europe and what you should know about each of them below:
1. State Farm Insurance Company:
The top spot goes to State Farm Insurance company, which operates as a mutual insurance company, implying that it’s owned by its policyholders. State Farm is the largest auto insurance company in the U.S. and possesses 18% of the total available market share. Nearly one in five dollars spent on private passenger auto premiums in the U.S. is paid to State Farm. The company currently employs approximately 70,000 employees and has nearly 19,000 agents. In accordance with its large market share, State Farm’s latest annual report shows a net gain of over $1.7 billion.
2. GEICO Insurance Company:
GEICO, well known for its active gecko, has served as an underwriter to more than 16 million auto policies, which insure more than 24 million vehicles. The company’s size enables it to employ more than 36,000 people across nine regional offices, three service centers, and three claims centers. GEICO’s original customer base consisted of U.S. government employees and military personnel. Today, the insurance company’s customer base has expanded to include people in the private sector.
3. Progressive Insurance Company:
Progressive—the third biggest insurance company in the USA—was established in 1937. The company offers the ability to buy auto insurance directly, online or by phone. Alternatively, customers can sign up through self-governing insurance agents. The company employs over 33,000 people and has over 400 offices. Progressive is a publicly traded company.
4. Allstate Insurance Company:
Established in 1931, Allstate is the second-largest publicly traded property and casualty insurance company in America. Similar to State Farm, Allstate has a list of local agents ready to serve your needs. The company currently employs over 79,000 people. Esurance, a subsidiary of Allstate, works in the same space. According to Allstate, the Esurance brand is targeted toward self-directed and brand-sensitive customers while Allstate is equipped for customers who enjoy local and personal service.
5. USAA Insurance Company:
USAA was founded by 25 Army officers, who decided to insure each other’s vehicles in 1922. Today, the company serves over millions of its members associated with the U.S. military, including:
- Current Military Members
- Former Military Members
- The family of Military Members
- Cadets or Midshipmen
USAA is headquartered in San Antonio, Texas. The corporate campus’ length stretches three-quarters of a mile. USAA is the largest private company established in San Antonio.
6. Liberty Mutual Insurance Company:
As most of us already know, Liberty Mutual is one of the top insurance companies in the U.S.A and has been around for over more than 100 years now. Liberty Mutual also has a large international presence—with services in 17 countries. The international companies market property and casualty, health, and life insurance policies. The auto insurance industry is a large part of Liberty Mutual’s business, expressing 36% of its net written premium from insurance as of their latest annual report.
7. Farmers Insurance Company:
Farmers began as an insurance company giving insurance coverage to rural farmers’ vehicles. Since then it has grown to become the seventh-largest insurance company in the country. It’s hard to find an insurance company that offers more products than Farmers. It proposes basic auto insurance, pet insurance, and even investment products among a variety of other insurance products. Farmers employ nearly 21,000 people, which allow it to underwrite over 19 million policies across 50 states.
8. Nationwide Insurance Company:
Nationwide, a Fortune 100 company, paid over $18 billion in insurance claims and other gains to its members in 2017. The company does its business over different verticals—including financial services, commercial lines, and personal lines—in all 50 U.S. states. Nationwide has provided over $430 million to nonprofit organizations since 2000.
9. Travelers Insurance Company:
Travelers are more than 160 years old insurance company which makes it one of the oldest insurance companies operating today in the USA. In fact, Travelers issued its first auto insurance policy in 1897, before the Ford Model-T was even invented. The Travelers insurance company has over 30,000 employees and 13,500 independent agents and brokers in various countries—including the United States, Canada, and Brazil.
10. American Family Insurance Company:
American Family was established with the initial goal of insuring farmers. In the 1930s, the company expanded and began to focus on insuring non-farmers as well. Today, the company is one of the biggest insurance companies in the U.S. In recent years, American Family paid out over $3 billion in the home, auto, and umbrella insurance claims.
Hence, this was the list for you of the Top Ten Biggest Auto Insurance Companies in the USA, UK, Europe, out of which you can select for yourself which one suits best for your own personal needs.