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State Farm is the largest property and casualty insurance company in the United States, ahead of Berkshire Hathaway, which owns Geico. Progressive, Liberty Mutual and Allstate round out the top five.
Property and casualty insurance is a broad category of insurance, including auto and motorcycle insurance, home and renter insurance, crop insurance, and even aircraft insurance. The 10 largest real estate and non-life companies make up 48% of the total market. Each of the six largest companies has auto insurance as the largest component of their insurance business.
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State Farm is the largest non-life insurer in the United States, with a total of more than $70 billion in premiums. That’s nearly $19 billion more than Berkshire Hathaway, which owns Geico, and nearly $22 billion more than Progressive.
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Each of the five largest insurers in the US has more than 5% of the total market for the full range of non-life insurance products.
State Farm is not only the nation’s largest insurance company, but also the most popular insurer in 35 states. Liberty Mutual and Berkshire Hathaway are the largest insurance companies in five states, while Progressive has the largest market share in two states.
Property and casualty insurance are two types of coverage that protect the property you own, cover medical expenses, or cover damage for which you are found responsible. Non-life insurance can cover a wide variety of properties and situations, meaning there is a long list of different types.
State Farm is the largest non-life insurance company in the United States, with more than $70 billion in premiums in 2021. The rest of the top five insurers are Berkshire Hathaway, Progressive, Liberty Mutual, and Allstate.
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State Farm is also the largest auto insurance company in the US. It owns 16% of the market, with $40 billion in premiums.
Progressive is the largest provider of property and casualty insurance in Florida. The Ohio-based company accounts for 11% of the state insurance market.
Call for a telephone insurance quote: (855) 596-3655 | Agents available 24 hours a day, 7 days a week! We believe the best way to reach your customers is through their mobile devices. So for this month’s market research study, our major insurer, Allstate, profiled itself against two of its biggest competitors, Progressive and State Farm, to explore how mobile intelligence can provide Allstate with opportunities to win customers competitively from its two competitors.
According to the National Association of Insurance Commissioners, Allstate is the fifth largest accident insurer in the United States, behind Progressive (fourth largest) and State Farm (largest overall):
Largest Auto Insurance Companies (2022)
While these stats are unremarkable on their own, they become more interesting when you look at your mobile customer penetration for each of these companies. While Progressive has a similar market share to Allstate, it has been more successful in moving its customers to mobile channels, with 300%+ more mobile application users. And while State Farm has 2x the market share of these 2 insurance competitors, it has only 1.5x more mobile users than Allstate. Here the data is displayed in graph form.
This could be due to Allstate’s competitive price partnership protection plan for Uber drivers (which covers most states/regions compared to State Farm); and since 2/3 of Uber drivers also drive for Lyft, this could account for the significant bias in the likelihood that both Uber and Lyft drivers have the Allstate application.
To effectively reach your mobile customers, start with accurate data about who they are and whether a user overlaps between competitors. So what can Allstate do with this data?
In addition, partnering with applications that index well across the board, such as Chewy, Applebee’s and My Dish, could be an opportunity for all three insurance companies to expand their mobile phone market share.
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By looking at the mobile data in these three applications, we were able to easily identify several distinct audiences along with unique ways to reach them. And this is just the beginning. With a mobile intelligence report, you can discover who your customers are and how they interact with competitors, so reaching them is not just about reducing exhaustion, but also effective conquest.
All Categories Audience Orientation Campaign Planner Customer Success Story Identity Industry Insights Intelligence Machine Learning Market Research Mobile Data Primer Press Release Privacy POV Truth in Data Uncategorized While the largest companies subscribe to many policies, they differ in price, quality of service, and many other attributes. To help you choose the best insurance company for you, compare the list of the 10 largest auto insurance companies in the US and what makes each one unique.
State Farm is the number one auto insurance company in the country in market share and written premiums, followed by Geico, Progressive and Allstate. Looking at the rankings of the best auto insurance companies in the United States, most of the names are recognizable from their national television advertising campaigns.
Still, the top 10 insurance companies in the US, listed below, offer different insurance rates, customer claims experiences, and features. For buyers looking for cheap rates, we always recommend comparing quotes from different insurers to find the best price.
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State Farm is the largest auto insurance company in the US, holding 16% of the total available market share. More than 15% of the dollars spent in the country on premiums for private passenger cars goes to State Farm.
The company currently employs approximately 60,000 employees and has nearly 19,000 agents. State Farm operates as a mutual insurance company, meaning its policyholders own it.
One of the largest widely available auto insurers on this list, State Farm offers the cheapest auto insurance rates in most of the US.
Known for its animated gecko ads, Geico has served as an insurer for more than 16 million auto policies and has insured more than 24 million vehicles. The size of the company enables it to employ more than 40,000 people in nine regional offices, three service centers and three claims centers.
Zurich Insurance Group
Geico’s original customer base consisted of US government employees and military personnel. Today, the insurance company’s customer base has expanded to include people from the private sector.
Progressive – the third largest insurance company in the country – was founded in 1937. The company offers the option of purchasing auto insurance in person, online, or over the phone. Alternatively, customers can sign up through independent insurance agents.
Allstate typically has better-than-average claims satisfaction scores, but higher rates. However, the insurer offers a variety of discounts that can make the policy more affordable for customers.
Founded in 1931, Allstate is the second largest publicly traded real estate and casualty insurance company in America. Like State Farm, Allstate has a list of local agents ready to serve your needs. The company currently employs more than 46,000 people.
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Esurance, a subsidiary of Allstate, operates in the same space. According to Allstate, the Esurance brand targets self-directed and brand-sensitive customers, while Allstate targets customers who want local and personalized service.
USAA is one of the top auto insurers in the country. You’ll enjoy highly competitive rates, excellent customer service, and quick responses to USAA claims. The only downside is USAA’s limited membership.
USAA was founded by 25 army officers who decided in 1922 to insure each other’s vehicles. Today, the company serves millions of members of the United States military, including current and former servicemen, relatives of military personnel and cadets or noble farmers.
USAA is headquartered in San Antonio. The corporate campus is three-quarters of a mile long. USAA is the largest privately held company in San Antonio.
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Because of its focus on the United States Armed Forces, USAA is our number one choice for the best and cheapest auto insurance for veterans and military personnel.
Farmers started out as an insurance company that provides coverage to farmers’ vehicles. Since then, it has grown into the seventh largest insurance company in the country.
It’s hard to find an insurance company that offers more products than farmers. It offers car insurance, pet insurance and even investment products, among other things. Farmers employ nearly 13,000 people and endorse more than 19 million policies in all 50 states.
Liberty Mutual’s rates vary by location more than the typical insurer, and customers rate the company’s claims satisfaction process as below average.
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Liberty Mutual is one of the largest insurance companies in the US and has been around for over 100 years. It has a large international presence and operates in 17 countries. The company sells property and casualty insurance, health and life insurance.
You can purchase Liberty Mutual auto insurance through the call center, the website, a local Liberty Mutual agent or broker, or representatives of the regional affiliate network. One thing to note about Liberty Mutual’s coverage is that the company guarantees rates for one year.
Nationwide is below average for affordability and customer reviews are mostly negative. Nationwide offers standard coverage and discounts you would expect from a major nationwide insurer.
Nationwide offers financial services, commercial lines, and personal lines in all 50 states. The company has contributed more than $430 million to nonprofits since 2000.
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