Top 15 Largest Commercial Auto Insurance Companies in USA
Top 15 Largest Commercial Auto Insurance Companies in USA- According to Report of National Association of Insurance Commissioners (NAIC) entitled “2022 Market Share Reports for Property/Casualty Groups and Companies”, there are 15 Largest Commercial Auto Insurance Companies in the USA. Basically, these commercial auto insurances are still popular in the USA and many customers have trusted in these insurance companies.
Commonly, commercial auto insurance is a kind of car insurance specifically aimed for vehicles used for business activities. Business vehicles can include company commercial cars, trucks, vans, and others. Many companies insure the vehicle because of the unpredictable risk in the future. Many companies that depend on vehicles for example logistics, transportation companies used the commercial insurance to protect their vehicle from unpredictable damage. Overall, according to The National Association of Insurance Commissioners (NAIC), total direct premium written from all companies in 2022 was about USD 59.67 billion. Meanwhile, total direct premium earned was USD 57.1 billion in 2022.
Here are Top 15 Largest Commercial Auto Insurance Companies in the USA. The rank of All of the data were obtained from The National Association of Insurance Commissioners (NAIC) in its published report entitled “2022 Market Share Reports for Property/Casualty Groups and Companies”. The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory organization that was founded 1871. Functionally, this organization was formed to regulate the insurance industry and protect consumers relating to insurance products.
The Rank of 15 Largest Commercial Auto Insurance Companies in USA Based on Direct Premiums Written
| Rank | Commercial Auto Companies | Direct Premiums Written | Direct Premiums Earned | Market Share |
|---|---|---|---|---|
| (US Dollar ($)) | (US Dollar ($)) | (%) | ||
| in 2022 | in 2022 | in 2022 | in 2022 | |
| 1 | Progressive | 9,267,311,458 | 9,125,751,625 | 15.53 |
| 2 | Travelers | 3,138,587,082 | 3,048,395,560 | 5.26 |
| 3 | Liberty Mutual | 2,347,037,179 | 2,244,620,631 | 3.93 |
| 4 | Old Republic | 2,249,262,747 | 2,141,173,533 | 3.77 |
| 5 | Zurich Insurance | 1,769,426,871 | 1,732,929,057 | 2.97 |
| 6 | Berkshire Hathaway | 1,709,014,746 | 1,699,411,821 | 2.86 |
| 7 | Nationwide Corp | 1,642,005,521 | 1,660,101,250 | 2.75 |
| 8 | Auto Owners | 1,601,751,911 | 1,521,232,246 | 2.68 |
| 9 | Allstate | 1,293,889,821 | 1,263,234,690 | 2.17 |
| 10 | Chubb | 1,289,311,098 | 1,284,065,570 | 2.16 |
| 11 | Wr Berkley Corp Grp | 1,244,010,466 | 1,190,681,165 | 2.08 |
| 12 | State Farm | 1,206,444,316 | 959,981,588 | 2.02 |
| 13 | Farmers Insurance | 1,160,371,017 | 1,115,758,334 | 1.94 |
| 14 | Hartford Fire & Cas | 1,060,543,030 | 994,920,143 | 1.78 |
| 15 | American Financial | 1,005,603,672 | 973,979,798 | 1.69 |
| Industry Total | 59,671,358,794 | 57,130,998,507 | ||
| Source : National Association of Insurance Commissioners, 2023 | ||||
In this article, we arranged the rank according to Direct Written Premium. Principally, direct premiums written is the total amount of an insurance company’s written premiums during a given year without accounting for the amount ceded to reinsurance. Meanwhile, direct premium earned is the portion of the premium paid by the insured that has been allocated to losses experienced by the insurance company, costs and profits up to a certain period.
Brief Description of 15 Largest Commercial Auto Insurance Companies in USA Based on Direct Premiums Written
1.Progressive
The Progressive Insurance is a USA Insurance Company. Statistically, this company has become the largest commercial Auto Insurance Companies based on Direct Written Premium in 2022. Historically, Progressive started in the insurance business in 1937. The founder of progressive insurance companies was Joseph Lewis and Jack Green. To date, Operationally, Progressive has headquarters in Mayfield Village, Ohio. Along with business development, in the year of 2022, Progressive insurance has more than 40,000 independent insurance agencies in the U.S.A.
In the commercial auto insurance industry, Progressive Insurance still became the leader with Direct Premiums Written around USD 9,267,311,458 with Direct Premiums Earning around USD 9,125,751,625. Furthermore, this company also has market share around 15.53 %.
2.Travelers
Based on historic journey, the travelers insurance companies/ The Travelers Companies was formed in 2004 by the merger between The St. Paul Companies, Inc., and Travelers. The founder of Travelers is James G. Batterson meanwhile St. Paul Fire and Marine Insurance Company was founded by Alexander Wilkin and 16 other St. Paul businessmen. In terms of the business development, until 2022, Travelers had more than 30,000 employees, 13,500 of independent agents and brokers in the United States, Canada, the United Kingdom, and Ireland.
In the commercial auto insurance industry of 2022, Travelers got direct premiums written of USD 3,138,587,082 with direct premiums earned of USD 3,048,395,560. This company has Market Share 5.26 in commercial auto insurance.
3.Liberty Mutual
Liberty Mutual Insurance is an insurance company headquartered in Berkeley Street, Boston, Massachusetts. Historically, the establishment of this company was on July 1, 1912. In terms of business developments, Liberty Mutual Insurance company has employed over 50,000 people in 29 countries across the continent. Based on its operational business products, Liberty Mutual Insurance operates three business units namely, Personal Insurance Lines, Commercial Insurance Lines, and Liberty Mutual Investments (LMI).
In the commercial auto insurance industry of 2022, liberty mutual gained direct premiums written of USD 2,347,037,179 with direct premiums earned of USD 2,244,620,631. Based on its business position in the commercial auto insurance industry, Liberty Mutual got a market share of 3.93.
3.Old Republic
The Old Republic insurance company was founded in the early 1950s. Based on financial ratings, this company is rated A+ (Superior) by AM Best, A2 Stable by Moody’s, and A+ Stable by Standard and Poor’s. Operationally, this company still has a main office in North Michigan Avenue, Chicago.
In the commercial auto insurance industry of 2022, Old Republic got a direct premium written around USD 2,249,262,747 with direct premiums earned of USD 2,141,173,533. Furthermore, Old Republic got market share 3.77 %.
4.Zurich Insurance
Zurich Insurance Group Ltd is a Swiss insurance company that has a main office in Zürich. Historically, this company was founded in 1872 with the name of Versicherungs-Verein (insurance associations). Along with business development from time to time, this insurance company has employed around 56 thousand people and provides a wide range of property and casualty, life insurance products and services in more than 210 countries and territories.
In the commercial auto insurance industry of 2022, Zurich Insurance got direct premiums written of USD 1,769,426,871 with direct premiums earned of USD 1,732,929,057. Furthermore, this company has a market share of 2.97 % in 2022.
6.Berkshire Hathaway
Founded in 1839 in Cumberland, Rhode Island by Oliver Chace and built by Warren E. Buffet, The Berkshire Hathaway has developed into large holding companies with diversified investment portfolios from miscellaneous sectors including insurance companies. Commonly, in insurance industries, the insurance companies that owned by Berkshire Hathaway, namely Government Employees Insurance Company (GEICO), General Re, Berkshire Hathaway Homestate Companies, Berkshire Hathaway Specialty (BHSI), Berkshire Hathaway GUARD Insurance Companies, MLMIC Insurance Companies, National Indemnity Primary Group, United States Liability Insurance Companies, Central States Indemnity. Along with business development, According to Annual Report of Berkshire Hathaway in 2022, this Omaha-based company has revenue 302 billion US Dollar. Furthermore, Berkshire Hathaway’s assets are around 948 billion US dollars with Liabilities 467 billion US Dollars.
In the commercial auto insurance industry of 2022, Berkshire Hathaway got direct premiums written of USD 1,709,014,746 with direct premiums earned of USD 1,699,411,821. Furthermore, Berkshire Hathaway got a market share of 2.86 %.
7.Nationwide Corp
Historically, Nationwide Mutual Insurance Company was founded in the 1920s as Farm Bureau Mutual. Later in 1955, the name was changed into Nationwide insurance until this time. To date, this company has a main office in One Nationwide Plaza, Columbus, Ohio, U.S.A.
In the commercial auto insurance industry of 2022, Nationwide Corporation got direct premiums Written USD 1,642,005,521 with direct premiums earned USD 1,660,101,250. Based on the market share, Nationwide Corporation got around 2.75 % of market share.
8.Auto Owners
Established in 1916, Operationally, Auto-Owners Insurance Group has a main office in Lansing, Michigan. In terms of business developments, this company has nearly 3 million policyholders. Based on employees, until 2022, the company has 8,000 licensed agents in 26 states. Based on financial ratings, Auto-Owners gets A++ (Superior) by the AM Best Company.
In 2022, in terms of commercial auto insurance, Auto Owners have direct premiums written of USD 1,601,751,911 with direct premiums earned USD 1,521,232,246. Based on the business positions in 2022, Auto Owners has a market share of 2.68 %.
9.Allstate Insurance
Allstate was formed on April 17, 1931, when the Great Depression happened, and many Americans struggled with the financial crisis. Operationally, in its business, this company has some products in insurance industries. The main business is in Vehicle insurance, Property insurance, and other (Personal umbrella policy, Retirement, Allstate Health Solutions, Voluntary employee benefits, Pet, and Event). Officially, this company still has a main office in Northbrook, Illinois, U.S. Based on its position as insurance company in commercial auto, Allstate got direct premiums written USD 1,293,889,821 with direct premiums earned of USD 1,263,234,690. In commercial auto, Allstate got a market share of 2.17 %.
10.Chubb
The foundation of Chubb 1882 is the initiation of Thomas Caldecot Chubb and his son Percy. From the Marine industry to insurance business, nowadays, Chubb has more than $200 billion in assets. Based on the financial rating, Chubb’s got financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best. Operationally, Chubb has executive offices in Zurich, New York, London, Paris, and other locations, and employs approximately 40,000 people worldwide.
Based on business positions in the commercial auto insurance industry, Chubb got direct premiums written of USD 1,289,311,098 with direct premiums earned USD 1,284,065,570. Based on market share, Chub got market share 2.16 %.
11.W.R. Berkley Corporation
Founded in 1967 by Bill Berkley, W. R. Berkley Corporation has grown into one of the largest commercial lines property and casualty insurers in the United States. Based on the business positions, W.R. Berkley Corporation got direct premiums written USD 1,244,010,466 with Direct Premiums Earned USD 1,190,681,165. In 2022, W.R. Berkley Corporation got a market share of 2.08 % in the commercial auto insurance industry.
12.State Farm
State Farm Insurance is one of the largest insurance companies from Bloomington, Illinois, U.S.A. Historically, this company was founded by George J. Mecherle in June 1922. Along with business development, State Farm Insurances is one of the largest property and casualty insurance providers, and the largest auto insurance provider, in the United States. Overall, until 2022, this company has around 57,000 of employees with more than 7.8 million life insurance and annuity policies in force. In terms of its financial ratings, State Farm Insurance has gotten ratings A++ from A.M. Best®, Aa1 from Moody’s®, and AA from Standard & Poor’s.
According to the report of The National Association of Insurance Commissioners (NAIC) in 2022, in commercial auto industries, State Farm got a direct premium written of USD 1,206,444,316 and direct premiums earned of USD 959,981,588. Based on the business performance, State farm got market share 2.02 %.
13.Farmers Insurance
Farmers insurance is an insurance company which was founded in 1928 by the initiative of John C. Tyler and Thomas E. Leavey. In terms of business conditions and development, to date, along with business development, farmers insurance companies can serve more than 10 million households with more than 19 million individual policies in 50 states of the USA. Furthermore, farmers insurance has 48,000 exclusive and independent agents and 21,000 employees. Since 1998, Zurich Financial Services has owned the Farmers Group.
Based on the performance in the commercial auto insurance industry, Farmers insurance got direct premiums written of USD 1,160,371,017 with direct premiums earned USD 1,115,758,334. Furthermore, Farmers insurance got a market share of 1.94% of the commercial auto insurance industry.
14.The Hartford
Operationally, Hartford has a main office in Lincoln Street Worcester, Massachusetts. Based on financial ratings, Hanover got an A rating from A.M. Best and A2 from Moody’s. Hartford got direct premiums written about USD 1,060,543,030 and Direct Premiums Earned Around Direct Premiums Earned USD 994,920,143. Based on market share, this company has a market share of 1.78 %.
15.American Financial Group
American Financial Group was founded in 1872. Along with business development, Nowadays, American Financial Group has more than 7,500 employees in approximately 120 locations worldwide. Operationally, this company has a main office in American Insurance Group Tower, Cincinnati, Ohio. Financially, in 2022, American Financial Group has direct premiums written USD 1,005,603,672 with direct premiums earned USD 973,979,798. Furthermore, American Financial Group has a market share of 1.69 % in the commercial auto insurance industry.
The Summary of Commercial Auto Companies Based on Direct Premiums Written
Bibliography of Top 15 Largest Commercial Auto Insurance Companies in USA
NAIC.2023.2022 Market Share Reports for Property/Casualty Groups and Companies. Accessed via https://content.naic.org/article/naic-releases-2022-market-share-data on August 2nd, 2023.
State Farm. 2023. Annual Report 2015- 2022. Accessed via https://www.statefarm.com/about-us/company-overview/annual-reports on August 2nd, 2023.
Berkshire Hathaway. 2021. Annual Report 2021. Accessed via https://www.berkshirehathaway.com/reports.html on August 2nd, 2023.
The Allstate Corporation. 2022.Allstate Annual Report. Accessed via https://www.allstatecorporation.com/about/annual-report.aspx on August 2nd, 2023.
Liberty Mutual. 2023.Financial Reports 2015-2022.Accessed via https://www.libertymutualgroup.com/about-lm/investor-relations/overview on August 2nd, 2023.
Zurich Insurance. 2023. Annual Report 2022. Accessed via https://www.zurich.com/en/investor-relations on August 2nd, 2023.
Travelers companies. 2023. Annual Report 2010-2022. Accessed via https://investor.travelers.com/financial-information/annual-reports/default.aspx on August 2nd, 2023.
Nationwide. 2023.Annual Report 2017-2022.Accessed via https://www.nationwide.com on August 2nd, 2023.