Top 25 Largest Commercial Auto Insurance Companies in USA
Top 25 Largest Commercial Auto Insurance
Companies in USA- According
to Report of National Association of Insurance Commissioners (NAIC) entitled “2023
Market Share Reports for Property/Casualty Groups and Companies”, there are 25 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 at vehicles used for business activities. In this case, business
vehicles include company commercial cars, trucks, vans, and others. Many
companies insure their vehicles because of the unpredictable risk in the
future. Many companies that depend on vehicles, for example organizations and
transportation companies commonly use 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 2023 was about USD 64 billion. Meanwhile, the total
direct premium earned was USD 61.5 billion in 2023.
Here are the Top 25 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 “2023 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 25 Largest Commercial Auto Insurance Companies in USA Based on Direct Premiums Written
|
Rank |
Name of Commercial
Auto Insurance Companies |
Direct Premiums
Written |
Direct Premiums Earned |
Market Share |
|
(US Dollar) |
(US Dollar) |
(%) |
||
|
1 |
Progressive Group |
9,716,926,679 |
9,554,317,571 |
15.18 |
|
2 |
Travelers Group |
3,441,405,342 |
3,305,589,457 |
5.38 |
|
3 |
Liberty Mutual Group |
2,716,060,083 |
2,552,748,710 |
4.24 |
|
4 |
Old Republic Group |
2,502,163,209 |
2,347,318,729 |
3.91 |
|
5 |
Zurich Insurance Group |
2,099,052,957 |
1,995,924,878 |
3.28 |
|
6 |
Berkshire Hathaway Group |
1,951,535,136 |
1,804,053,339 |
3.05 |
|
7 |
Auto Owners Group |
1,843,846,507 |
1,716,764,366 |
2.88 |
|
8 |
State Farm Group |
1,674,411,299 |
1,415,340,424 |
2.62 |
|
9 |
Wr Berkley Corporation Group |
1,362,619,305 |
1,292,128,633 |
2.13 |
|
10 |
Nationwide Corporation Group |
1,241,900,191 |
1,490,307,563 |
1.94 |
|
11 |
Chubb Ltd Group |
1,240,452,055 |
1,217,410,401 |
1.94 |
|
12 |
Hartford Fire & Cas Group |
1,203,621,763 |
1,131,536,632 |
1.88 |
|
13 |
American International Group |
1,144,879,228 |
1,068,764,864 |
1.79 |
|
14 |
American Financial Group |
1,045,676,141 |
1,029,336,121 |
1.63 |
|
15 |
Selective Insurance Group |
1,010,638,687 |
947,400,331 |
1.58 |
|
16 |
Fairfax Financial Group |
1,009,721,645 |
955,608,788 |
1.58 |
|
17 |
Tokio Marine Holdings Inc Group |
975,559,001 |
935,654,773 |
1.52 |
|
18 |
Sentry Insurance Group |
931,455,489 |
900,939,382 |
1.46 |
|
19 |
Erie Insurance Group |
891,287,991 |
839,340,835 |
1.39 |
|
20 |
Cincinnati Financial Group |
877,527,624 |
860,425,170 |
1.37 |
|
21 |
Cna Insurance Group |
874,464,464 |
794,928,786 |
1.37 |
|
22 |
Allstate Insurance Group |
842,197,327 |
909,239,014 |
1.32 |
|
23 |
Acuity A Mutual Insurance Co |
810,56,8816 |
769,757,401 |
1.27 |
|
24 |
Federated Mutual Group |
733,644,000 |
700,129,079 |
1.15 |
|
25 |
Arch Insurance Group |
705,248,281 |
651,287,295 |
1.1 |
|
Industry Total |
64,015,981,217 |
61,567,165,152 |
100 |
|
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 25 Largest Commercial Auto Insurance Companies in USA Based on Direct Premiums Written
1.Progressive
Progressive Insurance is a USA Insurance Company. Statistically,
this company has become the largest commercial Auto Insurance Companies based
on Direct Written Premium in 2023. Historically, Progressive started in the
insurance business in 1937. The founders of progressive insurance companies
were Joseph Lewis and Jack Green. To date, Progressive has headquarters in
Mayfield Village, Ohio. Along with business development, as of 2023, Progressive has served
more than 37 million customers with employees
of 55,100 people. In terms of financial aspects according to its annual
report in 2023, total assets of Progressive Insurance stood at USD 88 billion,
while total liabilities amounted to USD 68 billion. Furthermore, based on the
business performance, Progressive generated total revenue of USD 62.1 billion
and reported a net income of USD 3.9 billion.
In the commercial auto
insurance industry, Progressive Insurance still became the leader in the US's commercial auto
insurance industry, gaining direct premiums
written around USD 9,716,926,679 with direct premiums earning around USD
9,554,317,571. Furthermore, this company also has a market share of around
15.18 % in the United States’s commercial auto
insurance market.
2.Travelers
Based on historic journey, the Travelers insurance companies or
commonly known as 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 businesspeople. In terms of
the business development, until 2023,
Travelers has more than 30,000 employees, 13,500 independent agents and brokers
in the United States, Canada, the United Kingdom, and Ireland.
Financially,
according to its annual report in 2023, The Travelers Companies has total
assets amounting to USD 125 billion and total liabilities recorded at USD 101
billion. In terms of business performance based on the income statements,
Travelers successfully generated total revenue of USD 41.3 billion, with a net
income of USD 2.9 billion. In the commercial auto
insurance industry of 2023, Travelers got direct premiums written of USD
3,441,405,342 with direct premiums earned of USD 3,305,589,457. This company
has Market Share 5.38% 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. As of 2023, 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). Financially, in the year of 2023, The Liberty
Mutual has total assets of around USD 165 billion and total liabilities
standing at USD 140 billion. In terms of business performance according to its
income statement in 2023, Liberty Mutual successfully gained revenue of USD
49.4 billion and a net income of USD 0.22 billion.
In the commercial auto insurance industry of 2023, liberty mutual
gained direct premiums written of USD 2,716,060,083 with direct premiums earned
of USD 2,552,748,710. Based on its business position in the commercial auto
insurance industry, Liberty Mutual got a market share of 3.93%.
4.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 head office in North Michigan Avenue, Chicago.
In the commercial auto insurance industry of 2023, the Old Republic got a
direct premium written around USD 2,502,163,209 with direct premiums earned of
USD 2,347,318,729. Furthermore, the Old Republic got a market share of 3.91 %.
5.Zurich Insurance
Zurich Insurance Group Ltd is a Swiss insurance company that has a
head 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 provided 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 2023, Zurich Insurance got direct
premiums written of USD 2,099,052,957 with direct premiums earned of USD
1,995,924,878. Furthermore, this company has a market share of 3.28 % in 2023.
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.
According to the Annual Report of Berkshire
Hathaway in 2023, the Berkshire Hathaway’s total assets are around USD 1,069
billion with total liabilities USD 499 billion. In terms of business
performance, Berkshire Hathaway gained
total revenue of USD 364 billion and net income of USD 97 billion.
In the commercial auto insurance industry of 2023, 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.Auto Owners
Established in 1916, Operationally, Auto-Owners Insurance Group
has a head office in Lansing, Michigan. In terms of business developments, this
company has nearly 3 million policyholders. Based on employees, until 2023, the
company has 8,000 licensed agents in 26 states. In addition, on financial
ratings, Auto-Owners get A++ (Superior) from the AM Best Company. Financially,
in terms of financial position, Auto Owners has total assets of Total assets of USD 36
billion.
In 2023, in terms of commercial auto insurance, Auto Owners successfully
collected direct premiums written of USD 1,843,846,507 with direct premiums earned of USD 1,716,764,366. Based
on the business positions in 2023, Auto Owners has a market share of 2.88 %.
8. 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 2023, this company has around 57,000
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. Financially, in terms of financial position
according to the annual report of 2023, State Farm Insurance has total
assets of USD 220 billion but State Farm suffered a net loss of USD 4.7 billion
According to the report of The National Association of Insurance
Commissioners (NAIC) in 2023, in commercial auto industries, State Farm got a
direct premium written of USD 1,674,411,299 and direct premiums earned of USD
1,415,340,424. Based on the business performance, State farm got a market share
2.02 %.
9.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 1,362,619,305 with Direct Premiums Earned USD
1,292,128,633. In 2023, W.R. Berkley Corporation got a market share of 2.08 %
in the commercial auto insurance industry.
10.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 head office
in One Nationwide Plaza, Columbus, Ohio, U.S.A.
Financially, according to its financial position in 2023, Nationwide has total
assets of USD 298.6 billion. In terms of business performance, total sales of
Nationwide reached $ 60 billion and successfully gained net operating income of
USD 1.3 billion.
In the commercial auto insurance industry of 2023, Nationwide
Corporation got direct premiums Written USD 1,241,900,191 with direct premiums
earned USD 1,490,307,563. Based on the market share, Nationwide Corporation got
around 1.94 % of the market share.
11.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 grown into more than $200 billion in total 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 1,240,452,055 with direct premiums earned USD 1,217,410,401. Based on
market share, Chub got a market share of 1.94 %.
12.The Hartford
Operationally, Hartford has a head office in Lincoln Street
Worcester, Massachusetts. Based on financial ratings, Hartford got an A rating from A.M. Best and A2 from Moody’s. As of
2023, this company has approximately 18,800 employees and financially, as of
2023, the total assets of Hartford reached USD 76.7 billion and total
liabilities of USD 61.4 billion. In terms of business performance in 2023, the
revenue of The Hartford Financial service reached USD 24.5 billion.
In the commercial auto insurance industry, Hartford got direct
premiums written about USD 1,203,621,763 and direct premiums earned around
direct premiums earned USD 1,131,536,632. Based on market share, this company
has a market share of 1.78 %.
13.
American
International Group
American International Group, Inc., also known as AIG, is an
American multinational insurance corporation. Historically, Cornelius Vander
Starr founded this company on December 19, 1919. Along with business
development, AIG has provided insurance solutions that help businesses and
individuals in approximately 190 countries. In General Insurance, AIG gained
net premiums written of around $26.7 billion. In the labor force aspects, AIG
had approximately 25,200 employees based in approximately 50 countries as of
December 2023.
In 2023, based on the financial structure on the balance sheet in the
annual report of 2023, the American-based company has
total assets around USD 539 billion with total liabilities around USD 488
billion. Based on the business performance in 2023, the company can get revenue
around USD 46.8 billion with net income around USD 3.8 billion. Based on the
performance in the commercial auto insurance industry, American International
Group 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. 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
head office in American Insurance Group Tower, Cincinnati, Ohio. Financially,
in 2023, American Financial Group has direct premiums written USD 1,045,676,141
with direct premiums earned USD 1,029,336,121. Furthermore, American Financial
Group has a market share of 1.69 % in the commercial auto insurance industry.
15. Selective Insurance Group
Selective Insurance Group, Inc. is a New Jersey insurance holding
company incorporated in 1977. Financially, in 2023, total assets of Selective
Insurance reached USD 13.5 billion with total liabilities USD 10.3 billion. In
terms of business performance in 2023, Selective Insurance gained total revenue
of USD 4.8 billion with a net income USD 207 million. In commercial auto
insurance, Selective Insurance Group successfully gained Direct premium written
of USD 1,010,638,687 with direct premium earned of USD 947,400,331.
16. Fairfax Financial Group
Fairfax Financial Holdings is one of the largest insurance
companies in the USA. Historically, this company was founded in 1951. According
to the Annual Report in 2023, Fairfax Financial Holdings has total assets reaching USD 91.9 billion and has net income of USD 5 billion. In
the Property and Casualty (P&C) industry According to the report of NAIC,
Fairfax Financial Holdings gained a direct premium written around USD
1,009,721,645 and direct premium earned of USD 955,608,788 with the market
share 1.58%.
17. Tokio Marine Holdings Inc Group
Tokio Marine Holdings, Inc. is an insurance company that has a
primary office in Tokyo. Historically, this company was founded in 1879. Along
with the business development of the company, Tokio Marine operated in 46
countries with total employees of 43,000 people worldwide. Financially, as of
March 2023, Tokio
Marine holding has total assets of JPY 27.6 trillion and gained net adjusted income reaching JPY 444 billion. In the
property and casualty (P&C) industry, according to the report of National
Association of Insurance Commissioners (NAIC), Tokio Marine Holdings gained a
direct premium written of USD 975,559,001 and direct premium earned of USD
935,654,773 with the market share of 1.52 %.
18. Sentry Insurance Group
Sentry Insurance was established in 1904 with headquarters in Stevens Point,
Wisconsin, USA. As of 2023, Sentry Insurance employed 4,900 people. As of 2023,
total assets of Sentry Insurance reached USD 25 billion with total liabilities
of USD 16.9 billion. Based on business performance, Sentry Insurance successfully
achieved a net income of USD 338 million. Operationally, in the commercial auto industry, Sentry Insurance Group successfully gained direct premiums written reaching USD 931,455,489
with a direct premium earned of USD 900,939,382.
19. Erie Insurance Group
Erie Insurance Group is the insurance company which was founded in 1925 by H.O. Hirt (1887-1982) and O.G. Crawford (1884-1961). Nowadays, Operationally, this company has its headquarters in Erie, Pennsylvania which employs Over 6,500 people and 14,000 independent agents. According to the Report of NAIC in 2023, the direct written premium of Erie insurance reached USD 891,287,991 and direct premiums earned USD 839,340,835. In the commercial auto insurance industry, Erie Insurance gained market share of 1.39%.
20. Cincinnati Financial Group
Cincinnati Financial Group was formed in 1968 with headquarters in Fairfield, Ohio. Operationally, in 2023, Cincinnati Financial Group had four
subsidiaries, namely The Cincinnati Insurance Company (Cincinnati Insurance),
Cincinnati, Global Underwriting Ltd. (Cincinnati Global), CSU Producer
Resources Inc. and CFC Investment Company. Financially, in 2023, Cincinnati Financial has total assets of USD 32.7 billion with total
liabilities of USD 20.6 billion. In terms of business performance, Cincinnati gained total revenue of USD 10 billion with net income of
USD 1.8 billion. According to the Report of NAIC in 2023, the direct written
premium of Cincinnati Financial Group reached
USD 877,527,624 and direct premiums earned USD 860,425,170. In the commercial auto insurance industry, Erie Insurance gained market
share of 1.37%.
21. CNA Insurance Group
CNA Financial Corporation was founded in 1897 and still has a
central office in Chicago, Illinois, U.S. With more than 125 years of
experience, CNA has more than 6,000 employees and has 59 offices in 11
countries. Financially, in 2023, the total net income of CNA reached USD 1.2
billion. Based on the report of National Association of Insurance Commissioners
(NAIC) in 2023, CAN financially gained direct premiums written in property and casualty (P&C) around USD
874,464,464 and direct premiums earned USD 794,928,786. Overall, in the USA and
Canada, CNA insurance has a market share of
1.37% in the commercial auto insurance
industry.
22.Allstate Insurance
Allstate was formed on April 17, 1931, when the Great Depression
happened, and many Americans struggled with the fiscal crisis. Operationally,
in its business, this company has some products in insurance industries. The primary
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 primary office
in Northbrook, Illinois, U.S.
Operationally,
along with business development, The Allstate Corporation has 53,400 employees,
9,100 exclusive agents and agent support staff, 20,200 licensed sales
professionals and 50,900 independent agents. In the year of 2023, the Total
assets of AllState Corporation were recorded at USD 103 billion, and total
liabilities reached USD 85 billion. In terms of business performance, Allstate
Corporation gained revenue of USD 57.9 billion but suffered a net loss of USD
0.21 billion. Based on its position as an insurance
company in commercial auto, Allstate successfully collected direct premiums
written USD 842,197,327 with direct premiums earned USD 909,239,014. In
commercial auto, Allstate got a market share of 2.17 %.
23. Acuity A Mutual Insurance Co
In business since 1925, Acuity Insurance has insured over 125,000
businesses, including 300,000 commercial vehicles, and nearly a half million
homes and private passenger autos across our operating territory.
Operationally, This Company has employed over 1,700 people. Based on its
position as an insurance company in commercial auto, Acuity A Mutual Insurance Co successfully collected direct premiums
written USD 810,56,8816 with direct premiums earned USD 769,757,401. In
commercial auto, Allstate got a market share of 1.27 %.
24. Federated Mutual Group
Federated Mutual Insurance Company was established in 1904 by a
group of farmers and business owners in and around Owatonna, Minnesota. In the insurance industry,
federated mutual insurance provides some insurance products namely, Commercial
Property and Casualty Insurance, Life and Disability Insurance, and Workers’
Compensation Insurance. Specifically, in commercial auto industry Federated
Mutual Insurance Company successfully collected direct premiums written USD
733,644,000 with direct premiums earned USD
700,129,079.
25. Arch Insurance Group
Arch Insurance Group was formed in September 2000 and this company
has core businesses into three underwriting segments including insurance,
reinsurance and mortgage. Operationally, Arch Insurance has main offices in Bermuda, the U.S, the
U.K., Europe, Canada, and Australia. Financially, in 2023, Arch Insurance has
total assets of USD 58.9 billion with total liabilities reaching USD 40.5
billion. Furthermore, in terms of business conditions, Arch Insurance successfully
gained total revenue of USD 13.6 billion with a net income of USD 4.4 million.
Specifically, in the commercial auto industry the Federated Mutual Insurance
Company successfully collected direct premiums written USD 705,248,281with
direct premiums earned USD 651,287,295.
The Summary of 15 Largest Commercial Auto Companies Based on Direct Premiums Written in USA in 2023
Bibliography of Top 25 Largest Commercial Auto Insurance Companies in USA
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State Farm. 2024. Annual Report 2015- 2023. Accessed via https://www.statefarm.com/about-us/company-overview/annual-reports on December 2nd, 2024.
Berkshire Hathaway. 2024. Annual Report 2023. Accessed via https://www.berkshirehathaway.com/reports.html on December 2nd, 2024.
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