Top 25 Largest Private Passenger Auto Insurance Companies In USA

 

Top 25 largest Private Passenger auto insurance companies in USA- According to the report of National Association of Insurance Commissioners (NAIC) entitled “2023 Market Share Reports for Property/Casualty Groups and Companies”, there are 25 largest Private Passenger auto insurance companies in the USA. These private passenger auto insurances are still popular in the USA and many customers have trusted in these auto insurance companies.

Private Passenger auto insurance is the insurance products that can be used for private passenger vehicles (vehicle is used for private needs, and not for business uses). Specifically, in this context, a private vehicle is functionally used for private purposes such as going to groceries/ markets, commuting to and from work/ schools/ universities, and other personal activities. The utilisation of private vehicles is not used to carry people or passengers for money such as taxi, bus, or other public transportations.

Here are Top 25 largest Private Passenger 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 Private Passenger Auto Insurance Companies in USA Based on Direct Premiums Written

 

Rank	Name of Private Passenger Auto Insurance Companies	Direct Premiums Written	Direct Premiums Earned	Market Share
		In 2023	In 2023	(%)
1	State Farm Group	57,974,270,313	54,812,500,326	18.31
2	Progressive Group	48,255,874,744	45,888,459,482	15.24
3	Berkshire Hathaway Group	38,965,761,608	38,383,695,986	12.31
4	Allstate Insurance Group	32,848,168,906	31,863,541,999	10.37
5	United Sew Automobile Assn Group	19,847,915,798	18,829,720,871	6.27
6	Liberty Mutual Group	13,312,836,211	13,397,699,748	4.2
7	Farmers Insurance Group	13,221,687,478	13,012,949,538	4.18
8	American Family Insurance Group	6,790,422,620	6,472,156,323	2.14
9	Travelers Group	6,578,946,202	6,224,210,574	2.08
10	Nationwide Corp Group	5,413,758,272	5,476,444,556	1.71
11	Auto Club Enterprises Insurance Group	4,829,407,595	4,418,149,556	1.53
12	Auto Owners Group	4,250,282,927	3,844,453,237	1.34
13	Erie Insurance Group	4,240,246,199	3,894,226,424	1.34
14	CSAA Insurance Group	3,817,542,892	3,394,492,591	1.21
15	Kemper Corp Group	2,950,213,392	3,179,247,842	0.93
16	Mercury General Group	2,819,068,632	2,777,229,682	0.89
17	Automobile Club Ml Group	2,256,739,042	2,150,770,877	0.71
18	Hartford Fire & Cas Group	2,126,384,701	2,060,826,798	0.67
19	Sentry Insurance Group	1,561,955,415	1,493,411,128	0.49
20	The Hanover Insurance Group	1,443,149,144	1,403,302,826	0.46
21	Mapfre Insurance Group	1,402,535,796	1,340,757,662	0.44
22	Alfa Insurance Group	1,387,691,210	1,304,874,345	0.44
23	Amica Mutual Group	1,383,042,128	1,325,196,113	0.44
24	Country Financial Service Company	1,369,040,202	1,319,947,246	0.43
25	Southern Farm Bureau Casualty Insurance	1,338,549,702	1,279,119,571	0.42
Source: NAIC, 2024

 

In this article, we ranked according to Direct Written Premium. 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 Private Passenger Auto Insurance Companies in USA Based on Direct Premiums Written

 

1. 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 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.

Financially, in the annual report of 2023, State Farm Insurance has total assets of USD 220 billion but State Farm suffered net loss of USD 4.7 billion. According to the report of The National Association of Insurance Commissioners (NAIC) in 2023, State Farm Insurance got Direct Premiums Written around USD 57.9 billion and USD 54.8 billion of Direct Premiums Earned. Statistically, in the Private Passenger auto insurance industry, State Farm Insurance has market share around 18.31 % in 2023 and become the largest than other insurance companies in the same industries.

2. Progressive        

The Progressive Insurance is a USA-based Insurance Company started in the insurance business in 1937, and the founder of progressive insurance companies was Joseph Lewis and Jack Green. Operationally, Progressive has headquarters in Mayfield Village, Ohio, U.S. Along with business development, Progressive Insurance has become one of the USA largest auto insurance groups, the largest seller of motorcycle and boat policies, the market leader in commercial auto insurance, and one of the top 15 homeowners’ carriers. To date, until 2023, Progressive has served more than 37 million customers with employees of 55,100 people.

In terms of financial aspects of 2023, total assets of Progressive Insurance stood at USD 88 billion, while total liabilities amounted to USD 68 billion. Furthermore, Progressive generated total revenue of USD 62.1 billion and reported a net income of USD 3.9 billion. Based on the report of The National Association of Insurance Commissioners (NAIC) in 2023, Progressive Insurance has Direct Premiums Written around USD 48.2 billion with Direct Premiums Earned around USD 45.8 billion. Overall, in 2023, Progressive insurance has a market share of 15.24 % in private passenger auto insurance industries.

 

3. Berkshire Hathaway   

Founded in 1839 in Cumberland, Rhode Island by Oliver Chace and built by Warren E. Buffet, The Berkshire Hathaway has developed into giant companies with diversified investment portfolios from miscellaneous sectors including insurance companies. Commonly, the insurance companies that are owned by Berkshire Hathaway, namely Government Employees Insurance Company (GEICO), General Re, Berkshire Hathaway Homestate Companies, Berkshire Hathaway Specialty (BHSI) and others. Along with business development, according to the Annual Report of Berkshire Hathaway in 2023, the total 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.

Based on the report of The National Association of Insurance Commissioners (NAIC) in 2023, Berkshire Hathaway has Direct Premiums Written of USD 38.1 billion with Direct Premiums Earned USD 38 billion. Overall, this company has a market share around 12.31 %.

 

4. Allstate Insurance        

Historically, Allstate was formed on April 17, 1931, as the Great Depression happened, and Americans struggled with the monetary crisis. As a holding company, its business is conducted principally through Allstate Insurance Company and other subsidiaries. Operationally, in its business, this company has some business 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 central office in Northbrook, Illinois, U.S. Based on the geographical market in the United States of America (USA), Allstate has some markets in some states in the USA, namely Texas around 11.4 %, California 11 %, New York 8.8%, and Florida 7.2%. 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. Moreover, Allstate Insurance in 2023 has direct Premiums Written around USD 32.8 billion with Direct Premiums Earned about USD 28.7 billion. Furthermore, this company has a market share around 10.69 % in the Private Passenger Auto Insurance industry.

 

5. United Service Automobile Association (USAA)

United Services Automobile Association (USAA) is one of the biggest financial companies in the United States of America (USA) which has headquarters in San Antonio, Texas, United States. To Date, until 2023, USAA has more than 37,000 employees serving more than 13.5 million members. Based on insurance products, the USAA has many diversified insurance products including Vehicle Insurance, Property Insurance, Life Insurance, Umbrella Insurance, Health Insurance, and others.

Financially, according to the Annual Report of 2023, The United Services Automobile Association (USAA) demonstrates a strong financial position, with total assets amounting to USD 211 billion and total liabilities of USD 182 billion. In terms of business performance, the USAA successfully generated total revenue of USD 42.4 billion and net income of USD 1.2 billion. In addition, United Service Automobile Association (USAA) can get Direct Premiums Written at USD 19.8 billion with Direct Premiums Earned around USD 18.8 billion. Based on the position, United Service Automobile Association (USAA) has market share 5.92 % in the Private Passenger Auto Insurance industry.

 

6. Liberty Mutual  

Liberty Mutual Insurance is an insurance company which has a central office in Berkeley Street, Boston, Massachusetts. Historically, this company was founded July 1, 1912. Along with business developments, Liberty Mutual Insurance company has employed over 50,000 people in 29 countries and economies around the world. Furthermore, this company also was included in the Fortune List at 86th rank based on 2023 revenue. 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 year of 2023, The Liberty Mutual maintained a solid financial foundation with total assets of around USD 165 billion and total liabilities standing at USD 140 billion. In terms of business performance, The Liberty Mutual gained revenue of USD 49.4 billion and a net income of USD 0.22 billion. Furthermore, Liberty Mutual Insurance got Direct Premiums Written around USD 13.3 billion with Direct Premiums Earned about USD 13 billion. Furthermore, this company has a market share of 4.95 % in the Private Passenger Auto Insurance industry.

 

7. Farmers Insurance       

Farmers insurance is an insurance company which was founded in 1928 by the initiative of John C. Tyler and Thomas E. Leavey. Both of them have lifelong experience in agriculture sectors because they were raised in the rural background. 

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.

Financially, as of 2023, Farmers Insurance has Total Assets of USD 23 billion. According to the report of The National Association of Insurance Commissioners (NAIC) in 2023, Farmers insurance has Direct Premiums Written USD 13.2 billion with Direct Premiums Earned around USD 13 billion. Based business position in Private Passenger Auto Insurance industry, Farmers insurance has market share 4.18 %.

8. American Family Insurance  

American Family Insurance is an insurance company from the United States of America (USA). Historically, American Family Insurance's history started on October 3, 1927, and the founder of the company was Herman Wittwer. Later In 1963, Farmers Mutual changed its name to American Family Mutual Insurance Company because of its broader customer base. Operationally, The American Family Insurance Has Headquarters Madison, Wisconsin, U.S.

Because of the development of its business, American Family Insurance has over 12 million customers with more than 13,500 employees in the US. Based on insurance products, American Family Insurance has some insurance products including Vehicle Insurance, Property Insurance, Personal Insurance, Commercial Insurance, Farm & Ranch Insurance.

In business performance of 2023, American Family Insurance got Direct Premiums Written USD 6.7 billion with Direct Premiums Earned USD 6.4 billion. In the Private Passenger Auto Insurance industry, American Family Insurance has market share around 2.11 %.

 

9. Travelers 

Historically, the traveler’s insurance companies/ The Travelers Companies was formed in 2004 by the merger between The St. Paul Companies, Inc., and Travelers. Historically, 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. Along with 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, in 2023, The Travelers Companies exhibit a robust financial profile, with total assets amounting to USD 125 billion and total liabilities recorded at USD 101 billion. In terms of business performance, Travelers successfully generated total revenue of USD 41.3 billion, with a net income of USD 2.9 billion. Furthermore, Travelers has Direct Premiums Written around USD 6.5 billion with Direct Premiums Earned around USD 6.2 billion. In the Private Passenger Auto Insurance industry, Travelers has market share around 2.08 %.

  

10. Nationwide Corporation  

   

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 central office in One Nationwide Plaza, Columbus, Ohio, U.S.A. Until 2023, The Nationwide Mutual Insurance Company has a total investment portfolio around $123.6 billion and this company has Claims and benefits paid to members around $18.8 billion.

Financially, 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. Furthermore, Nationwide has direct premium written USD 5.4 billion with Direct Premiums Earned USD 5.4 billion. Furthermore, in the Private Passenger Auto Insurance industry, Nationwide has market share around 1.71 %.

 

11. Auto Club Enterprises

Founded in 1900, Auto Club Enterprises has grown into one of the leading insurance companies serving more than 17 million members in 21 states. Along with business development, Auto Club has been employing more than 14,000 people directly and working with thousands of independent businesses. Operationally, this company has more than 300 branches with headquarters in Heathrow, Florida, U.S.

Based on business performance in 2023, Auto Club Enterprises got Direct Premiums Written USD 4.8 billion with Direct Premiums Earned around USD 4.4 billion. Based on its position, Auto Club Enterprises has market share around 1.53 % in the Private Passenger Auto Insurance industry.

 

12. Auto-Owners Insurance 

     

Established in 1916, Auto-Owners Insurance Group is headquartered in Lansing, Michigan. Along with business developments, this company has 3 million policyholders. Based on employees, The company has 8,000 licensed agents in 26 states. Based on financial ratings, Auto-Owners gets A++ (Superior) by the AM Best Company. Financially, Auto-Owners Insurance has total assets of Total assets of USD 36 billion. In terms of business performance of 2023, Auto-Owner Insurance has direct premiums written of USD 4.2 billion with direct premiums Earned about USD 3.8 billion. Furthermore, this company also has a market Share 1.34 %.

 

13. Erie Insurance 

Erie Insurance Group is an insurance company from the United States of America (USA). Historically, Erie 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.

Along with business development from time to time, Erie Insurance has grown into one of the largest insurance companies in the USA. In 1925, net premiums were recorded at $29,790, and it has grown more than $3 billion in the 2000s. Furthermore, Erie Insurance also owns more than 6,500 employees and 14,000 independent agents. Financially, based on its financial ratings, Erie gets A+ rating from A.M. Best. In 2023, Erie Insurance got Direct Premiums Written USD 4.2 billion with Direct Premiums Earned USD 3.8 billion. In the Private Passenger Auto Insurance industry, this company has market share around 1.3 % in 2023.

 

14. CSAA Insurance Group 

        

CSAA Insurance Group, a AAA insurer, offers automobile, homeowners, and other personal lines of insurance to AAA Members through AAA clubs in 23 states and the District of Columbia. Since its founding in 1914, CSAA Insurance Group has had more than 3,500 employees. Based on the performance   of insurances, CSAA got Direct Premiums Written around 3.8 billion and Direct Premiums Earned around 3.3 billion. In addition, this company has market share 1.11 % in 2023.

 

15. Kemper Corporation

Kemper Corporation is an insurance company which has its central office in 200 East Randolph Street Chicago, Illinois, USA. Historically, this company was originally founded as Unitrin, Inc in April 1990. Along with business development which has some insurance products in Auto, Personal Insurance, and Life products, financially, Kemper Corporation has total assets of USD 12.6 billion with total liabilities of USD 9.8 billion. In terms of business performance, Kemper has total revenue of USD 4.6 billion and Net Income USD 312 million. Operationally, as of 2023, Kemper serves over 5.3 million policies, approximately 26,000 agents and brokers, and 9,100 associates.

Financially in 2923, Kemper Corporation had direct premiums written around USD 2.9 billion and direct premiums earned around USD 3.1 billion. In addition, this company has a market share of 0.93 % in the Private Passenger Auto Insurance industry.

  

16. Mercury General Corporation

Mercury General Corporation is an insurance company that was founded by George Joseph in 1960. To date, this company has total assets around US$ 5.433 billion (2018) with employees around 4,300. In 2023, this company will get direct premiums written around USD 2.8 billion and direct premiums earned around USD 2.7 billion. Furthermore, this company has a market share around 0.93 %.

 

17. Automobile Club       

Automobile Club get direct Premiums written around USD 2.2 billion      and Direct Premiums Earned about 2.1 billion. In addition, this company also has market share around 0.7 % In the Private Passenger Auto Insurance industry.

  

18. Hartford Financial Service  

Historically, this company was founded in 1810. Nowadays, this company has approximately 18,800 of employees and still has a central office in Hartford, Connecticut. Financially, as of 2023, 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 and gained net income of USD 2.5 billion. In other financial aspects, Hartford Financial Service got direct Premiums Written about USD 2.1 billion and Direct Premiums Earned around 2.1 billion. Based on its business position In the Private Passenger Auto Insurance industry, Harford Fire got market share around 0.67 %.

 

19. Sentry Insurance

Sentry Insurance was founded in 1904 and has a primary office in Stevens Point, Wisconsin, USA. In terms of financial condition, as of 2023, Sentry Insurance has total assets of USD 25 billion with total liabilities of USD 16.9 billion. In terms of business performance in 2023 according to its annual report, Sentry Insurance successfully gained total revenue of USD 4.9 billion with net income of USD 338 million. Furthermore, Sentry Insurance got direct premiums written at USD 1.5 billion and Direct Premiums Earned USD 1.4 billion. Based on market share, Sentra Insurance got 0.49 %.

 

20. The Hanover Insurance Group

      

Operationally, this company has a central office in Lincoln Street Worcester, Massachusetts. Based on financial ratings, Hanover insurance gets an A from A.M. Best and A2 from Moody's. Financially, as of 2023, The Hanover Insurance Group has total assets of USD 14.6 billion with total liabilities of USD 12.1 billion. In terms of business performance in 2023, The Hanover Insurance Group gained total revenue of USD 5.9 billion with net income of USD 35 million. Furthermore, Hanover Insurance Group got direct premiums written about USD 1.44 billion and Direct Premiums Earned around USD 1.40 billion. Based on market share, this company has a market share 0.46 %.

 

21. MAPFRE Insurance    

Along with business development, MAPFRE insurance has 3,000 independent agents and brokers. This company provides the service in 12 states in the USA. Financially, this company also got Rated “A” by A.M. Best. Furthermore, MAPFRE has presented in 38 Countries, operating 5000 offices, and serving 40 million customers. Financially, MAPFRE Insurance got direct premiums written about USD 1.4 billion and direct premiums earned USD 1.3 billion. Based on the business position, MAPFRE insurance has market share around 0.44 %.

 

22. Alfa Insurance

Alfa Insurance was established in 1947 and still got rated A from A.M. Best. Operationally, Alfa insurance has a primary office in Montgomery, Alabama and developed some 413 local service centres across Alabama, Georgia, and Mississippi. Financially, as of 2023, Alfa Insurance got direct premiums written USD 1.38 billion and direct premiums earned USD around 1.30 billion.           

  

23. Amica Mutual Insurance     

Amica Mutual Insurance Company was founded in 1907 by A.T. Vigneron. Basen on financial ratings, this company got Rated A+ by AM Best. As of 2023, this company has total assets around $ 5.4 billion. Financially, according to the annual report of 2023, Amica Insurance has total assets of USD 5.5 billion with total liabilities of USD 2.8 billion. In terms of business performance, Amica suffered a net loss of USD 222 million. Based on premiums, in 2023, Amica Mutual got direct premiums written around USD 1.38 billion with direct premiums earned around USD 1.32 billion.

 

24. COUNTRY Financial   

Country Financial was founded in 1925 and still has a central office in Bloomington, Illinois. As of 2023, Country Financial has more than 3,000 employees and 2,000 financial representatives. Furthermore, based on the financial performances in 2023, COUNTRY financial got direct premiums written USD 1.36 billion with direct premiums earned USD 1.31 billion.     

 

24. Southern Farm Bureau Casualty Insurance       

Founded in 1947, Southern Farm Bureau Casualty Insurance Company still has a primary office in Ridgeland, Mississippi, United States As of 2023, Southern Farm Bureau Casualty Insurance Company (SFBCIC) has operations in several states including Arkansas, Colorado, Florida, Louisiana, Mississippi, and South Carolina. Financially, in 2023, Shelter Insurance got direct premiums written around USD 1.33 billion with direct premiums earned of USD 1.27 billion. Based on the business performance, Shelter insurance got market share around 0.42 %.

 

The Summary of Top 25 Largest Private Passenger Auto Insurance Companies In USA

 

 

 

 

Bibliography Of Top 25 Largest Private Passenger Auto Insurance Companies In USA

 

NAIC.2023.2023. Market Share Reports for Property/Casualty Groups and Companies. Accessed via https://content.naic.org/article/naic-releases-2023-market-share-data   on December 2nd, 2024.

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.

The Allstate Corporation. 2024. Allstate Annual Report 2023. Accessed via https://www.allstatecorporation.com/about/annual-report.aspx on December 2nd, 2024.

Liberty Mutual. 2024. Financial Reports 2015-2023.Accessed via https://www.libertymutualgroup.com/about-lm/investor-relations/overview on December 2nd, 2024.

Zurich Insurance. 2024. Annual Report 2023. Accessed via https://www.zurich.com/en/investor-relations  on December 2nd, 2024.

Travelers’ companies. 2023. Annual Report 2010-2023. Accessed via https://investor.travelers.com/financial-information/annual-reports/default.aspx   on December 2nd, 2024.

Nationwide. 2024.Annual Report 2017-2023. Accessed via https://www.nationwide.com  on December 2nd, 2024.