Top 25 Largest Private Passenger Auto Insurance Companies in USA
Top 25 largest Private Passenger auto insurance companies in USA- According to Report of National Association of Insurance Commissioners (NAIC) entitled by “2022 Market Share Reports for Property/Casualty Groups and Companies”, there are 25 largest Private Passenger auto insurance companies in USA. Basically, these private passenger auto insurances still become popular in USA and many customers have trusted in these auto insurance companies.
Private Passenger auto insurance basically the insurance products that can be used for private passenger vehicle (vehicle is used for private needs, and not for business uses). Specifically, in this context, private vehicle is functionally used to private purposes such as going to groceries/ markets, commuting to and from work/ schools/ universities, and other personal activities. The utilisation of private vehicle 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 USA. the rank of all of the data were obtained from The National Association of Insurance Commissioners (NAIC) in its published report entitled with “2022 Market Share Reports for Property/Casualty Groups and Companies”. Basically, 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 | Private Passenger Auto Companies | Direct Premiums Written | Direct Premiums Earned | Market Share |
|---|---|---|---|---|
| in 2022 | in 2022 | in 2022 | in 2022 | |
| 1 | State Farm | 46,660,515,469 | 44,834,962,015 | 16.84 |
| 2 | Progressive | 38,927,286,246 | 37,549,713,462 | 14.05 |
| 3 | Berkshire Hathaway | 38,135,712,698 | 38,002,275,691 | 13.76 |
| 4 | Allstate Insurance | 29,610,810,472 | 28,744,785,355 | 10.69 |
| 5 | United Services Automobile Association (USAA) | 16,405,977,077 | 16,078,265,307 | 5.92 |
| 6 | Liberty Mutual | 13,704,350,854 | 13,588,889,878 | 4.95 |
| 7 | Farmers Insurance | 12,605,723,036 | 12,503,254,508 | 4.55 |
| 8 | Travelers | 5,836,017,875 | 5,591,278,378 | 2.11 |
| 9 | American Family Insurance | 5,834,828,007 | 5,692,211,019 | 2.11 |
| 10 | Nationwide Corp | 5,505,995,164 | 5,464,159,882 | 1.99 |
| 11 | Auto Club Enterprises | 4,011,979,040 | 3,837,329,178 | 1.45 |
| 12 | Kemper Corp | 3,606,770,294 | 3,852,517,283 | 1.3 |
| 13 | Erie Insurance | 3,593,761,558 | 3,469,714,026 | 1.3 |
| 14 | Auto-Owners Insurance | 3,516,291,951 | 3,382,164,461 | 1.27 |
| 15 | CSAA Insurance Group | 3,080,536,574 | 2,970,307,152 | 1.11 |
| 16 | Mercury General Corporation | 2,572,282,551 | 2,632,680,513 | 0.93 |
| 17 | Hartford Fire & Cas | 1,979,861,649 | 1,941,688,894 | 0.71 |
| 18 | Automobile Club Mi | 1,943,888,941 | 1,908,131,293 | 0.7 |
| 19 | Sentry Insurance | 1,364,789,371 | 1,302,665,922 | 0.49 |
| 20 | The Hanover Insurance Group | 1,349,213,783 | 1,303,178,555 1,303,178,555 | 0.49 |
| 21 | MAPFRE Insurance | 1,314,025,891 | 1,285,411,409 | 0.47 |
| 22 | Amica Mutual Insurance | 1,219,119,929 | 1,216,101,123 | 0.44 |
| 23 | COUNTRY Financial | 1,215,643,818 | 1,205,480,688 | 0.44 |
| 24 | Shelter Insurance | 1,158,598,800 | 1,122,995,293 | 0.42 |
| 25 | Alfa Insurance | 1,134,929,974 | 1,075,020,796 | 0.41 |
| Industry Total | 277,048,618,069 | 270,271,770,169 | 100 | |
Source : National Association of Insurance Commissioners, 2023 | ||||
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 largest insurance companies from Bloomington, Illinois, U.S.A. Historically, George J. Mecherle found this company in June 1922. Along with business development, State Farm Insurances is one of the largest property and casualty insurance provider, 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, State Farm Insurance got Direct Premiums Written around USD 46.6 billion and USD 44.8 billion of Direct Premiums Earned. Statistically, in private passenger auto insurance industry, State Farm Insurance has market share around 16.84 % in 2022 and become the largest than other insurance companies in the same industries.
2. Progressive
The Progressive Insurance is insurance company from USA that started in insurance business since 1937 and the founder of progressive insurance companies was Joseph Lewis and Jack Green. Operationally, Progressive has headquarter 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 2022, Progressive insurance has more than 40,000 independent insurance agencies throughout the U.S.A.
Based on the report of The National Association of Insurance Commissioners (NAIC) in 2022, Progressive Insurance has Direct Premiums Written around USD 38.9 billion with Direct Premiums Earned around USD 37.5 billion. Overall, in 2022, Progressive insurance has market share 14.05 % in private passenger auto insurance industries.
3. Berkshire Hathaway
Founded on 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 portfolio from miscellaneous sectors including insurance companies. Commonly, the insurance companies that 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 Annual Report of Berkshire Hathaway in 2021, this Omaha-based company has revenue 276 billion US Dollar. Furthermore, the Berkshire Hathaway’s assets are around 958 billion US dollars with Liabilities 443 billion US Dollars.
Based on the report of The National Association of Insurance Commissioners (NAIC) in 2022, Berkshire Hathaway has Direct Premiums Written of USD 38.1 billion with Direct Premiums Earned USD 38 billion. Overall, this company has market share around 13.76 %.
4. Allstate Insurance
Historically, the establishment of Allstate was on April 17, 1931, as the Great Depression happened, and Americans struggled with financial 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 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 main office in Northbrook, Illinois, U.S. Based on the geographical market in United States of America (USA), Allstate has some market in some states in USA, namely Texas around 11.4 %, California 11 %, New York 8.8%, and Florida 7.2%.
Basically, All State Insurance in 2022 has Direct Premiums Written around USD 29.6 billion with Direct Premiums Earned about USD 28.7 billion. Furthermore, this company has market share around 10.69 % in Private Passenger Auto Insurance industry.
5. United Service Automobile Association (USAA)
United Services Automobile Association (USAA) is one of the biggest financial companies in United States of America (USA) which has headquarter in San Antonio, Texas United States. To Date, until 2022, this company has employed 37,000 of people. Based on insurance products, the USAA has many diversified insurance products including Vehicle Insurance, Property Insurance, Life Insurance, Umbrella Insurance, Health Insurance, and others.
United Service Automobile Association (USAA) got direct premiums written USD 16.4 billion with direct premiums earned around USD 16.0 billion. Based on the position, United Service Automobile Association (USAA) has Market Share 5.92 % in Private Passenger Auto Insurance industry.
6. Liberty Mutual
Liberty Mutual Insurance is insurance company which has 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 2022 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 2022, Liberty Mutual Insurance got Direct Premiums Written around USD 13.7 billion with Direct Premiums Earned about USD 13.5 billion. Furthermore, this company has market share 4.95 % in Private Passenger Auto Insurance industry.
7. Farmers Insurance
Farmers insurance is insurance companies which has founded in 1928 by the initiative of John C. Tyler and Thomas E. Leavey. Both have long experienced in agriculture sectors because they were raised in the rural background. To date, along with business development, farmers insurance company can serve more than 10 million households with more than 19 million individual policies in 50 states of 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.
According to the report of The National Association of Insurance Commissioners (NAIC) in 2022, Farmers insurance has Direct Premiums Written USD 12.6 billion with Direct Premiums Earned around USD 12.5 billion. Based business position in Private Passenger Auto Insurance industry, Farmers insurance has market share 4.55 %.
8. Travelers
Historically, the travelers 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 businessmen. Along with business development, until 2022, 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 2022, Travelers has Direct Premiums Written around USD 5.8 billion with Direct Premiums Earned around USD 5.5 billion. In Private Passenger Auto Insurance industry, Travelers has market share around 2.11 %.
9. American Family Insurance
American Family Insurance is insurance companies from United States of America (USA). Historically, American Family Insurance’s history started on October 3, 1927. The founder of the company was Herman Wittwer as Farmers Mutual Automobile Insurance Company in Madison. 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, the American Family Insurance has over 12 million of customers with more than 13,500 employees in 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 2022, American Family Insurance got Direct Premiums Written USD 5.8 billion with Direct Premiums Earned USD 5.6 billion. In Private Passenger Auto Insurance industry, American Family Insurance has market share around 2.11 %.
10. Nationwide Corp
Historically, Nationwide Mutual Insurance Company was founded in 1920s as Farm Bureau Mutual. Later in 1955, the name was changed into Nationwide insurance until this time. To date, this company has main office in One Nationwide Plaza, Columbus, Ohio, U.S.A. Until 2022, The Nationwide Mutual Insurance Company has total investment portfolio around $123.6 billion and this company have Claims and benefits paid to members around $18.8 billion.
Financially, in 2022, Nationwide has direct premium written USD 5.5 billion with Direct Premiums Earned USD 5.4 billion. Furthermore, in In Private Passenger Auto Insurance industry, Nationwide has market share around 1.99 %.
11. Auto Club Enterprises
Auto Club Enterprises is a group of AAA clubs 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 more than 300 branches with headquarter in Heathrow, Florida, U.S.
Based on business performance in 2022, Auto Club Enterprises got Direct Premiums Written USD 4.01 billion with Direct Premiums Earned around USD 3.8 billion. Based on its position, Auto Club Enterprises has market share around 1.45 % in Private Passenger Auto Insurance industry.
12. Kemper Corp
Kemper Corporation is insurance company with main 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, this company has approximately $13 billion in assets, with some insurance product in Auto, Personal Insurance, and Life products. Kemper serves over 5.3 million policies, approximately 26,000 agents and brokers, and 9,100 associates.
Financially in 2922, Kemper Corporation has direct premiums written around USD 3.6 billion and direct premiums earned around USD 3.8 billion. In addition, this company has market share 1.3 % in Private Passenger Auto Insurance industry.
13. Erie Insurance
Erie Insurance Group is the insurance company from 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 headquartered office in Erie, Pennsylvania.
Along with business development from time to time, Erie Insurance has grown into one of the largest insurance companies in USA. In 1925, net premiums were recorded at $29,790, and it has grown more than $3 billion in the 2000s. Furthermore, Erie Insurance also own more than 13 thousand of independent ERIE agents. Financially, based on its financial ratings, Erie gets A+ rating from A.M. Best.
In 2022, Erie Insurance got Direct Premiums Written USD 3.5 billion with Direct Premiums Earned USD 3.4 billion. In Private Passenger Auto Insurance industry, this company has market share around 1.3 % in 2022.
14. Auto-Owners Insurance
Established in 1916, Auto-Owners Insurance Group is headquartered in Lansing, Michigan. Along with business developments, this company has nearly 3 million policyholders. Based on employees, The company has 8,000 licensed agents in 26 states. In terms of financial ratings, Auto-Owners gets A++ (Superior) by the AM Best Company. Based on performance of 2022, Auto-Owner Insurance has direct premiums written of USD 3.5 billion with direct premiums Earned about USD 3.3 billion. Furthermore, this company also has market Share 1.27 %
15. CSAA Insurance Group
CSAA insurance is insurance companies from USA that has main office in Walnut Creek, California. Based on the performance of insurances, CSAA got Direct Premiums Written around 3.0 billion and Direct Premiums Earned around 2.9 billion. In addition, this company has market share 1.11 % in 2022.
16. Mercury General Corporation
Mercury General Corporation is insurance companies that was founded by George Joseph in 1960. To date, this company has total assets around US$ 5.433 billion (2018) with employees around 4,300. In 2022, this company get direct premium written around USD 2.5 billion and direct premiums earned around USD 2.6 billion. Furthermore, this company has market share around 0.93 %.
17. Hartford Fire & Cas
Historically, this company was founded in 1810. Nowadays, this company has approximately 18,800 of employees and still has main office in Hartford, Connecticut. Hartford Fire & Cas got direct Premiums Written about USD 1.9 billion and Direct Premiums Earned around 1.9 billion. Based on fits business position In Private Passenger Auto Insurance industry, Harford Fire got market share around 0.71 %.
18. Automobile Club
Automobile Club get direct Premiums written around USD 1.9 billion and Direct Premiums Earned about 1.9 billion. In addition, this company also has market share around 0.7 % In Private Passenger Auto Insurance industry.
19. Sentry Insurance
Sentry Insurance was founded in 1904 and has main office in Stevens Point, Wisconsin, USA. In the year of 2022, Sentry insurance get direct premiums written USD 1.36 billion and Direct Premiums Earned USD 1.30 billion. Based on market share, Sentra Insurance got 0.49 %.
20. The Hanover Insurance Group
Operationally, this company has main office in Lincoln Street Worcester, Massachusetts. Based on financial ratings, Hanover insurance get A from A.M. Best and A2 from Moody’s. Hanover Insurance Group got direct premiums written about USD 1.34 billion and Direct Premiums Earned around USD 1.30 billion. Based on market share, this company has market share 0.49 %.
21. MAPFRE Insurance
Along with business development, MAPFRE insurance has 3,000 independent agents and brokers. This company provides the service in 12 states. Financially, this company also got Rated “A” by A.M. Best. MAPFRE Insurance got direct premiums written about USD 1.31 billion and direct premiums earned USD 1.28 billion. Based on the business position, MAPFRE insurance has market share around 0.47 %.
22. Amica Mutual Insurance
Amica Mutual Insurance Company was founded in 1907 by A.T. Vigneron. Based on financial ratings, this company got Rated A+ by AM Best. As of 2022, this company has assets around $ 5.4 billion. Based on premiums, in 2022, Amica Mutual got direct premiums written around USD 1.21 billion with direct premiums earned around USD 1.21 billion.
23. COUNTRY Financial
Country Financial was founded in 1925 and still has main office in Bloomington, Illinois. Based on the financial performances in 2020, COUNTRY financial got direct premiums written USD 1.21 billion with direct premiums earned USD 1.20 billion.
24. Shelter Insurance
Shelter Insurance has some insurance products which has been sold by agents in 15 states namely, Arkansas, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Nevada, Ohio, Oklahoma, and Tennessee. To date, Shelter Insurance has nearly 1,400 licensed agents.
In 2022, Shelter Insurance got direct premiums written around USD 1.15 billion with direct premiums earned USD 1.12 billion. Based on the business performance, Shelter insurance got market share around 0.42 %.
25. Alfa Insurance
Alfa Insurance established in 1947 and still got rated A from A.M. Best. Commonly, Alfa Insurance got direct premiums written USD 1.13 billion and direct premiums earned USD around 1.07 billion.
Bibliography of Top 25 Largest Private Passenger 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 July 28th, 2023.
Berkshire Hathaway. 2021. Annual Report 2021. Accessed via https://www.berkshirehathaway.com/reports.html on May 18th, 2023.
The Allstate Corporation. 2022.Allstate Annual Report. Accessed via https://www.allstatecorporation.com/about/annual-report.aspx on May 8th, 2023.
Liberty Mutual. 2023.Financial Reports 2015-2022.Accessed via https://www.libertymutualgroup.com/about-lm/investor-relations/overview on July 19th, 2023.
Zurich Insurance. 2023. Annual Report 2022. Accessed via https://www.zurich.com/en/investor-relations on August 1st, 2023.
Travelers companies. 2023. Annual Report 2010-2022. Accessed via https://investor.travelers.com/financial-information/annual-reports/default.aspx on July 18th, 2023.
Nationwide. 2023.Annual Report 2017-2022.Accessed via https://www.nationwide.com on July 25th, 2023.