Here is a list of the largest and best auto insurance companies in the United States ranked by market share. State Farm is the market leader with direct premiums written of over $40 billion.
Headquartered in Bloomington, Illinois, State Farm is the largest auto insurance company in the U.S. with a market share of approximately 18%. One of every five cars is insured by State Farm. With about 60,000 employees, the company has over 44 million auto insurance policies in force. It is the nation's largest property/casualty insurance company, number one homeowners insurer and the leading insurer of watercraft in the country. In 2018, State Farm reported total revenue of $82 billion, net income of $9 billion and direct premiums earned of $43 billion. State Farm is a great place to work and is recognized as a top employer of military veterans. It ranks highest in customer satisfaction according to JD Power as well as has the highest possible rating of A++ from AM Best. Michael Tipsord is Chief Executive Officer (CEO), Chairman and President of State Farm Mutual Automobile Insurance Company. The firm was founded in 1922 by George J. Mecherle.
Based in Chevy Chase, Maryland, GEICO (Government Employees Insurance Company) is the 2nd largest private passenger auto insurance company in America by market share and premiums written. With over 40,000 employees and 17 million auto policies in force, the company insures approximately 29 million vehicles. It has regional branches and service centers in Buffalo, Dallas, Fredericksburg, Lakeland, Macon, San Diego, Tucson, Arizona, Virginia Beach, Woodbury, Iowa City, Indianapolis, Kansas City and Honolulu. The company holds AA+/Aa1/A++ ratings from Standard & Poor's, Moody's and AM Best, and one of the highest rated insurers in the industry. The company was established in 1936 by Leo and Lillian Goodwin to provide insurance services to federal government employees. GEICO is a wholly owned subsidiary of Berkshire Hathaway Inc, an American holding company located in Omaha, Nebraska and led by Warren Buffett. Bill Roberts is CEO (Chief Executive Officer) and President of GEICO.
The Progressive Corporation is one of the best car insurance companies in the United States with 33,000 employees and 17.8 million auto policies in force (personal lines). It is the 3rd largest private passenger auto insurer as well as the largest commercial auto insurer and the largest commercial truck, motorcycle and specialty RV insurer in the country. In 2018, it reported total revenues of $31.98 billion, total assets of $47 billion, shareholders’ equity of $10.8 billion, net premiums written of $33 billion and direct premiums earned of $32 billion. The company was established in 1937 and is headquartered in Mayfield Village, Ohio. Tricia Griffith is President and Chief Executive Officer (CEO) of the company.
Headquartered in Northbrook, Illinois, Allstate Corporation is the fourth largest auto insurance company in America in terms of market share and the largest publicly held provider of property/casualty insurance for personal lines. In the first quarter of 2019, it reported consolidated revenues of $11 billion, net income of $1.3 billion, property and casualty insurance premiums of $8.8 billion and total policies in force of over 124 million. The company offers private passenger auto and homeowners insurance under Allstate, Encompass and Esurance brands. It also offers motorcycle, trailer, motor home, and off-road vehicle insurance policies as well as life insurance, annuities, and pension solutions. The company’s shares are listed on the New York Stock Exchange with a market capitalization of $34 billion as of August 14, 2019. Tom Wilson is Chairman, President and Chief Executive Office (CEO) of the company.
United Services Automobile Association (USAA) is the fifth largest private passenger auto insurer with direct premiums written of $15 billion. The company is headquartered in San Antonio, Texas and employs over 32,000 people. USAA's property and casualty insurance companies are rated A++ (Superior) by A.M. Best, AA+ (Very Strong) by Standard & Poor’s and Aaa (Exceptional) by Moody's. United Services Automobile Association ranks among America's Best Employers according to Forbes 2019.
Located in Woodland Hills, Los Angeles, California, Farmers Insurance Group is one of the nation's largest insurers of vehicles, homes and small businesses. The company has approximately 20 million individual policies, 50,000 independent agents and over 20,000 employees across 50 states. The Group’s units include Farmers Insurance, Foremost Insurance, Bristol West Insurance, 21st Century Insurance and Farmers Life. Jeff Dailey is Chief Executive Officer of the Group. Eric Kappler is President of Bristol West Insurance Company.
Liberty Mutual Holding Company Inc (LMHC) offers private passenger automobile insurance, homeowners insurance, and other property-casualty products across the nation. With a market share of about 5% and 50,000 employees, it is one of the top 10 auto insurance companies in the United States as well as the third largest property/casualty insurer nationwide based on direct premiums written and total revenue. Established in 1912, LMHC is headquartered in Boston, Massachusetts and operates over 400 offices from coast to coast. David Long is Chairman, President and CEO of Liberty.
Nationwide is the country’s eighth largest personal auto insurer and one of the leading property/casualty insurers nationwide. It provides a full range of insurance products and services including auto, motorcycle, snowmobile, ATV, recreational vehicle, boat, personal watercraft and scooter insurance. The company is headquartered in Columbus, Ohio with regional headquarters in Des Moines, San Antonio, Gainesville, Lynchburg, Raleigh, and Westerville. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s.
The Travelers Companies Inc (NYSE: TRV) is one of oldest insurance companies in America with history dating back to 1853. Today it is the ninth largest auto insurance provider in the United States based on market share and premiums written as well as the largest writer of workers compensation insurance and commercial property insurance. The Travelers is one of the World's Most Admired Companies according to Fortune study. With over 29,500 employees and 14,000 agents and brokers, it offers a broad array of commercial and personal property/casualty insurance products and services across the United States, Canada, Brazil and the UK. The company is headquartered in New York with executive offices in Hartford, Connecticut and St. Paul, Minnesota. As of June 30, 2019, Travelers had total assets of $108.6 billion. Alan Schnitzer is Chairman and Chief Executive Officer, and Jay Benet is Vice Chairman of Travelers.
American Family Insurance
American Family Insurance Group is the tenth largest auto insurance company and the third-largest mutual insurer in the United States with insurance coverage in force of about $100 billion. It specializes in personal and commercial property/casualty insurance and auto insurance. It also offers life, health, and home insurance, farm and ranch insurance as well as retirement products. With over 11,000 employees, the company operates through independent agents in Wisconsin, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Arizona, Kansas, Minnesota, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oregon, South Dakota, Utah and Washington. It was established in 1927 and is headquartered in Madison, WI.
Best Auto Insurance Companies by Credit Ratings
Here are the best auto insurance companies based on financial strength ratings.
|Rank||Auto Insurer||A.M. Best (IFS ratings)|
Updated as of August 14, 2019