TOP 10 largest insurance companies in the U.S. offer different insurance rates, customer claims experiences and features. While the biggest companies in the United States underwrite a large number of policies, they vary on price, service quality and many other characteristics.
- TOP 10 U.S. Car Insurance Companies
- Largest U.S. Auto Insurance Companies by premiums written
- Top 10 Biggest Auto Insurers in U.S. by Market Share
- U.S. Car Insurers by AM Best Ratings
US commercial auto insurance premiums increased year over year in the first quarter of 2023, according to Beinsure Data. The sector will see a combined ratio of 97%–98% for 2023 vs. 96% in 2022.
The sector logged 2.3%, 5.6% and 3% year-over-year growth in commercial auto liability, commercial auto physical damage and total commercial auto premiums, respectively.
The biggest insurance companies in the U.S. often have more coverage options. If you want to customize your policy with endorsements or need specialty coverage like rideshare insurance, a large provider is more likely to have those policies.
State Farm is the #1 auto insurance company in the United States in terms of market share and premiums written in 2023, followed by Geico, Progressive and Allstate. When looking at the rankings of the top auto insurance companies in U.S., most of the names are recognizable.
TOP 10 U.S. Car Insurance Companies
|№||Company||Premiums written in billions|
Source: S&P Global
To help you choose the best insurance company for you, compare the list of the 10 largest auto insurance companies in the U.S. and what makes each of them unique.
Largest U.S. Auto Insurance Companies by premiums written, $ bn
The table below highlights the 2023 market share of S&P’s largest auto insurance companies in the U.S., along with information from J.D. Power’s U.S. Auto Claims Satisfaction Study, AM Best credit ratings and National Association of Insurance Commissioners’ complaint data.
|№||Company||Direct Premiums Written in 2021 (%)|
Source: S&P Global
2023 U.S. Car Insurers
|№||Company||AM Best Rating for 2022||NAIC 2022 Score||J.D. Power 2022 Score|
Source: AM Best, J.D. Power’s U.S., National Association of Insurance Commissioners (NAIC)
The U.S. commercial lines insurance segments are being challenged by slower revenue growth, inflation-based claim uncertainty and less favorable loss reserve experience.
While commercial lines reported statutory underwriting profits in four of the last five years, net written premium (NWP) growth is likely to slow in 2023 to 6%–7% YoY, vs. 10% in 2022 and 15% in 2021.
U.S. Commercial Auto Insurance Premiums
Car insurance policies that major insurance companies underwrite tend to be less expensive. Because large insurers write millions of policies each year, they can afford to price their policies more competitively.
Additionally, the biggest insurance companies in the U.S. often have more coverage options. If you want to customize your policy with endorsements or need specialty coverage like rideshare insurance, a large provider is more likely to have those policies.
Fact checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media