Commercial Auto Insurance Companies in US: In recent years, the rise of the business auto insurance industry has been fueled by an expanding fleet of vehicles and rising premiums. According to IBISWorld, the industry grew by 5.9% each year between 2014 and 2019, bringing its total revenue to $46 billion.
According to data from the National Association of Insurance Commissioners, in 2021, commercial auto insurance generated more than $52 billion in direct premiums issued and around $50 billion in direct premium earned (NAIC).
According to Willis Towers Watson, commercial insurance premiums rose by more than 7% during the fourth quarter of 2021, with nearly all commercial lines experiencing significant price hikes.
“The aggregate price increases continue to be strong in the fourth quarter, though for some lines the price increases have tempered to a level similar to 2019,” Yi Jing, director, insurance consulting and technology, WTW, said in a release.
1. Progressive commercial
Direct Written Premiums: $8.3billion
Direct Earned Premiums: $7.2billion
Market Share: 15.70%
The Progressive Group of Insurance Companies claims to be the third-biggest vehicle insurance provider in the United States and the largest provider of motorcycle/specialty RV insurance. Progressive writes more than 13 million auto insurance policies annually. The business is most known for being an innovator in the personal auto market, but it also writes commercial auto insurance and other personal and commercial lines risks. It provides insurance directly to individuals and through more than 30,000 independent insurance companies nationwide.
Progressive’s commercial auto insurance policy includes 24/7 support (through phone or online), coverages that can be adjusted at any time, flexible invoicing and payment choices, commercial claims adjusters, and an unlimited travel radius in the majority of states. ( Commercial Auto Insurance Companies in the US )
Commercial Auto Insurance Companies in US
Direct Written Premiums: $2.9billion
Direct Earned Premiums: $2.9billion
Market Share: 5.58%
Travelers offer personal, commercial, and specialty insurance through 13,500 independent agents and brokers in North America and Europe. The insurer is the sole insurer included in the Dow Jones Industrial Average. The Commercial Automobile policy from Travelers provides coverage for liability, physical damage, and under-insured and uninsured motorists for both small and large fleets of business-operated vehicles. ( Commercial Auto Insurance Companies in US )
3. Old Republic Insurance Group
Direct Written Premiums: $2.01billion
Direct Earned Premiums: $2.01billion
Market Share: 3.79%
Old Republic General Insurance Group is the largest business segment of Old Republic International Corporation, specializing in the property and liability market. Its 15 specialty enterprises share the same fundamental principles. BITCO Insurance Companies, Great West Casualty Company, Old Republic Contractors Insurance Group, Old Republic Risk Management, Old Republic Specialty Insurance Underwriters, and PMA Companies offer commercial auto insurance. ( Commercial Auto Insurance Companies in US )
4. Liberty Mutual lnsurance
Direct Written Premiums: $1.7billion
Direct Earned Premiums: $1.7billion
Market Share: 3.20%
Liberty Mutual asserts that it is the fifth-largest property and liability insurer in the world, with about 50,000 workers in over 30 countries. The insurance group’s Liberty Mutual and Safeco brands provide personal insurance products. In the meanwhile, it collaborates with independent agents, brokers, and benefits consultants around the United States to supply its business insurance products. Its business auto insurance policy includes risk management instruments. ( Commercial Auto Insurance Companies in US )
5. Nationwide Corp
Direct Written Premiums: $1.683billion
Direct Earned Premiums: $1.682billion
Market Share: 3.16%
6. Berkshire Hathaway Inc.
Direct Written Premiums: $1.681billion
Direct Earned Premiums: $1.64billion
Market Share: 3.16%
7. Zurich Insurance Group
Direct Written Premiums: $1.61billion
Direct Earned Premiums: $1.5billion
Market Share: 3.06%
Zurich Insurance Group is a multi-line insurer that provides services to clients in over 210 countries and territories.
Automobile, corporate accident and business travel, credit risk, cybersecurity and privacy, D&O liability, management or professional liability, maritime, and political risk are the commercial insurance specialty lines offered by Zurich.
Zurich offers both conventional and non-conventional motor insurance for its automobile solutions, with the latter incorporating deductible plans, captive fronting, and reinsurance. ( Commercial Auto Insurance Companies in US )
8. Auto-Owners Insurance
Direct Written Premiums: $1.4billion
Direct Earned Premiums: $1.3billion
Market Share: 2.69%
Auto-Owners Insurance claims to be the 16th largest property/casualty insurance company in the US, with more than 40,000 independent agents in over 6,000 agencies across 26 states. It’s a provider of business insurance, car insurance, farm insurance, home insurance, and life insurance. ( Commercial Auto Insurance Companies in US )
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