We do a fair amount of “top 10” stuff around here just to gauge who the market leaders are in a certain insurance segment.
And while bigger isn’t always better, it can provide some insights into who is doing what if you’re looking for a certain type of insurance.
This can be especially helpful when shopping your insurance premium to ensure you don’t miss any of the big players.
All that said, let’s take a look at the top 10 commercial auto insurers in the United States, based on written premium and market share in 2012.
The company will be listed in order of direct premium written, along with their associated market share percentage.
Top 10 Commercial Auto Insurers in 2012
1. Travelers – $2 billion written, 7.98% market share
2. Progressive – $1.73 billion written, 6.91% market share
3. Liberty Mutual – $1.55 billion written, 6.18% market share
4. Zurich – $1.53 billion written, 6.11% market share
5. Nationwide – $1.36 billion written, 5.41% market share
6. AIG – $994 million written, 3.96% market share
7. Old Republic – $810 million written, 3.23% market share
8. Hartford – $558 million written, 2.22% market share
9. Auto-Owners – $543 million written, 2.16% market share
10. W.R. Berkley – $474 million written, 1.89% market share
Data source: National Association of Insurance Commissioners (NAIC)
As you can see, Travelers (the company with the big red umbrella) is the top dog in the commercial auto space. They wrote over $2 billion in premium in 2012, far above their closest rival Progressive, which only mustered $1.73 billion.
The list drops off pretty quickly after that, with the sixth largest commercial auto insurer (AIG) only managing $994 billion in written premium.
And number 10 on the list, W.R. Berkley, wrote less than $500 million. So it’s certainly a top-heavy industry, though not as dramatic as the private passenger market.
The top 10 commercial auto insurers accounted for 46% of total market share, while the top 25 accounted for 67%. Plenty of smaller names made up the rest.
Who Does Auto But Not Much Commercial?
Most of the big commercial players are also big in the private passenger realm as well.
When it comes to private passenger, State Farm is the top auto insurer by a mile, no pun intended.
However, it’s clear that State Farm is firmly focused on the private passenger market, as it was only the 12th largest commercial auto insurance company.
Same goes for Allstate, which was 19th on the commercial auto list.
Then there’s GEICO, which is a beast in the private passenger market, but only the 23rd largest commercial auto insurer.
So don’t just assume the big names in private passenger auto will be the ones writing your commercial policies as well.
It pays to know who the leaders are, though a smaller name not even in the top 25 could be a perfectly suitable candidate for your commercial auto needs.
Just make sure you do research if it’s a name you’re not familiar with. However, just because you haven’t heard of the company doesn’t mean it’s not a publicly traded behemoth.
Plenty of big insurance companies fly under the radar while avoiding sales gimmicks and expensive TV commercials, while providing great service at a competitive price.