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Ranked – America’s 25 main business auto insurers in 2022

Knowledge from the affiliation has additionally proven that the nation’s main business auto insurance coverage suppliers wrote nearly $45.8 billion in premiums in 2020, barely above the $45.1 billion generated in 2019 however significantly greater than the $42.9 billion written for the road in 2018.

Trade specialists attributed the continued ascent to the upswing in premiums costs, which has been constant up to now few years.

The newest business traces insurance coverage pricing survey (CLIPS) from WTW revealed that the business auto insurance coverage section reported price will increase close to or above double digits for the eighteenth consecutive quarter between April and June. The insurance coverage large expects the upward development to proceed for the remainder of the 12 months.

How does business auto insurance coverage work?

Because the title suggests, business auto insurance coverage is a sort of automotive coverage designed for autos pushed for enterprise functions. It really works equally to private auto insurance coverage by way of safety however covers primarily firm vehicles and business vans and vans.

However as a result of heightened dangers related to business-use autos, business automotive insurance coverage premiums usually value greater in comparison with the charges for private auto insurance policies. Costs for business auto insurance coverage protection are additionally influenced by the variety of autos insured, protection limits and deductibles, the enterprise’s location, and even the drivers’ journey radius.

Learn extra: America’s high automotive insurers in 2022 – a region-by-region breakdown

What does business auto insurance coverage cowl?

Auto insurance coverage for enterprise autos has the identical protection varieties as these in a private automotive coverage. These embody:

  • Bodily damage legal responsibility: This covers accidents the motive force causes one other particular person and authorized charges if they’re sued over the accident.
  • Property harm legal responsibility: This pays out if the enterprise’s automobile damages one other particular person’s property and authorized defence prices incurred in a lawsuit. 
  • Mixed single restrict (CSL) legal responsibility: This supplies one total restrict for bodily damage and property harm claims towards the enterprise fairly than having two separate limits.
  • Private damage safety (PIP): This covers medical bills for the motive force and the passengers, ensuing from accidents lined by the coverage. PIP is necessary in no-fault insurance coverage states.
  • Collision insurance coverage: This pays for harm to the business automobile within the occasion it hits or will get hit by one other automotive or object.
  • Complete insurance coverage: This supplies protection for damages to the business automobile, ensuing from hearth, flood, theft, vandalism, and lined perils.
  • Uninsured motorist (UM) protection: This pays out for accidents the motive force and their passengers undergo if they’re hit by an uninsured driver.
  • Underinsured motorist (UIM) protection: This covers medical bills incurred when the motive force or passengers of a business automobile are hit by somebody whose coverage shouldn’t be sufficient to cowl all the prices.

Some states permit business automobile drivers to buy UM and UIM protection individually. They will additionally discover business-specific protection, together with these for misplaced enterprise revenue.

Learn extra: Revealed – US states that require uninsured motorist protection

What are the highest business auto insurers within the US?

The nation’s 25 largest business auto insurance coverage suppliers managed greater than two-thirds (67%) of the market by the top of 2021, in line with the NAIC’s newest annual property/casualty market share report.

Collectively, the highest 10 insurers accounted for nearly half, or $24.4 billion, of the businesses’ direct premiums written. Right here’s the listing of the ten main business auto insurance coverage companies within the US, in line with the report.

1. Progressive

Headquarters: Mayfield Village, Ohio

Direct written premiums: $8.67 billion

Market share: 16.2%

The Progressive Group of Insurance coverage Corporations (Progressive) is among the hottest insurance coverage manufacturers within the US. The insurance coverage juggernaut is among the many largest auto insurers and the primary motorbike and specialty RV insurer within the nation. Progressive writes greater than 13 million auto insurance policies per 12 months, together with these for business autos, promoting insurance coverage on to the buyer or by way of unbiased brokers. Progressive’s company enterprise, in the meantime, sells by greater than 30,000 unbiased insurance coverage businesses throughout the US.

2. Vacationers

Headquarters: New York, New York

Direct written premiums: $2.97 billion

Market share: 5.6%

Vacationers supplies private, enterprise, and specialty insurance coverage in North America and Europe by 13,500 unbiased brokers and brokers. The insurer additionally employs an estimated 30,000 employees. Vacationers’ business car insurance policies cowl legal responsibility, bodily harm, and UM and UIM protection for each small and huge fleets.

3. Liberty Mutual

Headquarters: Boston, Massachusetts

Direct written premiums: $2.05 billion

Market share: 3.8%

Liberty Mutual Holdings Firm Inc. is the sixth-largest P&C insurer globally and fourth within the US primarily based on NAIC’s 2021 information. The mutual insurer delivers private insurance coverage merchandise by its Liberty Mutual and Safeco manufacturers and works with unbiased brokers, brokers, and advantages consultants throughout the nation to offer enterprise insurance coverage options to shoppers. Its business auto insurance coverage coverage comes with danger management instruments.

4. Outdated Republic

Headquarters: Greensburg, Pennsylvania

Direct written premiums: $2.02 billion

Market share: 3.8%

The Outdated Republic Normal Insurance coverage Group is the Outdated Republic Worldwide Company’s largest enterprise section, specializing within the P&C market. Its 15 specialty corporations function with the identical core values. A number of of those corporations supply business auto protection, together with BITCO Insurance coverage Corporations, Nice West Casualty Firm, Outdated Republic Contractors Insurance coverage Group, Outdated Republic Danger Administration, Outdated Republic Specialty Insurance coverage Underwriters, and PMA Corporations.

5. Nationwide

Headquarters: Columbus, Ohio

Direct written premiums: $1.68 billion

Market share: 3.1%

Nationwide Mutual Insurance coverage Firm is a Fortune 100 agency that gives a full vary of insurance coverage and monetary providers merchandise throughout the US. Its insurance coverage portfolio contains automotive, motorbike, owners, pet, farm, life, and business insurance policies. The corporate additionally gives annuities, mutual funds, retirement, plans and specialty well being providers. The insurer’s business auto insurance policy cowl legal responsibility and medical funds, and supply collision, complete, and UM/UIM safety.

Learn extra: Revealed – probably the most and least costly states for automotive insurance coverage in 2022

6. Berkshire Hathaway

Headquarters: Omaha, Nebraska

Direct written premiums: $1.68 billion

Market share: 3.1%

Berkshire Hathaway is a conglomerate consisting of a number of insurance coverage and reinsurance, utilities and power, freight rail transportation, manufacturing, and retailing companies. The corporate’s insurance coverage enterprise is taken into account one in all its “4 giants,” which account for a major chunk of the agency’s worth. Berkshire Hathaway owns 100% of its insurance coverage operations, with an enormous float worth of $147 billion. Its business insurance coverage insurance policies are supplied by subsidiaries, together with Berkshire Hathaway Homestate Insurance coverage Firm, BHHC Particular Dangers Insurance coverage Firm, Continental Divide Insurance coverage Firm, Cypress Insurance coverage Firm, Oak River Insurance coverage Firm, and Redwood Hearth and Casualty Insurance coverage Firm.

7. Zurich

Headquarters: Schaumburg, Illinois (US workplace)

Direct written premiums: $1.61 billion

Market share: 3.0%

Zurich Insurance coverage Group is a multi-line insurer that serves prospects in additional than 210 international locations and territories. Zurich’s business insurance coverage specialty traces embody automotive, company accident and enterprise journey, credit score danger, cybersecurity and privateness, D&O legal responsibility, administration or skilled legal responsibility, marine, and political danger. For its automotive options, Zurich gives each standard and non-conventional motor insurance coverage, with the latter together with deductible applications and captive fronting and reinsurance.

8. Auto-Homeowners

Headquarters: Lansing, Michigan

Direct written premiums: $1.68 billion

Market share: 2.6%

Auto-Homeowners Insurance coverage Group is a Fortune 500 mutual insurance coverage enterprise consisting of quite a few corporations, together with Atlantic Casualty Insurance coverage Firm, Harmony Group Insurance coverage Corporations, and Capital Insurance coverage Group. The agency insures a number of sorts of autos, together with bikes, motorhomes, RVs, boats, trailers, and ATVs. It gives collision, complete, and UM/UIM coverages to business automobile house owners in additional than 20 states.

9. Allstate

Headquarters: Northbrook, Illinois

Direct written premiums: $1.15 billion

Market share: 2.1%

The Allstate Company is the biggest publicly held private traces insurer within the US. In 2021, the insurer ranked quantity 70 on the Fortune 500 listing of the biggest US firms by complete income. Allstate’s main companies are auto and owners’ insurance coverage, primarily supplied by businesses. These merchandise are marketed underneath the Allstate, Embody, and Esurance manufacturers.

10. W.R. Berkley

Headquarters: Greenwich, Connecticut

Direct written premiums: $1.1 billion

Market share: 2.1%

W. R. Berkley Company is a world business traces property and casualty insurance coverage supplier working in two segments – insurance coverage and reinsurance. Every of its working models participates in a distinct segment market requiring specialised information a couple of product or territory. Berkley’s insurance coverage section underwrites business insurance coverage enterprise, with some working models on this section writing extra and surplus traces to cowl complicated dangers with distinctive exposures. Different models, in the meantime, supply admitted insurance coverage services to assist a definite regional group or the specialty dangers of a specific sort of buyer.

Listed here are the remainder of the highest 25 business auto insurers within the US.



















Rank

Insurer

DWP

Market share

11

Chubb

$1.03 billion

1.94%

12

The Hartford

$911 million

1.71%

13

AIG

$899 million

1.69%

14

American Monetary

$880 million

1.65%

15

State Farm

$834 million

1.57%

16

Cincinnati Monetary

$813 million

1.53%

17

Farmers

$806 million

1.51%

18

Tokio Marine

$805 million

1.51%

19

Selective Insurance coverage

$791 million

1.49%

20

Sentry

$785 million

1.47%

21

Erie Insurance coverage

$746 million

1.36%

22

Markel Corp.

$698 million

1.31%

23

Fairfax Monetary

$689 million

1.31%

24

Acuity

$680 million

1.28%

25

CAN Insurance coverage

$634 million

1.28%

Supply: NAIC Property/Casualty Market Share Report 2021

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