Post Date December 18, 2013 - A market study conducted by the National Association of Insurance Commissioners shows State Farm auto insurance holds the largest share of New Jersey’s property and casualty insurance market place. Although InsureDirect.com does not sell State Farm Auto Insurance, they represent dozens of comprable car insurance carriers with rates just as low.
State Farm Auto Insurance writes more auto insurance than any company in the U.S.
The study also showed State Farm Auto Insurance also has the largest market share of commercial, personal auto insurance, homeowners insurance, medical professional liability, worker’s compensation. Based on the data gathered State Farm Auto Insurance dominated the property/casualty market in the entire United States after having written 53,654,236,900 direct premiums from all lines. The total premiums is almost twice that of Zurich Insurance Company who holds the second spot with 28,888,803,489 direct premiums written. Zurich Insurance Company owns Farmers Insurance Company. Although Farmers writes car insurance policies in many states, they currently don’t write insurance in New Jersey. State Farm holds over 10% of the US market share while Zurich only holds 5.55 % Only with a slim margin from Zurich, Liberty Mutual holds the third largest market share at near 6%. Other insurers who made the top 10 list are Allstate car insurance, Travelers car insurance, GIECO Car Insurance, Nationwide Car Insurance, Progressive car Insurance, and USAA. State Farm auto insurance holds the biggest market share where it was able to write 32,101,906,675 of direct premiums, holding around 18.39 percent of the said line’s market share. Next to State Farm is Allstate holding 10% percent of market share with 17,478,055,222 in direct premiums written. They are followed by: Berkshire Hathaway which owns GEICO Auto Insurance Company with (16,748,869,754), Progressive Auto Insurance with (14,438,110,679) and finally Zurich Insurance Company which owns Farmers Insurance Company. It is evident that the nation’s top five insurers on personal auto insurance are State Farm, Allstate, Berkshire Hathaway, Progressive and Zurich.