Biggest auto insurance companies：Largest auto insurance companies in 2023

State Farm is still the largest car insurance company in the U.S., followed by Geico and Progressive. The top three private auto insurers – State Farm, Geico and Progressive – combined to account for 45% of the overall market share in 2022, according to S&P Global Market Intelligence[1], which tracks these numbers annually.

S&P reported that the U.S. private auto insurance industry had its worst underwriting results in over two decades in 2022. According to the report, “a combination of inflationary pressures, adverse prior-year development and Hurricane Ian contributed to the 111.8% figure. While rising premium rates have yet to catch up to the losses insurers are sustaining, Market Intelligence projected in October 2022 that the business line should be close to breakeven in 2024 and see a sub-100% combined ratio in 2025 and 2026. A combined ratio below 100% generally indicates underwriting profitability.”

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