List of Car Insurance Companies – Major Brokers Underwriting Vehicles

December 16, 2009 by Stacy Fox
Filed under Finance

Do you have any idea of the list of car insurance companies? How many of the following companies come to mind when you think about vehicle insurance?

The first company we’ll look at is Farmers Insurance. They were founded in 1927 and have assets of $10 billion. Their financial position is rated between good and very strong by financial rating companies. In 2003, they were ranked as the worst for problems with claims and delayed payments by Consumer Reports but by 2006, they had gained the rank of “most improved.” Farmers also owns 21st Century Insurance.

Allstate is the largest publicly held insurer in the United States. They have revenues of almost $30 billion a year. In 2006, Business Week ran an article criticizing how Allstate frequently denied its policy holders legitimate benefits. In 2007, CNN picked up on this theme, but said that all major insurance companies were delaying and denying payments.

Ironically AIG Casualty – The American Insurance Group – was founded in Shanghai, China in 1919. Now, though, they’re located in New York City. AIG was hit hard in the 2008 financial crisis and had to be bailed out twice by the government. Right after the bailout, they held a corporate retreat which cost $441,000 and included spas and golf outings. AIG also owns the Manchester United soccer club.

Next in our list of car insurance companies is Nationwide. Nationwide is a mutual insurance company founded in 1926. It has revenues of just over $25 billion per year. It started by offering auto insurance exclusively to Ohio farmers. Later, they offered services to farmers in bordering states. Only in 1934 did they offer services to the general public. Nationwide is seen as a very diverse company and supports many gay and African American causes.

Liberty Mutual is an international entity. In addition to serving Americans, they have holdings in many other countries ranging from Argentina to Vietnam. Founded in 1912, the company has assets of nearly $30 billion. Another thing Liberty Mutual is known for is their research institute for safety. This runs field and laboratory studies which help to make the workplace safer.

Progressive insurance was founded in 1937 and unlike the other companies listed here does most of its business in car insurance. They have revenues of about $15 billion a year. They have been at the forefront of embracing new technology first by selling insurance over the phone and then offering web services like interactive comparative insurance policies. They are the official sponsor of the Cleveland Indians. There has been some controversy as to whether Progressive has used unlicensed body repair shops for the people it insures.

No list of car insurance companies would be final without a word about GEICO whose Gecko has launched the company into a household word and been spoofed on t.v. shows like David Letterman. The company started by offering insurance solely to government employees but now sells to everyone. They are wholly owned by Berkshire Hathaway (which in turn is owned by Warren Buffet.)

While this is not a complete list of car insurance companies, it does give you a sense of who the major players on the market are.

For more information on Auto Insurance Companies, visit my site at http://autoliabilityinsurance.org