List of Car Insurance Companies - Major Brokers Underwriting Vehicles
This article takes a detailed look at a list of car insurance companies.
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 a truly international insurance group owning all or parts of property insurance companies in places from Argentina to Vietnam. The company was founded in 1912 and has revenues of nearly $30 billion. Liberty Mutual runs a research institute for safety which conducts field and laboratory studies to make the workplace safer.
Progressive insurance focuses primarily on car insurance and does very little business in other kinds of insurance. They were founded in 1937 and have revenues of around $15 billion a year. They take advantage of technology as it becomes available; they were the first to sell insurance over the phone and an early adapter of internet resources. Progressive has gotten into hot water over whether they have directed policy holders to use unlicensed body repair shops.
The final entry in our list of car insurance companies is GEICO. GEICO is a wholly owned subsidiary of Warren Buffet’s Berkshire Hathaway. It has more than 9 million policy holders and revenues of almost $10 billion. It runs aggressive television advertising ads, mostly featuring a cockney speaking gecko. GEICO was originally founded to provide insurance services strictly to government workers, but now provides insurance to everyone.
There are other insurance companies of course, but these are the major players that deserve to be included on any list of car insurance companies.
For more information on Auto Insurance Companies, visit my site at http://autoliabilityinsurance.org
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