A growing fleet of vehicles and escalating prices have contributed to the commercial auto insurance industry’s growth in recent years. IBISWorld reported that the industry experienced a 5.9% annual growth from 2014 to 2019, bringing the industry’s total revenue to $46 billion.
Meanwhile, according to the latest National Association of Insurance Commissioners (NAIC) report, the commercial auto insurance industry saw a total of $40.5 billion in direct written premiums in 2018. The largest 10 insurance groups comprised 42.6% of the total US market.
Based on NAIC’s 2018 report, here are the top 10 commercial auto insurance providers by countrywide premium and market share:
Direct Written Premiums: $4.4 billion
Market Share: 10.9%
The Progressive Group of Insurance Companies claims to be the third-largest auto insurance provider and the #1 motorcycle/specialty RV insurance provider in the US. Progressive writes over 13 million auto policies every year. While it’s best known as an innovation driver in the personal auto market, the group also writes commercial auto insurance, as well as other personal and commercial lines risks. It sells insurance directly to consumers or via 30,000+ independent insurance agencies across the country.
Progressive’s commercial auto policy comes with 24/7 service (via phone or online), adjustable coverages any time, flexible billing and payment options, commercial claims adjusters, and unlimited travel radius offered in most states.
Direct Written Premiums: $2.6 billion
Market Share: 6.3%
Travelers provides personal, business, and specialty insurance in North America and Europe through 13,500 independent agents and brokers. The insurer is the only property casualty company in the Dow Jones Industrial Average. Travelers’ Commercial Automobile policy offers liability, physical damage, and underinsured and uninsured motorists coverage for both small and large fleets of commercially owned vehicles.
3. Liberty Mutual
Direct Written Premiums: $1.8 billion
Market Share: 4.4%
Liberty Mutual claims to be the fifth-largest property and casualty insurer globally, with approximately 50,000 employees in more than 30 countries. The insurance group delivers personal insurance products through its Liberty Mutual and Safeco brands. Meanwhile, it works with independent agents, brokers, and benefits consultants across the US to deliver its business insurance solutions. Its commercial auto insurance policy comes with risk control tools.
4. Nationwide Corp
Direct Written Premiums: $1.6 billion
Market Share: 4.0%
Nationwide is an Ohio-based insurance and financial services organization that offers domestic property and casualty insurance, life insurance, retirement savings, asset management, and strategic investments. The insurer’s commercial insurance products include commercial auto insurance, commercial agribusiness insurance, and workers’ compensation.
5. Berkshire Hathaway
Direct Written Premiums: $1.5 billion
Market Share: 3.7%
Berkshire Hathaway is an Omaha-based holding company that owns more than 60 subsidiaries, including Berkshire Hathaway GUARD and Gateway Underwriters Agency. Both subsidiaries offer commercial auto insurance. The former delivers insurance products via a countrywide network of independent insurance agents, while the latter operates with binding authority and brokerage agreements with both affiliated and non-affiliated company partners.
6. Old Republic
Direct Written Premiums: $1.4 billion
Market Share: 3.6%
The Old Republic General Insurance Group is the Old Republic International Corporation’s largest business segment, specializing in the property and casualty market. Its 15 specialty companies operate with the same core values. Six of these companies offer commercial auto coverage: BITCO Insurance Companies, Great West Casualty Company, Old Republic Contractors Insurance Group, Old Republic Risk Management, Old Republic Specialty Insurance Underwriters, and PMA Companies.
7. Zurich Insurance
Direct Written Premiums: $1.4 billion
Market Share: 3.4%
Zurich Insurance Group is a multi-line insurer that serves customers in more than 210 countries and territories. Zurich’s commercial insurance specialty lines include automotive, corporate accident and business travel, credit risk, cybersecurity and privacy, D&O liability, management or professional liability, marine, and political risk. For its automotive solutions, Zurich offers both conventional and non-conventional motor insurance, with the latter including deductible programs and captive fronting and reinsurance.
Direct Written Premiums: $994.9 million
Market Share: 2.5%
Auto-Owners Insurance claims to be the 16th largest property/casualty insurance company in the US, with more than 40,000 independent agents in over 6,000 agencies across 26 states. It’s a provider of business insurance, car insurance, farm insurance, home insurance, and life insurance.
9. Tokio Marine Group
Direct Written Premiums: $761.7 million
Market Share: 1.9%
Tokio Marine Group is a Japan-based multinational insurance company that is engaged in the domestic life insurance, domestic non-life insurance, international insurance, and financial and general businesses. The group consists of Tokio Marine Holdings Inc., 245 subsidiaries, and 32 affiliates in 483 cities worldwide.
Tokio Marine launched Japan’s first automobile insurance in 1914, and it has over 15 million domestic auto insurance policies nowadays.
10. Chubb Ltd
Direct Written Premiums: $740.7 billion
Market Share: 1.8%
Chubb claims to be the world’s largest publicly traded property and casualty insurer, with operations across 54 countries and territories. Chubb’s commercial insurance coverages include commercial auto, cyber, foreign casualty, management liability, mergers and acquisitions, railroad liability, and transactional risk. It delivers its products via independent and captive agents, retail and wholesale brokers, as well as bancassurance, direct marketing, and mobilassurance.