Ranked – America’s 25 leading commercial auto insurers in 2022

Information from the affiliation has additionally proven that the nation’s main business auto insurance coverage suppliers wrote nearly $45.8 billion in premiums in 2020, barely above the $45.1 billion generated in 2019 however significantly greater than the $42.9 billion written for the road in 2018.

Trade consultants attributed the continued ascent to the upswing in premiums costs, which has been constant prior to now few years.

The newest business strains insurance coverage pricing survey (CLIPS) from WTW revealed that the business auto insurance coverage section reported price will increase close to or above double digits for the eighteenth consecutive quarter between April and June. The insurance coverage large expects the upward development to proceed for the remainder of the yr.

How does business auto insurance coverage work?

Because the title suggests, business auto insurance coverage is a kind of automobile coverage designed for automobiles pushed for enterprise functions. It really works equally to non-public auto insurance coverage when it comes to safety however covers primarily firm vehicles and business vans and vans.

However because of the heightened dangers related to business-use automobiles, business automobile insurance coverage premiums typically value increased in comparison with the charges for private auto insurance policies. Costs for business auto insurance coverage protection are additionally influenced by the variety of automobiles insured, protection limits and deductibles, the enterprise’s location, and even the drivers’ journey radius.

Learn extra: America’s top car insurers in 2022 – a region-by-region breakdown

What does business auto insurance coverage cowl?

Auto insurance coverage for enterprise automobiles has the identical protection sorts as these in a private automobile coverage. These embody:

• Bodily damage legal responsibility: This covers accidents the driving force causes one other individual and authorized charges if they’re sued over the accident.
• Property injury legal responsibility: This pays out if the enterprise’s car damages one other individual’s property and authorized defence prices incurred in a lawsuit. 
• Mixed single restrict (CSL) legal responsibility: This offers one total restrict for bodily damage and property injury claims towards the enterprise relatively than having two separate limits.
• Private damage safety (PIP): This covers medical bills for the driving force and the passengers, ensuing from accidents coated by the coverage. PIP is obligatory in no-fault insurance coverage states.
• Collision insurance coverage: This pays for injury to the business car within the occasion it hits or will get hit by one other automobile or object.
• Complete insurance coverage: This offers protection for damages to the business car, ensuing from fireplace, flood, theft, vandalism, and coated perils.
• Uninsured motorist (UM) protection: This pays out for accidents the driving force and their passengers endure if they’re hit by an uninsured driver.
• Underinsured motorist (UIM) protection: This covers medical bills incurred when the driving force or passengers of a business car are hit by somebody whose coverage isn’t sufficient to cowl all the prices.

Some states permit business car drivers to buy UM and UIM protection individually. They will additionally discover business-specific protection, together with these for misplaced enterprise revenue.

Learn extra: Revealed – US states that require uninsured motorist coverage

What are the highest business auto insurers within the US?

The nation’s 25 largest business auto insurance coverage suppliers managed greater than two-thirds (67%) of the market by the tip of 2021, in response to the NAIC’s newest annual property/casualty market share report.

Collectively, the highest 10 insurers accounted for nearly half, or $24.4 billion, of the businesses’ direct premiums written. Right here’s the checklist of the ten main business auto insurance coverage corporations within the US, in response to the report.

1. Progressive

Headquarters: Mayfield Village, Ohio

Direct written premiums: $8.67 billion

Market share: 16.2%

The Progressive Group of Insurance coverage Firms (Progressive) is among the hottest insurance coverage manufacturers within the US. The insurance coverage juggernaut is among the many largest auto insurers and the primary motorbike and specialty RV insurer within the nation. Progressive writes greater than 13 million auto insurance policies per yr, together with these for business automobiles, promoting insurance coverage on to the buyer or by way of impartial brokers. Progressive’s company enterprise, in the meantime, sells by greater than 30,000 impartial insurance coverage companies throughout the US.

2. Travelers

Headquarters: New York, New York

Direct written premiums: $2.97 billion

Market share: 5.6%

Vacationers offers private, enterprise, and specialty insurance coverage in North America and Europe by 13,500 impartial brokers and brokers. The insurer additionally employs an estimated 30,000 employees. Vacationers’ business vehicle insurance policies cowl legal responsibility, bodily injury, and UM and UIM protection for each small and enormous fleets.

3. Liberty Mutual

Headquarters: Boston, Massachusetts

Direct written premiums: $2.05 billion

Market share: 3.8%

Liberty Mutual Holdings Firm Inc. is the sixth-largest P&C insurer globally and fourth within the US primarily based on NAIC’s 2021 information. The mutual insurer delivers private insurance coverage merchandise by its Liberty Mutual and Safeco manufacturers and works with impartial brokers, brokers, and advantages consultants throughout the nation to offer enterprise insurance coverage options to purchasers. Its business auto insurance coverage coverage comes with threat management instruments.

4. Old Republic

Headquarters: Greensburg, Pennsylvania

Direct written premiums: $2.02 billion

Market share: 3.8%

The Outdated Republic Basic Insurance coverage Group is the Outdated Republic Worldwide Company’s largest enterprise section, specializing within the P&C market. Its 15 specialty firms function with the identical core values. A number of of those firms supply business auto protection, together with BITCO Insurance coverage Firms, Nice West Casualty Firm, Outdated Republic Contractors Insurance coverage Group, Outdated Republic Danger Administration, Outdated Republic Specialty Insurance coverage Underwriters, and PMA Firms.

5. Nationwide

Headquarters: Columbus, Ohio

Direct written premiums: $1.68 billion

Market share: 3.1%

Nationwide Mutual Insurance coverage Firm is a Fortune 100 agency that gives a full vary of insurance coverage and monetary companies merchandise throughout the US. Its insurance coverage portfolio consists of automobile, motorbike, owners, pet, farm, life, and business insurance policies. The corporate additionally gives annuities, mutual funds, retirement, plans and specialty well being companies. The insurer’s business auto insurance coverage cowl legal responsibility and medical funds, and supply collision, complete, and UM/UIM safety.

Learn extra: Revealed – the most and least expensive states for car insurance in 2022

6. Berkshire Hathaway

Headquarters: Omaha, Nebraska

Direct written premiums: $1.68 billion

Market share: 3.1%

Berkshire Hathaway is a conglomerate consisting of a number of insurance coverage and reinsurance, utilities and vitality, freight rail transportation, manufacturing, and retailing companies. The corporate’s insurance coverage enterprise is taken into account considered one of its “4 giants,” which account for a major chunk of the agency’s worth. Berkshire Hathaway owns 100% of its insurance coverage operations, with an enormous float worth of $147 billion. Its business insurance coverage insurance policies are supplied by subsidiaries, together with Berkshire Hathaway Homestate Insurance coverage Firm, BHHC Particular Dangers Insurance coverage Firm, Continental Divide Insurance coverage Firm, Cypress Insurance coverage Firm, Oak River Insurance coverage Firm, and Redwood Hearth and Casualty Insurance coverage Firm.

7. Zurich

Headquarters: Schaumburg, Illinois (US workplace)

Direct written premiums: $1.61 billion

Market share: 3.0%

Zurich Insurance coverage Group is a multi-line insurer that serves clients in additional than 210 international locations and territories. Zurich’s business insurance coverage specialty strains embody automotive, company accident and enterprise journey, credit score threat, cybersecurity and privateness, D&O legal responsibility, administration or skilled legal responsibility, marine, and political threat. For its automotive options, Zurich gives each standard and non-conventional motor insurance coverage, with the latter together with deductible packages and captive fronting and reinsurance.

8. Auto-House owners

Headquarters: Lansing, Michigan

Direct written premiums: $1.68 billion

Market share: 2.6%

Auto-House owners Insurance coverage Group is a Fortune 500 mutual insurance coverage enterprise consisting of quite a few firms, together with Atlantic Casualty Insurance coverage Firm, Harmony Group Insurance coverage Firms, and Capital Insurance coverage Group. The agency insures a number of varieties of automobiles, together with bikes, motorhomes, RVs, boats, trailers, and ATVs. It gives collision, complete, and UM/UIM coverages to business car house owners in additional than 20 states.

9. Allstate

Headquarters: Northbrook, Illinois

Direct written premiums: $1.15 billion

Market share: 2.1%

The Allstate Company is the most important publicly held private strains insurer within the US. In 2021, the insurer ranked quantity 70 on the Fortune 500 checklist of the most important US firms by complete income. Allstate’s main companies are auto and owners’ insurance coverage, primarily supplied by companies. These merchandise are marketed underneath the Allstate, Embody, and Esurance manufacturers.

10. W.R. Berkley

Headquarters: Greenwich, Connecticut

Direct written premiums: $1.1 billion

Market share: 2.1%

W. R. Berkley Company is a global business strains property and casualty insurance coverage supplier working in two segments – insurance coverage and reinsurance. Every of its working items participates in a distinct segment market requiring specialised information a couple of product or territory. Berkley’s insurance coverage section underwrites business insurance coverage enterprise, with some working items on this section writing extra and surplus strains to cowl advanced dangers with distinctive exposures. Different items, in the meantime, supply admitted insurance coverage services to assist a definite regional group or the specialty dangers of a specific kind of buyer.

Listed below are the remainder of the highest 25 business auto insurers within the US.

Supply: NAIC Property/Casualty Market Share Report 2021