In this article, we will take a look at the 15 best known car insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to 5 Best Known Car Insurance Companies Heading into 2024.
The Car Insurance Industry: At a Glance
According to a report by Forbes, auto insurance rates have been up by 18.9% year over year in 2023, and this will be a focus area for experts in 2024. Inflation, specifically medical inflation, has heavily contributed to the rising auto insurance rates. Forbes points out that the auto insurance industry is forecasted to close 2023 with a negative underwriting result at a 109.5 combined ratio. As per the report, property damage claims from car crashes have increased by almost 50% from 2018 through 2022, followed by a 40% increase in bodily injury claim costs. You can also check out states where car insurance is the most expensive.
The report further assesses the rising cost of technology for car insurers. As cars continue to come with more technologically equipped parts, insurers find it increasingly difficult to replace those in case of damage. Moreover, in 2023, the average monthly vehicle repair cost grew to $415 and body work repair costs grew to $258. Such indicates the cost of repair and how it is pushing car insurers to increase prices across their insurance policies. You can also check out states where car insurance costs the least.
Prominent Names in The Car Insurance Industry
The Progressive Corporation (NYSE:PGR), Ping An Insurance (Group) Company of China, Ltd. (OTC:PIAIF), and Zurich Insurance Group AG (OTC:ZURVY) are some of the leading insurance companies offering car insurance policies. Let's discuss them in detail below. You can also take a look at some of the best car insurance companies in 2023.
The Progressive Corporation (NYSE:PGR) is a leading insurance company based in the United States. The company has been expanding its insurance coverage and, on May 22, announced the expansion of its coverage to offer Heavy Truck Roadside Assistance for its commercial auto customers. The policy provides coverage for towing and labor at the site in case of disablement. Heavyweight vehicle owners simply have to call the company to avail services instantaneously.
On October 13, The Progressive Corporation (NYSE:PGR) reported earnings for the fiscal third quarter of 2023. The company reported earnings per share of $2.11, beating estimates by $0.40. The company reported revenue worth $15.59 billion, ahead of market consensus by $231.20 million, with a year-over-year revenue growth rate of 19.79%.
Ping An Insurance (Group) Company of China, Ltd. (OTC:PIAIF) is a leading insurance company based in Shenzen, China. The company provides insurance, banking, asset management, financial, and healthcare services. The company is one of the pioneers in providing complete insurance coverage to business and individual customers. Such explains why the company is recognized by international bodies. On November 30, Ping An Insurance (Group) Company of China, Ltd. (OTC:PIAIF) announced that they had been rated in class "A" in the ESG ratings by Morgan Stanley Capital Investment. The company also announced that it had been awarded the position of a top ranked multi-line insurance and brokerage firm in Asia.
Zurich Insurance Group AG (OTC:ZURVY) is a leading insurance company based in Switzerland. The company provides life insurance, motor insurance, general insurance, and farmer's insurance, among others. The company is committed to making insurance simple and easy for its clients. On July 6, Zurich Insurance Group AG (OTC:ZURVY) announced a strategic partnership with Qover. Qover is a technology-based company, that helps companies easily provide customized insurance solutions to their customers through its digital platform. To shed light on the strategic move, Jack Howell, CEO of Zurich Global Ventures stated:
"What makes Qover stand out for me is its deep understanding of what customers are looking for: a way to make getting insurance as simple and convenient as possible. The combination of its know-how about embedded insurance, our long-standing expertise and global footprint is a win-win for our distribution partners and customer."
Let's now take a look at the 15 best known car insurance companies heading into 2024.
15 Best Known Car Insurance Companies Heading into 2024
15 Best Known Car Insurance Companies Heading into 2024
Our Methodology
We employed a consensus approach to come up with the 15 best known car insurance companies heading into 2024. We sifted through 6 industry reports compiled by Straits Research, Allied Market Research, Mordor Intelligence, Market Research Future, Precedence Market Research, and IMARC. This thorough process enabled us to compile a list of the 20 best known car insurance companies heading into 2024. We then sourced the market cap for publicly listed companies or the latest annual revenue for private companies. We sourced market caps from Yahoo Finance, and annual revenue from official company reports. The list of the 15 best known car insurance companies heading into 2024 is in ascending order of the market capitalization as of December 10, 2023, or annual revenue for the latest year available.
15 Best Known Car Insurance Companies Heading into 2024
15. Assicurazioni Generali S.p.A. (OTC:ARZGY)
Market Capitalization as of December 10, 2023: $31.8 Billion
Assicurazioni Generali S.p.A. (OTC:ARZGY) is a leading insurance company based in Italy. The company provides coverage for property insurance, auto insurance, and life insurance among other insurance lines. Under its car insurance policy, the company provides coverage for third-party liabilities, damages caused to cars due to fire, theft, weather, or consequential factors, and personal injuries. In case of death due to an accident, the beneficiaries are paid compensation. Assicurazioni Generali S.p.A. (OTC:ARZGY) has a market cap of $31.8 billion in 2022.
14. The People's Insurance Company (Group) of China Limited (OTC:PINXF)
Market Capitalization as of December 10, 2023: $32.17 Billion
The People's Insurance Company (Group) of China Limited (OTC:PINXF), also known as PICC, ranks as one of the best known car insurance companies heading into 2024. The company is based in Beijing and covers life insurance, property insurance, car insurance, and causality insurance. Under its car insurance policy, the company provides coverage for accidental damages, malicious damages, damages to liabilities, and third-party injuries. The company not only provides financial protection but it also meets the legal obligations of a client. The People's Insurance Company (Group) of China Limited (OTC:PINXF) has a market cap of $32.17 billion as of December 10.
13. China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF)
Market Capitalization as of December 10, 2023: $35.47 Billion
China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) has a market cap of $35.47 billion as of December 10. The company is based in Shangai, China. It provides coverage for life insurance, property insurance, casualty insurance, medical insurance, and car insurance, among other insurance lines. China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) also covers non-accident roadside assistance, paint repair, agency and inspection, car wash, and damages caused by driving after drinking under its car insurance policy.
12. The United Services Automobile Association
Annual Revenue (2022): $36 Billion
The United Services Automobile Association, commonly known as USAA, ranks as one of the best car insurance companies heading into 2024. The company reported annual revenue worth $36 billion in 2022. Under its car insurance policy, the company covers liabilities, collisions, personal injuries, medical payments, insured motorists, uninsured motorists, and damages caused by animals, fires, flooding, glass damage, and hailstorms. By using the USAA mobile app, customers can gain instantaneous access to auto ID cards, proof of insurance, billing information, requests, and claim management. The United Services Automobile Association is based in Texas and was founded in 1922.
Market Capitalization as of December 10, 2023: $36.46 Billion
The Allstate Corporation (NYSE:ALL) ranks as one of the best known car insurance companies heading into 2024. Based in Illinois, the company provides home insurance, auto insurance, and life insurance. The company provides coverage for liabilities, ridesharing, roadside insurance, insurance for teen drivers, classic car insurance, and damages caused by storms, theft, vandalism, animals, and falling objects. The Allstate Corporation (NYSE:ALL) has a market cap of $36.46 billion as of December 10.
Market Capitalization as of December 10, 2023: $41.4 Billion
The Travelers Companies, Inc. (NYSE:TRV) is a leading insurance company based in New York, United States. The company provides coverage for commercial insurance, casualty insurance, car insurance, dental insurance, and homeowners insurance. Under its auto insurance policy, the company covers liabilities, uninsured motorists, underinsured motorists, collisions, and damages caused by theft, vandalism, animals, or other natural disasters. The Travelers Companies, Inc. (NYSE:TRV) has a market cap of $41.4 billion as of December 10.
9. Liberty Mutual Insurance
Annual Revenue (2022): $50.00 Billion
Liberty Mutual Insurance, a prominent name in the insurance industry, ranks among the best known car insurance companies heading into 2024. The company provides car insurance, commercial insurance, reinsurance, and specialist insurance. Liberty Mutual Insurance reported an annual revenue of $50 billion in 2022.
8. Tokio Marine Holdings, Inc. (OTC:TKOMY)
Market Capitalization as of December 10, 2023: $51.11 Billion
Tokio Marine Holdings, Inc. (OTC:TKOMY) has a market cap of $51.11 billion as of December 10. The insurance company is based in Tokyo, Japan. The company provides coverage for motor insurance, automobile insurance, property insurance, and casualty insurance, among other lines of insurance. Under its car insurance policy, the company covers accidents, damage caused by fires, theft, liabilities to other parties injuries, and damages to other parties. Tokio Marine Holdings, Inc. (OTC:TKOMY) has a market cap of $51.11 billion as of December 10.
7. Nationwide Mutual Insurance Company
Annual Revenue (2022): $56.80 Billion
Nationwide Mutual Insurance Company ranks as one of the best known car insurance companies heading into 2024. The company is one of the largest insurance and financial services providers in the United States. Under its car insurance policy, the company covers collision insurance, comprehensive insurance, liability insurance, and medical payments. The Nationwide Mutual Insurance Company also provides Accident Forgiveness. Accident Forgiveness is an auto insurance coverage option aimed at reducing the accident rate after a customer's first at-fault accident.
Market Capitalization as of December 10, 2023: $73.04 Billion
AXA SA (OTC:AXAHY) is a leading insurance company based in Paris, France. Other than insurance, the company also provides services in investment management and finance. Under its car insurance policy, the company provides coverage for damages caused by theft and fire. Other prominent features include coverage for damages to other people's cars and property, injuries to other people, and child car seats. AXA SA (OTC:AXAHY) is a best known car insurance company heading into 2024 with a market cap of $73.04 billion as of December 10.
