21st Dec 2009
Here\’s a Detailed List of Car Insurance Companies
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.
Next up is Allstate Insurance which is the largest publically held insurer in the U.S. Their revenues are almost $30 billion in 2009. Business Week magazine and CNN have both criticized Allstate for denying its policy holders legitimate benefits.
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 on our list of car insurance companies is Nationwide, a company that started in 1926 exclusively for Ohio farmers. It has greatly expanded its customer base and is now a major car and property insurer with revenues of $25 billion a year. Nationwide is seen as a particularly progressive employer and corporate citizen sponsoring many gay and minority 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 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 there are many other car insurance companies, these are representative of the major players and should 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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