The top 10 auto insurance companies are located in cities all across America. The staggering amounts of revenue they reported for 2009 serves as a basis to rank them.
1. State Farm
Ranking No. 1 is Bloomington, Illinois-based State Farm Insurance, with revenue of over $60 billion in 2009. In addition to being the number one auto insurance company, it is also No. 1 in home insurance, and has grown its offerings to include consumer banking and business loans.
2. Allstate
The "good hands" company based in Northbrook, Illinois, ranks in second place, having generated over $32 billion in revenue in 2009. To remain competitive the company offers auto owners with roadside emergency services and banking to keep on par with leading rival State Farm.
3. Farmers Insurance
Hollywood, California, is home to Farmers Insurance. The company is subsidiary of the $70 billion-dollar Zurich Financial Services Company, which is based in Switzerland. As a result, the company performs business management tasks, distributing policies and collecting premium payments, and says services are governed by Zurich.
4. Liberty Mutual
Boston-based Liberty Mutual holds the fourth position. The company achieved close to $29 billion in revenue though a sales strategy that incorporates independent agents, exclusive agents, brokers and direct-to-consumer sales representatives.
5. The Hartford
Since 1810, Hartford, Connecticut has been home to The Hartford Financial Services Group. The fifth place auto insurance provider covers drivers through the company's property and casualty division, contributing to over $24 billion in sales, generated by over 11,000 independent agencies nationwide.
6. Nationwide
Nationwide, based in Columbus, Ohio, is No. 6, generating over $22 billion in revenue. Nationwide prides itself in providing customers with a portfolio of services including auto insurance, 24/7 claim service and discounts for repairs, and is one of the leading insurers for leased cars in the United States.
7. Progressive
Progressive made its mark in the auto insurance business by providing coverage for high-risk drivers. The strategy paid off in 2009 revenues of over $14.5 billion. Based in Mayfield Village, Ohio, Progressive coverage includes commercial vehicle insurance for heavy trucks, light trucks and vans.
8. Esurance
San Francisco is home to relative newcomer but rapidly rising star Esurance, with reported 2009 revenue of over $10 billion. The company claims over 500,000 drivers are on its roles for coverage. The company's business model integrated Internet sales with telephone sales to achieve growth. The strategy captured the attention and wallets of consumers in 28 states, especially younger drivers.
9. GEICO
Fort Worth, Texas is the home of GEICO and the wildly popular green gecko that serves as the company spokesperson on commercials. The company is a subsidiary of Berkshire Hathaway, which is headed by Warren Buffett, one of the wealthiest men in the world. GEICO had revenue of over $9 billion in 2009. GEICO stands for Government Employees Insurance Company.
10. American Family Insurance
"Bucky" the Badger, mascot for the University of Wisconsin, has American Family Insurance as a roommate in Madison. American Family gains a seat with the top 10 because the company's auto insurance business provides the lion's share of close to $7 billion in annual revenue.
