$364.9bn
$XX.Xbn
269k
1,399
$XX.Xbn
The Automobile Insurance industry provides individuals and businesses with various lines of insurance needed to operate an automobile legally and invests a portion of underwritten premiums in financial instruments. The industry has experienced rising premium prices as operators have contended with higher claims volumes because of renewed traffic activity and higher costs to repair or replace a vehicle. Despite premium growth during most of the period, dropping consumer confidence and investment income in 2020 because of the pandemic pressured insurance providers. Overall, revenue has been falling at a CAGR of 0.5% to $364.9 billion over the past five years, including an expected jump of 0.8% in 2024.
Industry revenue has declined at a CAGR of 0.5 % over the past five years, to reach an estimated $364.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Progressive Corp | 45,115.6 | 5,241.0 | 11.6 | |
State Farm Mutual Automobile Insurance Co | 44,238.9 | 3,036.8 | 6.9 | |
Berkshire Hathaway Inc. | 40,916.0 | 5,175.0 | 12.6 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Personal liability insurance, Personal collision/comprehensive insurance and Commercial liability insurance. Personal liability insurance is the largest segment of the Automobile Insurance in the US.
Personal and commercial liability insurance declined slightly caused by reduced travel during the pandemic
This industry underwrites or assumes the risk and assigns premiums for auto insurance policies. Car insurance provides financial protection against physical damage to automobiles and bodily injuries resulting from traffic incidents. Automobile insurance can also protect against resulting liability.
Purchase this report to view all 4 major companies in this industry.
NAICS 52412 - Automobile Insurance in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Operators seek to gain online dominance. Insurers operating online can invest heavily in marketing campaigns and reduce spending on wages for sale.
Learn about an industry's products and services, markets and trends in international trade.
Investment activities are one way insurance operators generate revenue. As interest rates rise, yields for fixed-income securities also jump.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The distribution of establishments closely follows domestic population trends, particularly urbanization trends. Providers charge higher premiums in locations with more cars ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Price is the primary form of competition in the industry. The price of automobile insurance represents the value perceptions of consumers and businesses.
Learn about the performance of the top companies in the industry.
The top three companies account for over one-third of revenue. Larger companies have explored acquiring smaller insurers to expand their market share.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The Uniform Certificate of Authority Application assists insurers in filing copies of the same applications in numerous states. Each uniform state performs an independent rev...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Operators have benefited from rising interest rates as fixed-income assets yield more return. Although, fears of an economic recession can lead investors to seek safer invest...
Including values and annual change:
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Automobile Insurance in the US industry in United States is $364.9bn in 2024.
There are 1,399 businesses in the Automobile Insurance in the US industry in United States, which has grown at a CAGR of 0.4 % between 2019 and 2024.
The market size of the Automobile Insurance in the US industry in United States has been declining at a CAGR of 0.5 % between 2019 and 2024.
Over the next five years, the Automobile Insurance in the US industry in United States is expected to grow.
The biggest companies operating in the Automobile Insurance market in United States are Progressive Corp, State Farm Mutual Automobile Insurance Co and Berkshire Hathaway Inc.
Directly underwriting private passenger liability insurance and Directly underwriting private passenger collision/comprehensive insurance are part of the Automobile Insurance in the US industry.
The company holding the most market share in United States is Progressive Corp.
The level of competition is high and steady in the Automobile Insurance in the US industry in United States.