Top 6 Car Insurance Companies in New York (ALL, PGR)

Among the nearly 150 insurance companies licensed to write personal auto policies in New York, Geico, Allstate Corp. (NYSE: ALL) and State Farm make up the top tier of companies as measured by written premiums. As of 2013, the most recent year for which industry data is available, these three companies combine to serve nearly 57% of auto insurance consumers in the state. Only three other states have a higher concentration of market share among the top three providers. In the next tier of companies, Progressive Corp. (NYSE: PGR), Liberty Mutual and Travelers Companies, Inc. (NYSE: TRV) combine to serve an additional 18% of the New York market. All other car insurance companies operating in the state fall below 3% market share.

Geico

Geico, a wholly owned subsidiary of Berkshire Hathaway, Inc. (NYSE: BRK.A), is the top car insurance company in New York with more than $3.2 billion in written premiums. The company controls just less than 29% of the market, nearly twice as much as the second-ranking insurer, Allstate. Geico has improved its position in the market, posting market-share gains of 3% between 2011 and 2013, the best performance among the state's top providers. No other provider in this list has gained more than 1% market share over the same period.

Allstate

With more than $1.7 billion in written premiums and 15.5% of the market, Allstate comes in as the second biggest auto insurer in New York. While the company is still a giant in the market, it has lost ground. Allstate's annual written premiums fell about $162 million between 2011 and 2013, a period during which its market share declined by 2.6%. Combined with Geico's gains in this period, the market-share gap between the top two companies has widened from 8.1% in 2011 to 13.5% in 2013.

State Farm

State Farm comes in behind Allstate with nearly $1.4 billion in written premiums and about 12.5% of the market. State Farm has shown stability, maintaining its 12.5% market share from 2011 to 2013, even as the overall size of the market grew more than 3% annually. Although the company places third in the state of New York, State Farm is the largest auto insurer in the country with a national market share of about 18.5%. It is also mentioned among the best-rated auto insurers nationally.

Progressive

Progressive has a market share of about 6.9% in New York on written premiums of $765 million. Although Progressive is far behind the top companies in terms of market share, it has made solid gains. From 2011 to 2013, Progressive moved past Liberty Mutual to become the fourth biggest auto insurer in the state. It increased its market share by 1% during the period, the second biggest gain among the companies in this list.

Liberty Mutual

Liberty Mutual sits in fifth place with a 6.5% market share on approximately $720 million of written premiums. Although the company dropped down from fourth place, it has more than maintained its market share, posting a small gain of 0.1% between 2011 and 2013. Given annual market growth of more than 3% overall in New York during the same period, the 0.1% market-share gain corresponds to an increase of $56 million in written premiums.

Travelers

Travelers posted about $525 million in written premiums for a 4.7% share of the New York auto insurance market. The company has seen a decline in its market share from 5.1% in 2011. However, it still holds a substantial advantage over its next closest competitors, with a 1.8% lead on the seventh-ranked company, Nationwide, and a 2.1% lead on the eighth-ranked company in New York, NYCM Insurance.

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Source: http://docphy.com/business-industry/personal-finance/insurance/top-6-car-insurance-companies-new-york-pgr.html