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Automobile Insurance in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Automobile Insurance Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | Jan 2014

Road to recovery: Providers will benefit from more car purchases and higher interest rates

IBISWorld’s Automobile Insurance market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

Report Snapshot
Market Share of Companies
Allstate Insurance Company Allstate Insurance Company market share
Farmers Insurance Group Farmers Insurance Group market share
Geico Geico market share
Progressive Progressive market share
State Farm State Farm market share
Industry Statistics & Market Size
Revenue
$199bn
Annual Growth 09-14
2.3%
Annual Growth 14-19
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Profit
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Employment
254,560
Businesses
1,992
Industry Analysis & Industry Trends

The number of cars registered indicates industry demand for individual automotive insurance; therefore, an increase in car purchases will necessarily benefit automobile insurance providers. An increase in interest rates and renewed investment activity will also facilitate industry growth over the next five years. While discount retailers such as Geico and Progressive are expected to continue growing, pricing competition is set to cool as the economy slowly improves.... purchase to read more

Industry Report - Industry Key Buyers Chapter

Market share concentration within the Automobile Insurance industry is moderate, with the top four companies accounting for an estimated 46.9% of total industry revenue in 2014. This level of concentration has increased slightly in recent years, with the top four companies accounting for 46.6% of total industry revenue in 2009. Concentration has marginally increased over the five-year period as result of continued insurance company consolidation, both within the industry specifically and in the broader insurance sector.

Over the five years to 2014, the number of industry enterprises is anticipated to decline at an annualized rate of 0.5%, to reach 1,992 companies. During that time, the largest industry operators have grown both organically and through strategic acquisitions... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Automobile Insurance Industry?

This industry underwrites (i.e. assuming the risk and assigning premiums) auto insurance policies. Car insurance provides financial protection against physical damage to automobiles and bodily injuries resulting from traffic collisions. Automobile insurance can also protect against resulting liability.

Industry Products
Personal liability insurancePersonal collision insurancePersonal comprehensive coverageCommercial vehicle insurance
 
Industry Activities
Directly underwriting liability insuranceDirectly underwriting collision insuranceDirectly underwriting comprehensive insuranceDirectly underwriting commercial vehicle insurance


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