Top 5 Car insurance companies in Akron, OH, hold more than a quarter of the market share
Zimlon studied the data published by the National Association of Insurance Commissioners (NAIC) in 2019 and identified the top 5 insurance firms in Akron, OH, by market share.
State Farm is the biggest insurance firm in Akron, with a market share of 11.35%. In 2018, the firm reported written direct premiums of $2,080,574 and direct premiums earned of $2,080,805. A.M. Best has given State Farm the highest possible rating of A++, which is reserved for companies that have a superior ability to meet their ongoing insurance obligations.
Progressive is a prominent player in Akron’s insurance market, with 6.56% of the market share. The insurance firm had direct premiums written worth $1,202,775 and direct premiums earned of $1,148,092 in 2018. Progressive has been rated A+ by A.M. Best. An A+ rating is awarded to companies that have a superior ability to meet their current insurance obligations.
Allstate has an impressive market share of 6.07% in Akron. The total direct insurance premiums written last year by the firm were $1,111,799, whereas the direct premiums earned totaled $1,103,906. Allstate and its subsidiaries have been rated A+ by A.M. Best for their superior ability to meet current insurance obligations.
Nationwide holds 5.33% of the insurance market share in Akron. The firm reported $976,487 in direct insurance premiums written and $982,045 in direct insurance premiums earned. Nationwide’s A+ rating, conferred by A.M. Best, indicates the company’s superior ability to meet its ongoing insurance obligations.
Liberty Mutual owns 5.29% of the insurance market share in Akron. The direct written premium of the company in 2018 was $969,224 and the direct premium earned was $957,095. A.M. Best has given Liberty Mutual an A rating for its excellent ability to meet its ongoing insurance obligations.