The car policy provider recently lost significant ground according to recent NAIC data.
Allstate has lost its previous coveted spot in the auto insurance market. The insurance company had previously been in third place in the country. That said, the National Association of Insurance Commissioners (NAIC) released data showing the provider’s downward slide.
Allstate was the third auto insurance company in the United States but fell to fourth place.
The reduction of Allstate’s position in the auto insurance market occurred when its share dropped 0.43 points to control 9.29 percent of the industry. That was the figure NAIC produced for the close of last year. The third place spot now belongs to Progressive. That insurer now holds 9.88 percent of the private passenger vehicle market, said NAIC data.
The top two positions in the car insurance market are State Farm and GEICO. They hold a solid domination over the American auto insurance industry. According to the data, State Farm holds on to 18,13 percent of the market. GEICO, on the other hand, has taken 12.83 percent of the market. State farm lost 0.17 points when compared to the year before. GEICO raised its position by 0.91 points.
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Other companies have also watched their share of the auto insurance market shift in the last year.
Some companies fared better than others. For instance, USAA, the insurance company holding on to fifth place, saw an increase of 0.24 points bringing its market share to 5.7 percent. Similarly, in fifteenth place, Auto-Owners boosted its share by 0.13 points to 1.09 percent.
On the other hand, some companies saw their share of the market slip a little. Farmers, for instance, reduced its hold by 0.32 points to 4.49 percent in seventh place. Nationwide, in eighth place, saw its share drop by 0.39 points to 3.18 percent. The Hartford also dropped its market share in 2017. It lost 0.17 points, falling to 1 percent, which placed it at 18th.
The data released by NAIC also determined that the auto insurance market is continuing to consolidate. In 2016, the top 25 carriers held 85.15 percent of the market. That said, in 2017, the figure rose to 85.82 percent.