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Commercial Auto Insurance Market Share

Report ID: GMI9513
Published Date: May 2024
Report Format: PDF

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Commercial Auto Insurance Market Share

The Progressive Corporation, The Travelers Companies, Inc., and Liberty Mutual Insurance Company held significant market share of over 17% revenue share in 2023. These major players in the market offers comprehensive coverage tailored for large enterprises, emphasizing risk management solutions. Liberty Mutual, known for its personalized service and diverse coverage options, competes fiercely, particularly in niche markets, attracting mid-sized businesses seeking customized insurance solutions.

Progressive leads with its cutting-edge technology and flexible policies, capturing a significant share of the commercial auto insurance sector, especially among startups and gig economy businesses. Travelers, renowned for its financial stability and extensive network of agents, competes by providing specialized risk mitigation strategies, catering to the needs of multinational corporations. Liberty Mutual distinguishes itself through customer-centric offerings and industry-specific coverage, attracting a diverse clientele ranging from small businesses to large enterprises.

Commercial Auto Insurance Market Companies

Major companies operating in the commercial auto insurance industry are:

Berkshire Hathaway Inc.
Chubb Limited
Fairfax Financial Holdings Limited
Liberty Mutual Insurance Company
Nationwide Mutual Insurance Company
Old Republic International Corporation
The Hartford Financial Services Group, Inc.
The Progressive Corporation
The Travelers Companies, Inc.
Zurich Insurance Group Ltd

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of commercial auto insurance reached USD 52.8 billion in 2023 and is set to witness 6% CAGR between 2024 and 2032, owing to the rising number of commercial vehicles on the road.

The liability coverage segment is anticipated to register over 5.5% CAGR from 2024-2032, as the policy addresses emerging risks, such as cyber liability and legal developments surrounding autonomous vehicles.

North America market accounted for over 35% share in 2023, attributed to the regulatory changes, technological advancements, and economic fluctuations.

Berkshire Hathaway Inc., Chubb Limited, Fairfax Financial Holdings Limited, Liberty Mutual Insurance Company, Nationwide Mutual Insurance Company, Old Republic International Corporation, The Hartford Financial Services Group, Inc., and the Progressive Corporation, among others.