State Farm, the number-one auto insurer in the US for decades, could be second to GEICO before long.
Jan. 31, 2020—State Farm, the number-one auto insurer in the US for decades, could be second to GEICO before relatively long, according to a report by Insurance Business America.
If the two companies’ average growth rates persists, GEICO will overtake State Farm as the nation’s largest auto insurer in 2022, according to Crain’s Chicago Business.
State Farm held a market share of 17 percent in 2018 – its lowest share in more than two decades. Since 2015, State Farm has lost lead market share in Arizona, Maine and Virginia. GEICO took the number-one slot in Arizona and Virginia, while Progressive took State Farm’s place as the top auto insurer in Maine.
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