Looks like GEICO’s run as the fastest-growing auto insurer in the industry is over, at least for now.
According to a recent report from SNL Financial, CSAA Insurance Exchange posted double-digit year-over-year growth for its personal auto business, reporting 23.07% growth and far outperforming all of the other carriers in the second quarter.
CSAA reported $553.4 million in private auto direct premiums in Q2, SNL said, a figure that represents the greatest year-over-year increase in private auto in the last 12 years. The jump was largely attributed to growth at the firm’s CSAA Insurance Exchange and CSAA General Insurance Co.
But it’s not all bad news for the rest of the pack.
GEICO continues to grow its premiums at a rapid pace, posting a 10.18% year-over-year growth rate in the second quarter with $4.87 billion in premiums written in the period. Third place went to Cincinnati Financial, which grew by 7.98% in the quarter with $173.8 million in premiums written.
In terms of overall volume, State Farm Mutual Automobile Insurance Co. remains the largest U.S. insurer by premium volume, writing $8.79 billion in premiums in Q2, followed by GEICO, Allstate and Progressive.
Check out the full results of SNL’s study in the chart below: