Geico is gaining ground on Allstate Corp., the company that has been the nation’s second leading auto insurer for years. Geico, a relatively newcomer to the insurance game, is in third and narrowing the gap between the two.
Last year, Allstate wrote $17.48 billion in auto insurance premiums, which is just $730 million more than what Geico wrote in 2012. Now, to you and I, $730 million might be a tidy sum, however, when you remember that the gap between the battling auto insurers was a cool $2.1 billion, you can see just how close to the poor house Allstate is.
Allstate is fighting back. It purchased Esurance towards the end of 2011 in order to increase its share of the online auto insurance pie. Esurance wrote more than $1 billion in auto premiums in 2012.
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