In today’s post, I am going to educate you about Erie Insurance Group. I want to share some really cool Erie Insurance Group facts I found online about the company that I know you will find interesting.
Depending on where you live, you may, or may not, have heard of Erie Insurance Group. Prior to researching this post, I was not familiar with the company myself. However, after doing some research online, I am more than impressed. I know you will be too!
Cool Facts About Erie Insurance Group
# 1 How Many States It Serves
Erie Insurance Group is more of a regional insurance company. It does not offer insurance in all states.
Serves 12 states— Illinois, Indiana, Kentucky, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, Wisconsin—and the District of Columbia.
# 2 When Was it Founded?
This company is time-tested and has been around almost 100-years now.
Was founded in 1925 by H.O. Hirt and O.G. Crawford.
# 3 How Many Policies Does It Have Issued?
Based off the current 2018 US population of about 327 million people, approximately 1 in 56 people have some type of insurance policy with the company.
Has more than 5.8 million policies in force for auto, home and business insurance.
# 4 How Many Life Insurance Policies Are in Force?
Has more than 339,000 life, annuity and disability income policies in force.
# 5 How Many Independent Insurance Agents Are There?
Works with more than 12,400 independent insurance agents.
# 6 How Many Employees Are There?
Erie Insurance Group is a large employer. They create a ton of jobs, which is great for the economy.
Employs over 5,300 employees who work at the company’s Home Office in Erie, Pa., and in the field offices. The Home Office alone employs more than 3,000 people.
# 7 How Does It Rank with Other Insurance Companies?
These rankings below are VERY impressive to me.
The 15th largest property/casualty insurance group based on policyholder surplus (Best’s Aggregates and Averages Property/Casualty 2018).
The 16th largest property/casualty insurer in the United States based on total lines net premiums written (Best’s Aggregates and Averages Property/Casualty 2018).
The 11th largest auto insurer and 9th largest home insurer in the country based on direct premiums written (Best’s Insurance Reports 2018).
The 12th largest business insurer in the country based on direct premiums written, commercial multi-peril writers (Best’s Insurance Reports 2018).
The 2nd largest auto insurer in Pennsylvania (A.M. Best).
# 8 Fortune 500 Ranking
The Fortune 500 Ranking is a list of the 500 largest corporations in the United States, in terms of revenue.
In 2003, Erie Insurance made its debut on the Fortune 500 list. It currently ranks at number 378.
# 9 Ranking as Life Insurance Company
As of 2016, there were more than 5,900 insurance companies in the USA.
Erie Family Life ranks as the 138th largest life insurance company based on admitted assets (Best’s Review 2017).
Erie Family Life is the 23rd largest life insurance company based on net premiums (Best’s Insurance Reports 2017).
# 10 A.M. Best Ranking
ERIE’s property/casualty companies are rated A+ (Superior) by A.M. Best, a global credit rating agency with a unique focus on the insurance industry. Best’s Financial Strength Rating is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations.
# 11 The Achievement in Customer Excellence Award
In 2017, Erie Insurance earned the ACE (Achievement in Customer Excellence) Award in the Voice of the Customer category for claims service for the second consecutive year.
# 12 Erie County
In 2018, Erie Insurance became Erie County, Pennsylvania’s largest employer with more than 2,800 employees locally.
# 13 Corporate Equality Index
Erie Insurance received a perfect score of 100 percent on the 2017 Corporate Equality Index, a national benchmark on corporate policies and practices related to LGBT workplace equality.
# 14 It’s Publicly Traded
Erie Insurance Group is a publicly traded company with a stock symbol of ERIE. When I looked on July 11, 2019, it was trading at $264.07.
*** Keep in mind this number constantly fluctuates, just like any other stock.
# 15 Annual Revenue & Profit
2018 revenue was $8,030.7 billion with a net profit of $686.3 million.
There you have it folks. These are 15 cool facts about the Erie Insurance Group. What is your favorite fact and why? Leave a comment below to let us know what you think. I look forward to hearing from you.