State Farm could lose top auto insurer slot to GEICO

State Farm, the number-one auto insurer in the US for decades, may soon be playing second fiddle to GEICO. After losing business in the wake of a series of rate hikes, State Farm held a market share of 17% in 2018 – its lowest share in more than two decades, according to a report by Crain’s Chicago Business. Online insurer GEICO, meanwhile, held 13.4% of the market. If the two companies’ average growth rates persist, GEICO will overtake State Farm as the nation’s largest auto insurer in 2022, according to Crain’s Chicago Business. State Farm, however, doesn’t intend to go quietly.“We remain focused on providing products and services to meet our customers’ needs and have no intention of ceding our leadership position,” a State Farm spokesperson said in a statement.