Erie Insurance was founded in 1925 as an auto insurance company in Pennsylvania. Today, the company sells auto, life, home and commercial coverage as well as group health coverage. Erie Insurance is a small but powerful company, with more than $3.3 billion in assets. Being represented by independent agents gives Erie more market saturation than would otherwise be possible, and those independents account for a majority of the company's policy sales.
A.M. Best financial ratings company lists Erie Insurance with a Superior, or A+ rating. They are considered a very stable company, and stocks are available through NASDAQ under the ticker symbol of ERIE. The company reported more than $1 billion in revenues in 2006 and similar income in recent years. Erie has not suffered a lot of the economic trauma that other insurance companies have felt in recent years, making them a strong partner for insurance policyholders and investors alike.
Erie Insurance Reviews
Erie is one of the top-rated companies for online customer satisfaction, with more than 53% of respondents expressing a satisfactory or higher relationship with the company. When one stops to consider that a majority of online respondents are biased towards unfriendly reviews, that Erie insurance is extremely well-liked by their customers. The biggest complaint with
Erie insurance is available in 11 states plus Washington D.C.: Illinois, Indiana, Maryland, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia, or Wisconsin. The company is represented primarily by independent agents and brokers, which does increase their market penetration somewhat.
The Bottom Line
Erie Insurance is a small but financially powerful company. They are primarily available in the north-eastern U.S., but have a high company visibility despite their limited saturation. For policyholders and investors alike, Erie is a company that shows promise for stability today and into the future, both for life insurance policies and long-term investors.