Erie Insurance Group · Erie, PA United States
Company Description
Phone: 814-870-2000
Fax: 814-870-3126
Toll Free: 800-458-0811
Rankings
- #488 in FORTUNE 500
View Erie Insurance Group Locations On A US Map
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This link will open in a new window Formed in 1925 as a Pennsylvania auto insurer, Erie Insurance Group has rolled down lots of other roads since then, offering personal auto, property, and life insurance through its subsidiaries Erie Family Life Insurance and publicly-traded Erie Indemnity . The group also offers commercial coverage (including auto, liability, and workers' compensation) for smaller businesses. Doing business in a dozen eastern states, Erie Insurance Group sells its products through more than 2,000 independent agencies. The company has slowly but steadily expanded its territory, choosing to concentrate on growth in areas it already serves. To read the full description, subscribe now.
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Key Erie Insurance Group Financials
| Company Type | Holding Company Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $3,566.5 |
| Employees | 3,500 |
Erie Insurance Group Executives
5 executives listed for Erie Insurance Group's Erie, PA location.
| Title | Name & Bio | Contact |
| President and CEO | Terrence Cavanaugh | Network |
| EVP and CFO | Marcia Dall | Network |
| EVP Insurance Operations | Michael Zavasky | Network |
Competition
Competitive Landscape for Erie Insurance Group
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Erie Insurance Group Competitors
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