Erie Insurance 2024: A Comprehensive Overview
In 2024, Erie Insurance continued to demonstrate its commitment to providing quality insurance products and services. This article delves into the company’s financial performance, customer satisfaction, product offerings, and industry recognition during the year.
Financial Performance
Full-Year Results
Erie Indemnity Company, the managing entity for Erie Insurance, reported a net income of $600.3 million for the full year of 2024, translating to $11.48 per diluted share. This marks a significant increase from the previous year’s net income of $446.1 million ($8.53 per diluted share) .
Quarterly Performance
In the fourth quarter of 2024, Erie Indemnity posted a net income of $152.0 million ($2.91 per diluted share), up from $110.9 million in Q4 2023. Operating income before taxes for the quarter increased by 30.0% year-over-year .Stock Titan
Customer Satisfaction
J.D. Power Rankings
Erie Insurance ranked highest among large auto insurers in the J.D. Power 2025 U.S. Insurance Shopping Study, achieving a score of 714 on a 1,000-point scale. This score was 47 points above the industry average, with Erie leading in quote process, price, and distribution channels .Erie Insurance
Claims Satisfaction
In the 2024 U.S. Auto Claims Satisfaction Study, Erie Insurance scored 733 out of 1,000, placing it third among insurers. While this indicates strong performance, there is room for improvement compared to the top-ranked NJM Insurance Company, which scored 782 .Insurance.com+1J.D. Power+1J.D. Power+1Insurance.com+1
Product Offerings
Auto Insurance
Erie Insurance provides comprehensive auto insurance policies that include standard coverage options as well as additional features such as:
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Pet Coverage: Covers veterinary treatment costs if your pet is injured in an accident while riding in your car, up to $500 per pet (total limit $1,000).Erie Insurance
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Roadside & Rentals Bundle: Offers assistance in roadside emergencies and robust rental car coverage.Erie Insurance
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Personal Item Coverage: Protects personal items in your vehicle against loss or damage .Erie Insurance
Home Insurance
Erie’s home insurance policies offer:Erie Insurance+6Bankrate+6Erie Insurance+6
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Multi-Policy Discounts: Save between 15% and 25% when bundling auto and home insurance.MarketWatch
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Safety Device Discounts: Receive discounts for installing smoke alarms, burglar alarms, or sprinkler systems.Erie Insurance
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Advanced Quote Discounts: Obtain savings by getting a home insurance quote 7 to 60 days before your policy renews .Erie Insurance
Life Insurance
Erie Insurance offers a range of life insurance products, including term, whole, and universal life insurance policies, catering to various customer needs and preferences .Annuity Expert Advice
Industry Recognition
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Fortune 500 Ranking: Erie Insurance ranked number 376 on the 2024 Fortune 500 list of largest American corporations, based on total revenue for the 2023 fiscal year .Erie Insurance+1Wikipedia+1
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Forbes Recognition: The company was named one of America’s Best Insurance Companies for 2024 by Forbes, recognized for outstanding customer service and satisfaction across all product categories .Erie Insurance
Internal and External Resources
For more information on Erie Insurance’s products and services, visit the following resources:
Conclusion
In 2024, Erie Insurance demonstrated robust financial performance, achieving significant growth in net income and operating income. The company’s commitment to customer satisfaction is evident through its top rankings in industry studies. With a diverse range of insurance products and industry recognition, Erie Insurance continues to be a strong player in the U.S. insurance market.Erie Insurance+1Erie Insurance+1
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