Introduction
Erie Insurance is a public company that is situated in Pennsylvania and was founded by H.O Hirt. Currently, it is offering a wide range of insurance services. Some of the most major service that the company offers includes auto insurance, life insurance, home insurance, and commercial insurance services. Most of it services are done through networking through by various agents who are independent. Currently, Erie Insurance company is been led by a C.E.O by the name Terrence W. Cavanaugh. Apart from its headquartered in Pennsylvania, Erie Company is also found in eleven other countries in United States. Among them is Wisconsin, West Virginia, Illinois, Indiana, Maryland, North Carolina, Ohio, Tennessee, Virginia, and New York.
Erie Insurance company acquired its business license in 1925 and it was proclaimed as an automobile insurance company. One of its main objectives was to provide utmost protection to its stake and policyholder. It did this through providing insurance services at a very affordable cost to all. in 1940, Erie Insurance company managed to add a second insurance service on fire. This initiative made most of the client to fully depend on the company's services. Apart from the fire insurance, it added a life insurance service by the year 1967.
Based on direct premium, Erie Insurance company is ranked as the 13th biggest company that provide automobile insurance service in the country and the second largest in Pennsylvania. According to the fortune magazine 2011, it is ranked as one among the biggest company in United States in term of revenue 119th largest in term of assets.
Features
By the year 2007, it was estimated that its revenue was $1,132,291,000 which was a 0.1 percent decline on the year 2006 revenue. Its operating income was $ 201, 837, 00 by 2007 an increase of one percent of the previous years revenue. On its net income by 2007, it was estimated to be $ 212,945,000 which was a 4.4 percent increase from the previous years net income. Total asset was an estimate of $ 2,878,623,000 by 2007 a decline of 5.3 percent of its previous year. On the total equity, it was estimated to be $ 1,051,279,000 by year 2007 which was also a decline of 9.5 percent of the year 2006. Erie Insurance company has an estimated of 4,300 employees.
Tips and comments
One of the company's slogan is “adhering to disciplined, underwriting, fair pricing and offer prudent investments” has real promoted the whole company in providing the utmost and quality services to all the state members. Erie Insurance company's best agency network force, a well stable financial profile and a good attitude towards lending its service to its customers has also promoted its in terms of growth. The company has a well-established program in dealing with some of insurance frauds. The work of this program is to make sure that all the customers take part in fighting against fraud, educated them on how to deal with the frauds if they arises, provide information the actual cost of dealing with these frauds, and in general, the program helps in looking for these fraud and try to act upon them.
