Erie Insurance NAIC Number and Company Profile for Pennsylvania

Erie Insurance is a major auto and home insurer serving policyholders in 12 states, including a large presence in Pennsylvania. Erie actually consists of multiple affiliated insurance companies, each with their own NAIC number and financial data.

In this comprehensive guide, we’ll examine the key details on Erie Insurance Exchange which provides most Erie Insurance policies in Pennsylvania. You’ll learn their NAIC number, financial strength ratings, company overview, and more key details Pennsylvania consumers should know regarding Erie Insurance Exchange.

Erie Insurance Exchange NAIC Number

The National Association of Insurance Commissioners (NAIC) assigns a unique numeric code called an NAIC number to every insurance provider in the country. This allows regulators and consumers to track insurers.

The NAIC number for Erie Insurance Exchange in Pennsylvania is: 26271

This NAIC code specifically applies to the Erie Insurance Exchange company, rather than other subsidiaries like Erie Insurance Company, Erie Insurance Property & Casualty, or Erie Family Life Insurance. But the majority of Erie’s auto and home insurance policies in Pennsylvania are underwritten by Erie Insurance Exchange.

You can use the NAIC number 26271 when filing complaints with regulators, looking up financial information, or comparing Erie Insurance Exchange against competitors. This unique identifier makes it easy to track their history and performance specifically.

Overview of Erie Insurance Exchange

So what is Erie Insurance Exchange and how is it related to the wider Erie Insurance Group? Here’s some background:

• Reciprocal insurer structure – Erie Insurance Exchange operates as a reciprocal insurance exchange rather than a traditional insurer.

• Policyholders are members – The policyholders collectively own Erie Insurance Exchange and share in its profits.

• Founded in 1925 – Erie Insurance Exchange has 90+ years of history serving Pennsylvania policyholders.

• Managed by Erie Indemnity Company – This publicly traded company handles day-to-day operations and management for Erie Insurance Exchange.

• Provides majority of Erie’s policies – Most Erie Insurance auto, homeowners, business, and other policies are issued by Erie Insurance Exchange in Pennsylvania.

So in essence, Erie Insurance Exchange is the core property/casualty insurance subsidiary within the wider Erie Insurance brand. It holds the policies for most Erie customers across the 12 states Erie operates in, including Pennsylvania.

Erie Insurance Exchange Financial Strength

In addition to an NAIC number, insurance providers are evaluated and rated on their financial strength by independent agencies. This helps consumers understand an insurer’s ability to pay out future claims.

For Erie Insurance Exchange in Pennsylvania, the key financial strength ratings are:

• A.M. Best Rating: A+ (Superior) – Earns the top grade from A.M. Best signifying superior financial strength.

• Standard & Poor’s Rating: AA- (Very Strong) – Also indicates excellent financial standing from Standard & Poor’s.

• Total Assets: $20 billion – Significant resources to pay future claims based on the company’s total assets.

• Founded in 1925 – Extensive history and experience in the insurance industry across 90+ years of operation.

Based on these ratings, metrics, and long-standing history, Erie Insurance Exchange demonstrates very strong financial standing to back its policies in Pennsylvania.

Pennsylvania Licensure and Oversight

In order to sell insurance in a given state, carriers must apply for and receive formal admission and licensure from state regulators. This helps ensure compliance with state insurance regulations.

For Erie Insurance Exchange in Pennsylvania, the key licenses and regulatory details include:

• Pennsylvania Insurance Department License – Licensed by the PA Dept. of Insurance to underwrite policies in the state.

• Corporate Headquarters: Erie, PA – Erie Insurance is based in Erie, Pennsylvania where it was originally founded.

• Pennsylvania Agent Appointments – Contracts with local agents and brokers are approved by PA regulators.

• Complaint Data Tracked by State – Consumer complaints are logged and monitored by the Pennsylvania Dept. of Insurance.

• Regular State Financial Audits – Pennsylvania regulators regularly review the financial data for Erie Insurance Exchange.

AM Best Rating Overview

As noted above, Erie Insurance Exchange holds the top A+ or “Superior” rating from AM Best. Here are some details on what that rating signifies:

• 2nd highest of 13 categories – AM Best rates insurers on a scale from A++ to F. A+ is the second best rating out of 13 tiers.

• Low credit risk – AM Best says an A+ rating indicates insurers that “have a superior ability to meet their ongoing insurance obligations.”

• Stable outlook – The rating has a Stable outlook, meaning AM Best expects Erie’s strong position to persist into the future.

• Financial strength – AM Best evaluated Erie’s balance sheet strength, operating performance, business profile, and other key factors in determining the rating.

• Long-term issuer credit rating – In addition to the A+ financial strength rating, Erie Insurance Exchange holds an “aa” long-term issuer credit rating from AM Best.

So in essence, the AM Best A+ rating affirms Erie Insurance Exchange maintains top-tier financial strength and creditworthiness to fulfill claims obligations and support policies in Pennsylvania. This provides reassurance that Erie has the resources to pay out future claims.

Erie Insurance Exchange Complaints Data

While financial ratings help evaluate an insurance company’s financial standing, it’s also important to consider customer complaints data when assessing an insurer. Complaints can highlight poor customer satisfaction or claim issues.

For Erie Insurance Exchange in Pennsylvania, here are key complaints details:

• NAIC Complaint Index of 0.15 – Erie scores very low on the NAIC’s complaints index of 0 to 1, with 0 being lowest. The industry average is 1.

• 29 total complaints in Pennsylvania (2021) – Erie Insurance Exchange had 29 consumer complaints logged by the state in 2021, a low volume given their large market share.

• Most common issue is claims – The top complaint category relates to claim delays, denials, or dissatisfaction.

Overall, the low complaint volume and NAIC score indicates most Erie Insurance Exchange customers in Pennsylvania have a positive experience with few issues. But check complaints data when choosing any insurer.

Erie Insurance Products Available in Pennsylvania

Erie Insurance Exchange provides most standard insurance products to consumers and businesses in Pennsylvania:

Personal Insurance

• Auto Insurance

• Homeowners Insurance

• Renters Insurance

• Condo Insurance

• Umbrella Insurance

• Boat Insurance

• Life Insurance

Commercial Insurance

• Business Owners Policy (BOP)

• Workers’ Compensation

• Commercial Auto Insurance

• Professional Liability

• Commercial Property Insurance

Other Insurance

• Classic Car Insurance

• Recreational Vehicle Insurance

• Snowmobile Insurance

• Motorcycle Insurance

So in essence, Erie Insurance Exchange offers a comprehensive suite of both personal and commercial insurance products for Pennsylvania consumers and businesses.

Is Erie Insurance Recommended for Pennsylvania Policyholders?

When choosing insurance in Pennsylvania, Erie Insurance Exchange stands out for several reasons:

• Strong financial ratings – The A+ from AM Best demonstrates financial stability.

• Local company – Headquarters are in Erie, PA. Reinvests in local communities.

• Good customer reviews – Many happy customers based on reviews for Pennsylvania service.

• Long history in state – Experienced serving Pennsylvanians since starting in 1925.

• Wide range of policies – Comprehensive insurance options for both individuals and businesses.

While every consumer situation is different, Erie Insurance Exchange offers a competitive option for shoppers seeking Pennsylvania property insurance, auto insurance, business insurance, and more.

The Bottom Line on Erie Insurance Exchange for Pennsylvanians

By understanding the NAIC number, financial strength, complaints data, and company background, Pennsylvania consumers can make an informed choice regarding Erie Insurance Exchange. For those seeking a local Pennsylvania insurer with close community ties and positive customer feedback, Erie Insurance stands out as a top choice.

Of course, it always pays to compare multiple carriers by getting quotes for your specific situation. But overall, the data shows Erie Insurance Exchange maintains strong financial stability, good service ratings, helpful Pennsylvania agents, quality coverage options, and competitive premiums. They represent a great option for many Keystone State consumers and businesses seeking protection.

Common Questions About Erie Insurance Exchange in Pennsylvania

What is Erie Insurance Exchange’s AM Best Rating?

Erie Insurance Exchange holds an A+ or “Superior” Financial Strength Rating from AM Best, which is the second highest out of 13 possible ratings.

How many consumer complaints does Erie Insurance have in Pennsylvania?

State records show 29 total consumer complaints lodged against Erie Insurance Exchange in Pennsylvania for 2021. Their NAIC complaint index score is very low at 0.15 on a scale up to 1.

Does Erie Insurance operate outside of Pennsylvania?

Yes, while founded and headquartered in Erie, PA, the Erie Insurance Group provides policies through regional subsidiaries