Total personal auto policies in force were also up month-over-month. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 20,448,300 in March, an increase of over 1.2 million or 6.7% from 19,168,400 in March 2023. March’s policies in force represent an increase of 445,000 or 2.2% from 20,003,200 in February. […]
GEICO Reports Underwriting Profit of $3.6 Billion
Loss ratio was 81% in 2023, down 12.1 percentage points from the previous year when the company reported a $1.88 billion pre-tax underwriting loss. Berkshire Hathaway reported its 2023 earnings on February 24, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. GEICO’s pre-tax underwriting earnings in […]
Progressive Personal Auto Policies in Force Up Over 9% in December Compared to 2022
Total personal auto policies in force were also up month-over-month. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 19,525,900 in December, up 84,000 or 0.4% from 19,441,900 in November. December’s policies in force represent an increase of over 1.6 million or 9.1% from 17,897,300 in December 2022. While up […]
Australia Motor Insurance Industry Projected to Surpass $23 Billion by 2028
Premiums were up 10% in 2023 due to repair cost inflation, reinsurance costs. The Australian motor insurance industry is projected to grow at a compound annual growth rate (CAGR) of 9.9% from AUD24.1 billion ($16.7 billion) in 2024 to AUD35.1 billion ($23.9 billion) in 2028, in terms of direct written premiums (DWP), according to GlobalData, […]
Auto Insurer Prospects Improving Amid Price Hikes and Moderating Loss Severity
Fitch Ratings finds improvements vary widely across companies as many still report underwriting losses. The U.S. personal auto insurer segment is seeing larger pricing actions take effect, with moderating claims severity setting the stage for segment improvement in 2024, based on personal auto segment public filings for the first nine months of 2023, Fitch Ratings […]
Progressive Personal Auto Policies in Force Up Over 10% in October Compared to Last Year
Total personal auto policies in force were down month-over-month. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 19,479,600 in October, down 39,000 or 0.2% from 19,518,600 in September. October’s policies in force represent an increase of nearly 1.8 million or 10.2 % from 17,680,400 in October 2022. While up […]
Progressive Reports Personal Auto Policies in Force Down Slightly Month-Over-Month in September
Total personal auto policies in force are just 10,000 lower for the month but remain up 12% from last year. Net written premiums up 22% year-over-year. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 19,518,600 in September, down 0.5% from 19,527,800 in August. September’s policies in force represent an […]
State Farm Premiums Written Up Nearly 24% in Second Quarter
S&P Global says the company remains largest auto insurer in the U.S. State Farm Mutual Automobile Insurance Co. remained the largest personal auto insurer in the US during the second quarter amid a record quarter for the sector, according to an S&P Global Market Intelligence analysis. The insurer’s direct premiums written surged nearly 24% — […]
Progressive Reports Personal Auto Policies in Force Down Month-Over-Month in August
Total personal auto policies in force remain up over 13% from last year. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 19,527,800 in August, down 0.6% from 19,642,900 in July. August’s policies in force represent an increase of 12.6% from 17,336,300 in August 2022. Growth appears to have slowed […]
Top 10 Auto Insurance Companies by State in 2022
The latest report on the U.S. private passenger auto insurance market from the NAIC details the top 10 insurers in each state in 2022 as well as the size of each market overall. Data from the National Association of Insurance Commissioners (NAIC) provides a detailed view on the size and scope of the private passenger […]