progressive auto insurance Archives

Progressive market share reaches 13.3 precent of auto insurance premiums

April 19, 2021April 16, 2021 Nordstrom

Auto insurance premiums - person - arrow - money

New NAIC data shows that while the insurer remains in third place, it is gaining on its rivals. US third place Progressive is gaining on its rivals in terms of its share of auto insurance premiums collected across the country. This according to National Association of Insurance Commissioners (NAIC) data recently released. While State Farm and GEICO hold their top spots, Progressive is steadily closing in on them. According to the NAIC auto insurance premiums data, Progressive’s share rose by 1.05 percent last year, bringing it to 13.3 percent of…

Allstate auto insurance market share tanking at fastest pace in 20 years

February 8, 2021February 5, 2021 Nordstrom

Allstate auto insurance market share - down arrow

This slip has occurred despite the priority the insurer has placed on growth and gains in this category. Top priority was given to the Allstate auto insurance market share last year, but despite its efforts, 2020 caused the company to see sizable growth rate reductions. In fact, the insurer saw the lowest policy renewal rates it has experienced since at least 2001. One of the factors having the hardest impact on the Allstate auto insurance market share last year was the sudden price competition driven by the 2020 COVID-19 pandemic…

Pandemic-reduced Progressive auto insurance rates are getting hiked

October 27, 2020October 23, 2020 Nordstrom

Progressive auto insurance rates - money

As more drivers head back out onto the road again, the insurer is increasing the cost of coverage again. When the pandemic hit, sending drivers across Illinois home and leaving their cars in their driveways, Progressive auto insurance rates were lowered by about 10 percent. That said, drivers are heading back out again, and their premiums are also starting to rise. The insurer is increasing its rates by 4.2 percent for the majority of its customers in Illinois. The new Progressive auto insurance rates were filed with the Illinois Department…

Progressive auto insurance premium growth slows due to COVID-19 crisis

June 11, 2020June 10, 2020 Logan B.

Progressive auto insurance - Porsche car with break lights on

The pandemic hasn’t stopped the insurer from seeing a rise in its profitability. The short-term impact from the pandemic on Progressive auto insurance may turn out to be a rise in underwriting profitability while premium growth shrinks. S&P Global Market Intelligence conducted a monthly earnings report analysis on the insurer. The analysis revealed that Progressive auto insurance saw improvement in its personal vehicle combined ratio, but at the same time its premium growth was applying the brakes. That impact was recorded on both the month-to-month and year-over-year data for March…

Alabama auto insurance fines hit hard, even when renewing one day late

February 12, 2020February 11, 2020 Marc

The state has skyrocketed its fines for motorists who allow their vehicle coverage to lapse. Alabama auto insurance fines are heading skyward and drivers who allow their policies to lost – even for a single day – are about to suffer an unpleasant shock. The penalty for allowing a policy to lapse, even for one day, is $200 under the new rules. Probate judge and Cleburne County Commission chairperson Ryan Robertson spoke during one of the commission’s work sessions last week. There, he explained to the attendees that Alabama auto…