Progressive News

Progressive Q1 Results Reflect ‘Significant Impact’ from Coronavirus, Restrictions

The Progressive Corp. said its results for the first quarter were “significantly impacted” by the spread of the coronavirus and social distancing and shelter-in-place restrictions. Despite a 30% increase in underwriting income, Progressive’s consolidated net income —$692.7 million— is a …

Progressive Gives $2M to Big ‘I’ Fund to Aid Agencies Affected by Coronavirus Crisis

Progressive Insurance has donated $2 million to establish the Trusted Choice COVID-19 Relief Fund in response to the economic and operational challenges the coronavirus crisis has presented to independent agencies. casino malaysia The grant will be dispersed directly to independent …

Progressive, Travelers, USAA Latest to Offer Insureds Discounts, Other Accommodations

More insurers are coming forward every day with discounts, extended coverage and relaxed payment terms for insureds affected by shelter-in-place and other conditions required during the coronavirus crisis. Progressive Insurance announced it is providing approximately $1 billion to its drivers …

Progressive Continues Hiring Drive, Looking for 8,000 New Employees Across Country

Insurer Progressive said it intends to hire up to 8,000 new employees in 2020. With an increase in customers and total revenues topping $39 billion, the company said it needs more employees to support continued growth in auto, property, commercial …

Profit Lessons in Commercial Auto, Workers Comp and Other Business

Progressive has a competitive edge over long-term players in the commercial auto insurance market and national carriers outpace regionals on workers compensation profit measures, according to a new report from Guy Carpenter. “Competition and change are the only certainties” for …

GEICO Gets Progressive, Joins Auto Insurers Offering Telematics

Berkshire Hathaway’s GEICO auto insurer has joined the ranks of carriers using telematics to track and improve driver behavior—after resisting for years. Berkshire Hathaway’s GEICO has been one of the few among the top 10 largest personal auto insurance carriers …

Buffett Has Eyes on Competitor Progressive, Not Car Makers Entering Insurance

Berkshire Hathaway Chair Warren Buffett said he isn’t worried about recent assertions by Tesla Chief Executive Elon Musk that the electric car maker could offer a more compelling insurance product than traditional auto insurers. “The success of the auto companies …

Progressive Embarks on Hiring Binge: 10,000 People in 2019

Insurer Progressive said it expects to hire more than 10,000 people in the coming year to support its growth. Positions will include IT and analyst roles, corporate functions, customer care and claims roles. The Ohio-headquartered company has grown more than …

Progressive Takes Aim at Multi-Line Insurers

With much of the property/casualty insurance industry’s attention focused on external threats from insurtechs and digital native companies, perhaps the greatest disruption is coming from within. Following the last decade of impressive growth driven by direct-to-consumer providers, Progressive heads into …

Big 3 Drive Personal Auto Insurance Recovery; Signs of Rate Hike Fatigue Ahead

Steady improvement for U.S. personal auto insurance companies has culminated in the sector’s best underwriting performance in 10 years, according to Fitch Ratings in a report. The market improvement was driven by the three biggest auto insurers. The U.S. personal …