PGR · 10-Q · 2026Q2 · Full report

Personal Property Market Reshaping

PROGRESSIVE CORP/OH/ · 2026-08-03 · Importance 44 · Surprise 58 · In source text

Progressive continued reducing exposure in volatile weather-related markets, including coastal, wildfire, and hail-prone areas, while selectively expanding homeowners availability where profitability targets could be achieved. Homeowners policies in force declined 17% year over year in volatile weather markets and 2% in growth-oriented markets as of June 30, 2026. Beginning in late 2025, the company expanded independent-agent relationships, reopened new business in selected agency and direct markets, and lifted targeted restrictions on older roofs, medium- to high-value homes, and non-bundled homeowners products, while retaining restrictions in markets requiring further profitability improvement and exposure reduction. Management intends to continue targeted rate increases in states where profitability goals are not being achieved; aggregate personal-property rates increased approximately 1% in the second quarter and 3% year to date.

Key facts

• Beginning late 2025 Progressive took actions in certain markets to generate new business growth for personal property including expanding independent agency relationships, reopening new business in certain agency and direct channel markets, and lifting targeted underwriting restrictions. source
• Certain underwriting restrictions remain in place in markets where Progressive continues to focus on improving profitability and reducing exposure in more volatile weather-related markets. source
• Policies in force decreased 17% in the volatile weather markets as of the end of the second quarter 2026, compared to the same period in the prior year. source
• Homeowners product policies in force decreased 2% on a year-over-year basis in growth-oriented markets as of June 30, 2026. source

Impact estimates