PGR · 10-Q · 2026Q3 · Full report

Premium Pricing Pressure

PROGRESSIVE CORP/OH/ · 2026-11-02 · Importance 31 · Surprise 32

Progressive cited increased marketplace competition as a driver of aggregate personal auto rate decreases over the prior 12 months, which contributed to a 2% decline in average written premium per personal auto policy. Countrywide third-quarter rates were flat for personal auto and decreased less than 1% for personal property; core commercial auto rates increased 1%. Core commercial auto average written premium per policy declined 3%, partly reflecting a shift toward six-month policies, which generate about half the written premium of 12-month policies. The company said personal auto, personal property, and core commercial auto were adequately priced in most states through year-end, while monitoring state-level loss-cost factors.

Key facts

• Personal auto policies in force were up 7% from September 30, 2025; growth was partly offset by lower average written premium per policy due to aggregate rate decreases over the prior 12 months in response to increased competition. source
• Agency personal auto written premium per policy declined year over year in the third quarter and first nine months of 2026, partly because more policies had six-month terms, which have about half the net premiums written of 12-month policies. source
• Progressive took minimal aggregate personal property rate decreases in third quarter 2026, leaving the year-to-date aggregate rate increase at 2%. source
• Countrywide personal auto rates were flat and personal property rates decreased less than 1% in aggregate during third quarter 2026. source
• Third quarter 2026 average written premium per policy decreased 2% in personal auto, 1% in personal property, and 3% in core commercial auto year over year. source
• Progressive’s agency auto rates were relatively stable during the third quarter and year-to-date 2026. source