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Progressive's Comment on Competitors and Industry Peers
The automobile insurance and other property-casualty markets in which we operate
are highly competitive. Property-casualty insurers generally compete on the basis
of price, agent commission rates, consumer recognition and confidence, coverages
offered and other product features, claims handling, financial stability, customer
service, and geographic coverage. Vigorous competition is provided by large, well-capitalized
national companies in both the Agency and Direct channels, and by smaller regional
insurers. In the Agency channel, some of our competitors have broad distribution
networks of employed or captive agents. With widely available comparative rating
services, consumers can easily compare prices among competitors. Many competitors
invest heavily in advertising and marketing efforts and/or expanding their online
or mobile service offerings. Over the past decade, these changes have further
intensified the competitive nature of the automobile and other property-casualty
insurance markets in which we operate.
We rely heavily on technology and extensive data gathering and analysis to
segment markets and price accurately according to risk potential. We have remained
competitive by refining our risk measurement and price segmentation skills,
closely managing expenses, and achieving operating efficiencies. Superior customer
service, fair and accurate claims adjusting, and strong brand recognition are
also important factors in our competitive strategy.
Competition in our insurance markets is affected by the pace of technological
developments. An insurer’s ability to innovate, develop, and implement
new applications and other technologies can affect its competitive position.
In addition, there has been a proliferation of patents related to new ways in
which technologies can affect its competitive position.
In addition, we have licensed certain of our patent rights for domestic use
to five other insurance companies. We continue to pursue other ways in which
to leverage this intellectual property. Currently, we do not expect these licensing
activities to have a material effect on our operations, results of operations,
or financial condition in the current fiscal year.
Overall company Market Share Q3 2022 |
Revenue in Overall company grew by 7.77 %, less than Progressive Corp peers within this division.
<< More on PGR Market Share.
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*Market share is calculated based on total revenue.
PGR's vs. Competition, Data
(Revenue and Income for Trailing 12 Months, in Millions of $, except Employees)
| COMPANY NAME |
MARKET CAP
(in millions of $) |
REVENUES
(in millions of $) |
INCOME
(in millions of $) |
EMPLOYEES |
| Progressive Corp |
PGR |
77,244.75 |
48,633.00 |
857.00 |
41,571 |
| American International Group Inc |
AIG |
47,101 |
58,938.00 |
15,195.00 |
46,000 |
| Assurant Inc |
AIZ |
6,947 |
10,115.10 |
328.60 |
14,200 |
| Allstate Corp |
ALL |
36,387 |
50,776.00 |
-270.00 |
46,290 |
| Berkshire Hathaway Inc |
BRKA |
498,856 |
295,722.00 |
-481.00 |
0 |
| Cincinnati Financial Corporation |
CINF |
17,390 |
6,766.00 |
-29.00 |
5,148 |
| Donegal Group Inc |
DGICA |
479 |
835.02 |
-0.17 |
0 |
| Fg Financial Group Inc. |
FGF |
17 |
4.02 |
-16.96 |
0 |
| Fednat holding company |
FNHC |
0 |
235.04 |
-127.63 |
297 |
| Global Indemnity Group Llc |
GBLI |
350 |
662.05 |
21.99 |
460 |
| Hallmark Financial Services inc |
HALL |
1 |
291.14 |
-104.11 |
411 |
| Heritage Insurance Holdings Inc |
HRTG |
44 |
654.58 |
-216.08 |
247 |
| Loews Corp |
L |
13,822 |
13,818.00 |
1,170.00 |
12,200 |
| Metlife Inc |
MET |
62,123 |
73,671.00 |
2,423.00 |
49,000 |
| National General Holdings Corp |
NGHC |
3,976 |
5,552.29 |
524.21 |
4,630 |
| Outbrain Inc |
OB |
223 |
945.51 |
32.57 |
1,150 |
| Proassurance Corporation |
PRA |
1,077 |
1,125.05 |
17.80 |
938 |
| Rli Corp |
RLI |
6,121 |
1,660.76 |
580.86 |
902 |
| Safety Insurance Group inc |
SAFT |
1,352 |
788.68 |
34.06 |
622 |
| State Auto Financial Corporation |
STFC |
2,324 |
1,659.20 |
71.70 |
2,065 |
| Hanover Insurance Group Inc |
THG |
5,324 |
5,364.60 |
291.10 |
4,800 |
| Travelers Companies inc |
TRV |
44,942 |
36,259.00 |
3,356.00 |
30,600 |
| White Mountains Insurance Group ltd |
WTM |
0 |
1,158.80 |
690.90 |
2,973 |
| Horace Mann Educators Corporation |
HMN |
1,583 |
1,354.90 |
118.00 |
1,350 |
| The Hartford Financial Services Group Inc |
HIG |
24,802 |
22,162.00 |
1,934.00 |
19,500 |
| Chubb Limited |
ACE |
0 |
56,118.00 |
8,360.00 |
0 |
| Arch Capital Group Ltd |
ACGL |
21,949 |
8,855.91 |
1,243.31 |
2,030 |
| Aspen Insurance Holdings Limited |
AHLPRC |
0 |
2,628.90 |
29.80 |
0 |
| Aspira Women s Health Inc |
AWH |
41 |
7.88 |
-31.03 |
1,433 |
| Axis Capital Holdings Ltd |
AXS |
4,825 |
5,081.01 |
379.48 |
1,225 |
| Brown and Brown Inc |
BRO |
16,749 |
3,410.47 |
628.32 |
7,807 |
| Conifer Holdings Inc |
CNFR |
17 |
103.87 |
-13.59 |
133 |
| China United Insurance Service Inc |
CUII |
106 |
99.86 |
16.96 |
2,239 |
| Enstar Group Ltd |
ESGR |
3,619 |
-1,087.82 |
-1,182.60 |
1,327 |
| Essent Group Ltd |
ESNT |
4,241 |
1,027.70 |
864.97 |
366 |
| Triple s Management Corporation |
GTS |
840 |
4,115.22 |
81.17 |
3,257 |
| Hci Group Inc |
HCI |
342 |
491.94 |
-55.82 |
225 |
| James River Group Holdings Ltd |
JRVR |
890 |
797.36 |
-188.88 |
367 |
| Kingsway Financial Services Inc |
KFS |
185 |
106.06 |
33.85 |
305 |
| Kingstone Companies Inc |
KINS |
10 |
144.86 |
-29.02 |
69 |
| Kemper Corporation |
KMPR |
3,476 |
5,678.00 |
-133.50 |
5,600 |
| Leaf Group Ltd |
LEAF |
304 |
231.10 |
-4.48 |
0 |
| Mercury General Corporation |
MCY |
2,075 |
3,540.65 |
-475.43 |
4,500 |
| Markel Corporation |
MKL |
24,372 |
11,222.69 |
64.28 |
10,600 |
| National Security Group Inc. |
NSEC |
41 |
66.13 |
0.82 |
1 |
| Old Republic International Corporation |
ORI |
7,421 |
8,458.60 |
801.60 |
8,200 |
| Protective Insurance Corporation |
PTVCA |
333 |
518.47 |
39.56 |
0 |
| Tiptree Inc |
TIPT |
498 |
1,294.52 |
23.55 |
929 |
| United Fire Group Inc |
UFCS |
749 |
972.62 |
52.65 |
1,057 |
| United Insurance Holdings Corp |
UIHC |
13 |
496.49 |
-176.07 |
119 |
| Unico American Corporation |
UNAM |
6 |
26.60 |
-10.33 |
86 |
| Universal Insurance Holdings Inc |
UVE |
331 |
1,179.55 |
-27.19 |
392 |
| W. R. Berkley Corp |
WRB |
0 |
7,775.78 |
1,334.12 |
7,493 |
| Alleghany Corp |
Y |
11,411 |
11,799.42 |
810.84 |
3,135 |
| SUBTOTAL |
957,329.42 |
774,313.59 |
38,839.57 |
348,249 |
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