Progressive has passed State Farm in Auto. We are #2. So while the CEO collects his bonus, the rest should be worried about job security.
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I think #1 mattered more when it was a family company that cared.
Im not sure anyone would actually care about the ranking of their insurance company, no one on the front line cares if we are #1, or #3, policy holders dont care....who cares?
Im sure it was a warm cozy feeling back in the 80s when this was a loving family company that just happened to be massive and dominant, but not anymore.
Its just another metric when you think about it....and just like metrics are good for, its so easy to miss the forest for the trees using them, which is I think the real intent, to hide decline as success....which describes our situation, I know I would describe us as having metrics to show success during massive decline.
You have no idea what you are talking about. Are you talking market penetration or market share? They are different measures.
SF has WIDENED the lead over the number of autos insured, having outperformed Progressive and everyone else for about 3 years in a row. SF is grew nearly 2.4 million autos in 2023, another record. The company is actually now trying to slow down growth.
What you are talking about is Progressives share of outstanding premium. Since we have a multi million auto lead, it means on the aggregate, Progressive charges more than we do per policy.
@2qcq-you sure are a slow learner or perhaps just plain slow. Gainsco contributed 320 million in premium last year versus Mutual Company 42.2 BILLION. Less than 1%. So you don’t embarrass yourself further the purchase was to better learn the auto substandard market. SF earned more premium with one rate increase in Illinois than Gainsco produced all year… try to comprehend.
Gee I sure hope Our Team wins the bowl!
I think SF is still #1, however, they have already used their "we bought GAINSCO" to pad those numbers (first time SF has purchased another insurance company for policies ever mind you...)
At this point weve lost any dominance we once had, and likely for the next 5 or so years it will be very close. Bottom line is our transformative growth has shrunk our dominant lead while selling off our culture and people for quick fix cost metrics.
Being #1 doesnt matter if your not an industry leader, and this company hasnt been since the internet became the norm.
I honestly thought GEICO was going to to it, great work progressive!
Im guessing executives big plan was to let another company take the #1 spot so they could have an easy to follow management plan they could use?
Yawn. Been reading about SF’s demise for 5 years now. Always wrong. The sources sited on this thread are totally inaccurate. NAIC is the only official site.
Pretty soon they will be #3
State Farm has been driving the race too long with their face in the rearview mirror before falling in rank. If they don't learn by this, maybe a major crash may help. Tipsord is the driver. Heaven help us.
https://www.globaldata.com/media/insurance/progressive-overtakes-state-farm-become-largest-us-motor-insurer-says-globaldata/
https://www.repairerdrivennews.com/2022/11/30/progressive-now-largest-u-s-auto-insurance-carrier-above-state-farm/
https://www.insurancebusinessmag.com/us/news/breaking-news/revealed--state-farm-no-longer-the-uss-largest-car-insurer-428800.aspx
https://www.insurancebusinessmag.com/us/news/commercial-auto/progressive-vs-state-farm--worlds-largest-auto-insurer-revealed-422430.aspx
Your source is worse than Wikipedia.
An online shopper site is your authoritative source? Hilarious.
They play the game, they will pay the price.
Value penguin is your source hahahahahahahaha. What a rube.
Here you go. https://www.valuepenguin.com/largest-auto-insurance-companies#:~:text=Progressive%20is%20the%20No.,State%20Farm%2C%20Geico%20and%20Allstate.
When posting that sort of thing….you really need to reference your source. As of November, Progressive was nowhere close, and they were suffering policy and dollar losses much worse than ours.