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Progressive sees US homeowners premiums rise 30% YOY in Q1

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Progressive sees US homeowners premiums rise 30% YOY in Q1

Progressive Corp. pushed American International Group Inc. aside and became the 12th-largest U.S. homeowners insurer in the first quarter, according to an analysis of National Association of Insurance Commissioners quarterly statements.

Progressive wrote $288.2 million in direct homeowners premiums during the quarter, representing an increase of 30.31% when compared to the same period last year. Its market share grew to 1.39% in the quarter. Progressive's direct incurred loss ratio was 42.7% for the quarter, down 23 percentage points from the first quarter of 2017.

The top 10 U.S. homeowners insurers, which accounted for 61% of the industry's direct premiums written, remained unchanged in the first quarter. Progressive's year-over-year premium growth was the fastest among the 20 largest homeowners writers.

U.S. homeowners direct premiums written rose 4.2% year over year to $20.80 billion, an all-time high. Loss ratios improved by three percentage points compared to the year-ago period.

AIG's premiums increased by 4.67%, but that was not enough to hold onto its previous ranking given Progressive's rapid growth. However, the company also booked the highest loss ratio in the first quarter among the top 20 homeowners insurers at 168.1%, up sharply from 39.8% in the year-ago period.

The U.S. homeowners market continues to be led by State Farm Mutual Automobile Insurance Co. with $3.82 billion in direct premiums written, controlling 18.4% of the U.S. homeowners market.

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S&P Global Market Intelligence offers a variety of tools to analyze underwriting performance of insurance companies.

Click here for a template to review quarterly underwriting information for insurance companies. Quarterly underwriting information by line of business is available in Parts 1 and 2 of the NAIC quarterly statements filed by U.S. insurance subsidiaries.
This information is also available in the U.S. Insurance Statutory Financials database in MIOffice.