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Progressive Insurance Records Auto Insurance Losses in 2011

Progressive Insurance Records Auto Insurance Losses in 2011

Post Date February 12, 2012 -  Progressive Insurancebecame the latest auto insurance company in the US  market to report and annual loss. The company’s fourth quarter profits shrunk from near $300 Million in (2010), to near $260 million in 2011. This loss was attributed to lower profits in investments. Progressive auto insurance’s net annual earnings dropped from near $11o million 75 million in December 2011.  According to NASDAQ, the Ohio insurance company lost about 60% their revenue from securities in 2011 compared to 2010. The loss in profitability from both personal lines car insurance and commercial auto insurance grew slightly in 2011. The  car insurance companies net premiums for 2011 increased by about 5 %.  The Insurance Information Institute reported that the number of natural catastrophes last year caused nearly $40 billion in car insurance losses from Jan to Sept of 2011 alone.  This was more natural disasters recorded in a single year.  According to the Federal National Oceanic and Atmospheric Administration, twelve separate weather disasters were recorded in 2011.

Regardless of the losses car insurance carriers like, Allstate Vehicle Insurance, State Farm Vehicle Insurance, GEICO  Vehicle Insurance, Nationwide Vehicle Insurance and InsureDirect.com are upbeat about 2012. The majority of insurance carriers expect to see an increase in car insurance rates in 2012. This should make up for the short fall in profits expected in investments and securities held. Regardless, Progressive Insurance Auto Insurance Company has cheap auto insurance rates in New Jersey, Pennsylvania and Ohio

Mike

Michael E. Dortch
President &  Managing Agent
InsureDirect.com
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania  19446
(800) 807-0762  ext. 602