The Progressive Corp. had another strong year of growth in the U.S. private auto space in 2020, increasing its market share and written premiums.
Progressive posted a 6.9% year-over-year increase in direct premiums written, the highest among the top 20 private auto insurers and the only one in the top three to book an increase, according to an S&P Global Market Intelligence analysis based directly on premiums reported by each company.
State Farm Mutual Automobile Insurance Co. retained the top spot in the ranking despite a 2.0% year-over-year decrease in direct premiums written. Berkshire Hathaway Inc.’s GEICO Corp., which saw a 3.3% decline in direct premiums written, held on to second place.
Progressive closed much of the gap with GEICO, as it controlled 13.3% of the market at year-end 2020, up from 12.2% in 2019. GEICO’s year-end market share stood at 13.6%, while State Farm finished 2020 with 16.2%, up from 16.1% in the…