Is It Difficult to Get a Good Settlement from Progressive Insurance Company?

Progressive insurance company is the fourth largest automobile insurance company in the United States.

Personal injury and accident lawyers Attorney Eric T. Kirk in Baltimore have seen that Progressive typically uses “in house” personal injury defense lawyers to contest the claims Progressive has denied in court. Progressive is an enormously profitable business. Bloomberg.com reported Progressive had net profits exceeding 1 billion dollars per year for each 2010 and 2011. More recent data from the insurance giant itself suggests that the trend of huge profits seems destined to continue.¹

Progressive reports it had 1.27 billion in net revenue in 2015, 1.28 billion in net revenue in 2104 and 1.17 billion in net revenue in 2013.

Unlike some insurance companies, Progressive is publicly held, and does very well by its stockholders. The company reports that its stock increased in value in excess of 20% over the last year, and nearly 19% over the last 3. ² Progressive does not dispute it is a mammoth player in the automobile insurance industry, boasting, “[t]hat’s what you can expect from us. It’s why we’re one of the largest auto insurance groups, at $30+ billion in written premium. It’s why we’re known as a disruptive force in insurance.” ³ It’s less clear what the disruptive force comment is intended to relay. Progressive has marketed insurance products by suggesting that consumers “could save hundreds” on insurance. Maryland personal injury and accident lawyers might argue that it is Progressive’s goal to save hundreds, or thousands, on each claim it pays out.

FN1 http://media.corporate-ir.net/media_files/IROL/81/81824/arInter/15_annual/assets/financial/

FN2 Id.

FN 3 https://investors.progressive.com/