Progressive Insurance November Profit Down – Will Offer Australians Insurance
Progressive Group of Insurance Companies announced that it’s November net profit was down $80 million from the same month the year before, despite a growing number of auto insurance policies. This is mainly due to “a combination of sluggish prices and customers cutting back on coverage or holding back on buying newer, more expensive vehicles to insure.”
It’s also difficult for insurance companies to raise premiums in such an economically challenging time. Consumers are cutting back on everything, including auto insurance coverage.
Progressive Expands to Australia
Progressive Corp, one of the largest insurance providers in the United States, will offer car insurance coverage in Australia as well. The company will be known as Progressive Direct and be based out of Melbourne. Progressive currently insures both autos and motorcycles.