Auto Rates Could Turn Next Year: Progressive CEO
The chief executive at Progressive Corp., discussing company second-quarter results that included a 2 percent net income gain, said today he thinks personal auto insurance rates could start to rise by the end of 2006.
"I think we're probably going to enter into a period in some number of months–it's certainly not on the immediate horizon, but I don't think it's going to be more than a year, year and a half [away]–where we will see a little bit more of a positive-type rate action in the marketplace to respond to some of the trends," said Glenn Renwick, Progressive president and CEO.
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