Progressive Offers Discount Based on Driver Monitoring

Progressive has introduced a new discount program designed to offer lower auto insurance premiums to drivers who have favorable risk profiles. The idea of offering discounts to drivers who do not use their cars for commuting or drive very rarely is nothing new. Auto insurers have been surveying customers for years regarding such habits. However, Progressive’s new program is not based on subjective self reporting. The company will monitor driver behavior using an electronic device.

P&C Insurers Recover in 2009 But Underwriting Losses Persist

P&C National Underwriter has published its annual report listing data for the top 100 individual insurance companies as well as the top 100 insurance groups. Due to improvements in investing results, total policyholder surplus for the companies in the survey increased to $521.7 billion at the end of 2009 which is still 2 percent below the $529.8 billion level at the end of 2007 but greater than 13 percent above the $462.1 billion level posted at the end of 2008. However, the insurers posted underwriting losses as a group and experienced a drop in net written premiums of 3.8 percent in 2009.


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