HIGHBuilt-inProduct / Revenue mix
87%
Personal Lines
“10-K Item 1: 'The Personal Lines segment accounted for 87% of our total net premiums written in 2025'”
PGR · Concentration risk · 10-K extracted
Progressive Corporation (The) (PGR) concentration risks
Updated
The most significant concentration Progressive Corporation (The) discloses is Personal Lines at 87%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Progressive Corporation (The)’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
states with significant exposure to hurricanes and hailstorms
“10-K Item 1A: 'our property business has a concentration of policies in force in states with significant exposure to hurricanes and hailstorms'”
LOWOutside partyCustomer
14%
Uber Technologies (TNC)
“10-K Item 1: 'we provided commercial auto coverage in the TNC business to Uber Technologies subsidiaries in 14 states. TNC represented 14% of our Commercial Lines net premiums written in 2025'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The insurer's business mix is heavily weighted toward Personal Lines, which accounted for 87% of total net premiums written in 2025 — a high-share structural concentration that reflects a deliberate strategic focus on personal auto and property insurance. The character is structural: this skew is the result of the company's business model rather than reliance on any individual account, and it means performance is tightly levered to personal-lines loss cost trends, pricing cycles, and the frequency-severity dynamics of auto claims. Layered on that is a geographic exposure within the property book: the company has a concentration of policies in force in states with significant exposure to hurricanes and hailstorms — a medium-share structural exposure whose realization risk is event-driven. Catastrophe seasons in those states can generate elevated combined ratios that are partially but not fully absorbed by reinsurance, making this a key volatility driver. At the individual customer level, the Transportation Network Company business — specifically coverage provided to Uber Technologies subsidiaries in 14 states — represented 14% of Commercial Lines net premiums written in 2025. This is a low-share dependency concentrated within the smaller Commercial Lines segment; a contract change with Uber would be visible at the Commercial Lines level but would have a limited effect on consolidated premiums given the dominant weight of Personal Lines. On balance, the structural personal-lines skew and the CAT-exposed property book are the primary concentration variables to monitor.
For the engine’s reasoning on PGR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Insurance - Property & Casualty
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CNA | CNA Financial Corporation | 2 | 0 | 0 | 2 |
| AIZ | Assurant, Inc. | 1 | 2 | 0 | 3 |
| PGR● | Progressive Corporation (The) | 1 | 1 | 1 | 3 |
| ALL | Allstate Corporation (The) | 1 | 0 | 0 | 1 |
| CB | Chubb Limited | 0 | 1 | 0 | 1 |
| AFG | American Financial Group, Inc. | 0 | 0 | 2 | 2 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.