The Progressive Corporation operates as an insurance company in the United States. The company writes insurance for personal autos and special lines products, including motorcycles, RVs, and watercraft; and personal residential property insurance for homeowners and renters. It also writes auto-related liability and physical damage insurance for comprising dump trucks, log trucks, garbage trucks, tractors, trailers, straight trucks, tow trucks …
Full PGR analysis →
Competitive advantage assessment
Key strengths
Superior Returns on FloatFloat investment returns are strong (signal score 0.82), with ROA at 9.89% vs peers — investment income amplifies underwriting profit.
Strong Return on EquityROE signal is strong (score 0.95), with ROE at 40.4% — indicating efficient capital deployment.
Key risks
Below-Peer Pricing MarginsPremium margin signal is weak (score 0.34), with operating margin at 14.6% — below peers.
Volatile Capital Returns Signal Cat ExposureCapital adequacy stability is low (score 0.25), indicating elevated catastrophe or reserve cycle exposure.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
Upgrade to unlock the signals and evidence behind each defense.
Premium access
Unlock full defense analysis
Get key signals, strengths, and risks for every moat dimension.
Where PGR ranks in Insurance - Property & Casualty
Progressive Corporation (The) ranks #15 of 44
scored companies in Insurance - Property & Casualty by moat score — the top 34%.
The widest moat in the group is Palomar Holdings, Inc. (PLMR)
at 76/100.
Moat scores for companies ranked near PGR in Insurance - Property & Casualty
How PGR scores on the Insurance & Reinsurance defenses
Underwriting Discipline
Score 43
· 25% of the moat score
Underwriting discipline is the core insurance moat, and it consists mostly of the willingness to lose business.
Float Investment Quality
Score 63
· 20% of the moat score
Float is the money an insurer holds between collecting premiums and paying claims — capital it invests but does not own.
Pricing Power
Score 55
· 18% of the moat score
For an insurer, pricing power is the ability to push rate ahead of claims inflation and keep the policyholders anyway.
Capital Strength & Solvency
Score 64
· 17% of the moat score
Capital is what lets an insurer credibly promise to pay a claim that has not happened yet, and it is scrutinised by regulators and rating agencies alike.
Operational Efficiency
Score 60
· 12% of the moat score
The expense ratio — what it costs to acquire and administer a policy — is the half of the combined ratio management fully controls.
Scale & Diversification
Score 68
· 8% of the moat score
Diversification is a real economic advantage in insurance rather than a portfolio preference: risks spread across perils, geographies and lines are less likely to arrive at once, so the same capital supports more premium.
What is Progressive Corporation (The)'s moat score?
Progressive Corporation (The) (PGR) scores 57 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #15 of 44 scored companies in Insurance - Property & Casualty, the top 34%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 45 companies in Insurance - Property & Casualty. Its strongest defense is Scale & Diversification (68/100) and its weakest is Underwriting Discipline (43/100).
How does Progressive Corporation (The) compare with other Insurance - Property & Casualty companies?
Progressive Corporation (The) ranks #15 of 44 scored companies in Insurance - Property & Casualty by moat score. The widest moat in Insurance - Property & Casualty is Palomar Holdings, Inc. (PLMR) at 76/100. The companies ranked closest are Loews Corporation (L) at 57 just above it and Heritage Insurance Holdings, In (HRTG) at 56 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Insurance & Reinsurance in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 45 companies in Insurance - Property & Casualty. The defenses are then weighted to produce the overall score out of 100.
Why is Progressive Corporation (The) scored with the Insurance & Reinsurance template?
An insurer is paid before it knows what its product cost, and invests the money in the meantime. Profit therefore comes from two sources that must both work: pricing risk better than rivals, and earning a return on the float those premiums create. The Insurance template scores that pair, along with the capital that lets a company survive the year in which the losses arrive together.
Which competitive defenses are measured for Progressive Corporation (The)?
The Insurance & Reinsurance template measures 6 defenses, and PGR scores: Underwriting Discipline (43), Float Investment Quality (63), Pricing Power (55), Capital Strength & Solvency (64), Operational Efficiency (60), Scale & Diversification (68). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
We value your privacy
We use cookies to enhance your browsing experience, analyze site traffic, and personalize content. By clicking 'Accept All', you consent to our use of cookies.
Read our cookie policy
Cookie Preferences
Manage your cookie preferences. Essential cookies are always enabled.