J.P. Morgan P&C Insurance Personal Auto Price Tracker: June 2026

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J.P. Morgan P&C Insurance Personal Auto Price Tracker: June 2026

J P M O R G A N North America Equity Research

16 June 2026

J.P. Morgan P&C Insurance

Personal Auto Price Tracker: June 2026

We are providing an update on pricing trends and companies’ relative competitive Insurance - Life & Nonlife

ACpositioning in the personal auto insurance market ahead of PGR’s May earnings Pablo S. Singzon

release on June 17 and ALL’s May catastrophe loss and PIF update on June 18. (1-212) 622-2295

Overall, we expect pricing to remain competitive, which implies continued pablo.s.singzon@jpmorgan.com

deceleration in PGR’s PIF growth and headwinds to the improving PIF trajectory Kevin Wijendra

of ALL. Still, we continue to like both stocks longer term because we think PGR’s (1-212) 622-7054

valuation is attractive (even when adjusted for “normalized” margins and kevin.wijendra@jpmorgan.com

J.P. Morgan Securities LLC

earnings), and for ALL, we expect its stronger distribution platform to result in

structurally higher PIF growth over time.

• Prices are declining for the overall personal auto market. We are presenting ALL, ALL US

a new data set that we have compiled on rate change filings for the industry and Overweight

the top 10 personal auto writers (ranked by 2025 net earned premiums). The Price (15 Jun 26): $221.81

data is based on decision dates by insurance regulators, so there will be a lag

before these rate changes flow into premium numbers (updated pricing goes PGR, PGR US

into effect at new business and renewal effective dates after the disposition

Overweight date, and then written premium takes 6 months to a year to earn through). Also,

Price (15 Jun 26): $203.50

these changes are based on blocks of business that are re-priced - the impact on