Will more Flo mean more dough for Progressive? [Video]

MAYFIELD, Ohio – You can expect to see more of Flo, Dr. Rick and other Progressive network personalities in the coming months as the Mayfield-based insurer increases its advertising spending to fuel faster growth.

In recent years, Progressive Corp. has pulled back on growth as more severe vehicle accidents and catastrophic weather events pressured profit margins. By mid-2021, inflation had joined these pressures, making it more expensive to restore vehicles, homes and businesses after they were damaged.

But as auto accident severity and natural disaster rates fell to more normal levels, interest rates stabilized, and insurance premium increases kicked in during the second half of 2023, Progressive has seen its profit margins rise above the company’s targets.

Read the full story on cleveland.com’s sister site, Cleveland Business Journal.

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