Competitive EnvironmentThe evolution of the competitive environment will be critical as more carriers are ready to compete for market share, with the broader auto insurance market seen as largely a zero sum game.
Growth EstimatesAllstate's 30bps April PIF miss vs. our estimate drives our 2025 growth estimate lower, to +2.6% (from +2.9%).
Market ExpectationsApril Auto PIF of 25,175, +0.3% M/M (+75K), slightly shy of the consensus monthly +0.3% 2Q pace, and below BMO's monthly April PIF estimate of 25,252 (+0.6% M/M).