Fitch Ratings said it expects underwriting results for U.S. personal auto insurer to continue to improve this year but the pace to profitability will vary.

Auto insurers Progressive and GEICO were the only two of 10 publicly traded carriers analyzed by Fitch Ratings to record a 2023 combined ratio below 100. Progressive, GEICO, and Allstate heavily influenced the aggregate result—a 7-point improvement in combined ratio to 97 versus 104 for fully year 2022—of the group, which represents about 45% of the market.

Allstate posted a better combined ratio in 2023 though it remained above 100 at 103.4 compared to 110.1 for 2022. The combined ratio for Allstate’s auto line was 98.9 in the fourth quarter, compared to 112.6 for Q4 2022, as the insurer continued with its plan to increase auto insurance rates.

The U.S. Bureau of Labor Statistics’ Consumer Price Index had the monthly increase in auto insurance costs at 20.6% in January. Geico and Travelers reported average policy premiums increases of 16.8% and 17%, respectively. Allstate said increases of an average of 13.5% were implemented in 33 locations during the fourth quarter.

Fitch Ratings said price increases will “likely remain material, but taper off in 2024” as rate actions and non-rate underwriting actions get insurers closer to loss costs. Fitch said severity trends remain above historical norms but showed signs of moderation.