This most commonly results when Premiere either cannot find a path that's specified either in the program's Preferences or a sequence's properties. It's also been known to happen when the user does not have permission to write to an existing path.
Possible solutions are to launch PPRO as administrator or to clear Premiere's preferences--on Mac, hold Shift+Option while launching, and keep pressing those keys until the splash screen appears.
Do you have the Intel HD 4000 graphics card installed in your computer? If so, update the driver and restart the computer.