Progressive ‘not satisfied’ with profitability in property segment

August 03, 2022

Progressive property general manager Dave Pratt said that weather-related losses in its property segment have been higher than expected and budgeted for in the company's pricing strategy, and that the challenges of the Florida market have taken their toll on the company.

The executive noted on a conference call that Florida accounts for nearly 25% of the company's homeowners’ premium.

Overall, Progressive has grown more in other states and limited its exposure to Texas, Florida and Louisiana to 41% of its 2021...

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