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The figure includes around $17mn of unfavorable reserve re-estimates for prior period events. -
Rising severity, along with rebounding frequency, across personal lines is among the most acute challenges for the coming months.
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The trend of inflated severity has been evident in the Q1 results of personal lines carriers including Kemper, Progressive, Berkshire’s Geico, The Hanover Group and Allstate.
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Simard joins Hippo after 10 years at American Family Enterprise, where he most recently served as associate vice president of property field and catastrophe claims.
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The classic and collectible car insurer has a different risk profile than other carriers.
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Shapiro noted that the Allstate brand incurred severity for property damage is expected to increase about 11% in 2022, compared to the year before.
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The 2022 reinsurance program will support cat losses exceeding $2.5bn, compared to $2bn in the corresponding period last year.
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The CFO attributed THG’s worsening first quarter combined ratio to increased severity in auto and homeowners claims.
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The executive noted in her shareholder letter yesterday that loss costs on average were up almost 18% from the same quarter last year.
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With New York, Hippo products now reach nearly 89% of the US population in 38 states.
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The personal lines giant reported Q1 unfavorable non-cat prior year reserve re-estimates of approximately $160mn, driven by auto physical damage and bodily injury severity.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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