Progressive
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Any faster-than-anticipated re-opening could have a negative impact on loss cost trends.
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The personal carrier reported highest MoM PIF growth in 60 months in direct auto.
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The next few years could prove to be more active in consolidation than normal for underwriters.
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On a forward basis, frequency estimates could look high with base figures in 2020 being significantly impacted by initial lockdown measures.
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Independent agency distribution remains incredibly robust, despite the Covid-19 pandemic and the emergence of direct-to-consumer InsurTechs.
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Following a year of impressive results, benefits from low accident frequency appear to be fading based on the latest print.
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Claims from winter storms have exceeded the carrier’s $80mn retention for its property XoL treaty.
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While the direct channel has strengthened over the past year, Root has not grown auto PIF since Q1:20.
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The insurer reported 4.2pts of unfavorable development from December based on late reported claims.
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Does the commercial auto specialist offer its acquirer any key differentiation?
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Reduced accident development led to a prior underestimate in the December frequency benefit.
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The carrier’s net income for the period rose by 57% to $1.7bn.
