Progressive
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The homeowners' CoR fell over 32 points sequentially to 75.8%.
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The carrier also plans to ramp up media spend.
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Personal auto rates increased 19% during the year.
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The homeowners’ CoR worsened 39 points sequentially to 107.9%.
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The commercial auto CoR decreased to 93.7% in December, while the homeowners’ CoR improved 13.2 points to 68.9%.
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The commercial auto CoR worsened 7.8 points to 108.6% for the month, while the homeowners’ CoR deteriorated 15.1 points to 82.1%.
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Personal auto carriers risk falling behind in the battle between loss costs and approved rate declines, while homeowners carriers’ double-digit filings might not be enough to keep up.
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Reciprocals have been cropping up more recently, with a shift toward cat-exposed lines, giving investors a quick way to tap into the hard market with an expectation of a rich multiple at exit.
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The net cat loss ratio dropped to 0.4% from 1.8% in September, but the consolidated loss ratio deteriorated 2.4 points to 75.5% during the same period.
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Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.
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The company also plans to ramp up its media spend in 2024 after having significantly slashed advertising budgets earlier this year.
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Loss costs trends continue to increase in both physical damage and bodily injury coverages for nearly all of Progressive’s commercial auto products, CEO Tricia Griffith wrote in a quarterly update.
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