Progressive
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If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape. -
Claims analysis shows slow reactions to negative trends can affect several quarters, but carriers who emerge strong will be able to pursue growth faster than the competitors who are always playing catchup on loss cost trends.
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The personal lines insurer’s results were also impacted by the states’ regulatory climates and inflationary trends.
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On an investor call with analysts, Pratt added that the challenges of the Florida property market have greatly impacted Progressive.
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Chubb pushed its loss trend assumptions higher as it seeks to stay ahead of inflationary pressures.
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CEO Griffith noted that the company is feeling "the impact of weather and inflation" and that Progressive saw inflation impact the average cost to settle a claim.
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For the quarter, Progressive posted a combined ratio of 95.6%, a slight improvement from 96.5% in Q2 2021.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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Embedded insurance can help sidestep some of the challenges faced by InsurTech 1.0.
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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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Results for May show that the carrier’s combined ratio rose above its 96% target after dipping in April.
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Forecasters have again predicted an active season for storm activity, with the Florida market particularly vulnerable to high cat activity.
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