Progressive
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The new 2022 stat data shows personal lines premium has grown year-over-year, but the loss ratios have been hit hard by catastrophes and loss cost inflation. -
The latest statutory data release shows commercial carriers continued to benefit from the extended pricing cycle and exposure growth propelled by inflation, although growth slowed year-on-year.
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The carrier also booked unfavorable prior accident year reserve development of 3.5 points.
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2022 statutory data is now available, and results show winners and losers
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Rate action for personal auto insurers has been increasing in 2023 to balance rising loss cost trends
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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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Management spoke with analysts after the carrier released its 10-K and the CEO’s shareholder letter.
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The carrier raised rates on average of 19% across the segment in 2022, with larger increases in Florida and hail-prone states such as Colorado and Oklahoma.
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The carrier also booked unfavorable prior accident year reserve development of 6.5 points, driven primarily by its personal auto products.
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The firm’s playbook struggles provide valuable insights for its InsurTech competitors as they all navigate a challenging loss cost environment.
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Five auto insurers receive approval to raise rates after 32-month halt by the California Department of Insurance.
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The company's net cat loss ratio increased to 18% from 8.3% in November, attributed primarily to winter storms, wind and thunderstorms.
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