Progressive
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Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends. -
Inside P&C’s news team runs you through the key developments from the week.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Progressive’s response has been to take underwriting and non-underwriting actions and work with regulators to take more rate.
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March’s CPI report shows elevated inflation levels, including vehicle CPI of 10.5% and average used car price increase of 24.7%.
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Insurance carriers tailor their comments to leave investors walking away with an optimistic view.
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While vehicle miles traveled dipped in January, likely due to the Omicron variant, the auto insurer said February’s preliminary results indicate a rebound and frequency is expected to rise.
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The insurer’s net premiums written in personal lines also increased by nearly $3bn to $36.2bn for 2021.
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The latest report shows even higher inflation pushing up severity, forcing carriers to take rate.
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Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.
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Johnson’s departure follows the deal in which auto firm Progressive Corporation acquired the Indiana-based insurer for $338mn.
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