Progressive
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PIF growth is slowing as the firm sees worsening loss-cost trends, and this quick response will likely allow it to outperform peers again.
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Trucking companies, having already increased self-insured retentions by millions, will need to contend with further rate increases into 2024.
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Inside P&C's Research team looks at the prospects of Florida's wave of new arrivals.
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Remi Kent succeeds Jeff Charney who announced his retirement in March.
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In a month impacted by hurricane losses, earnings showed slower growth and no improvement in underlying loss ratio.
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Progressive expects $510mn of catastrophe losses associated with Hurricane Ida, the company said on Friday.
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Ida soaks the tri-state – and has the potential to affect personal auto carriers more than comparable storms of the past.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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With predicted $20bn in losses, KBW doesn’t see meaningful change to the rate increase trajectory.
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Texas’s objection to Progressive’s recent rate filings garnered attention, calling rates “excessive” and suggesting rebates instead.
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The newcomers are finding it more difficult to disrupt the sector than they had expected.
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The company faces elevated losses as it balances rate increases vs. growth.
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