Progressive
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The CoR for homeowners’ insurance rose to 95.4% from 75.8% in February.
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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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Allstate’s underperformance in results and value creation may be an opportunity for activist investor Trian, but history suggests it will have its work cut out.
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These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.
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Insurance regulators in California and other states signed off much-needed personal lines rate hikes in September.
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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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The first non-renewals are scheduled for May 2024 in what is expected to be an 18-month process.
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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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Nearly half of the cat losses incurred during the month of August were attributable to Idalia.
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Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.
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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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For July, Progressive’s underlying combined ratio improved 4.7 from last month to 87.9%, driven by significant rate hikes and more selective underwriting and risk selection policies.
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On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.
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Inside P&C’s news team runs you through the key highlights of the week.
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The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.
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Personal auto loss severity rose about 12% year-over-year. The carrier also experienced a “modest” year-over-year increase in frequency of about 1%.
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Progressive has now reported three consecutive months of adverse development. The Inside P&C Research team takes a closer look.
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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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Inside P&C’s news team runs you through the key highlights of the week.
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Pricing, catastrophes and rising costs are headwinds for this quarter’s insurer results, but brokers should be buoyed by continued inflation.
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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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The company added that prior and current accident year increases were related to a higher ultimate severity on previously closed claims in its property damage coverages.
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Inside P&C’s news team runs you through the key highlights of the week.
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An uneven loss environment in personal lines calls for a cautious reading of reserves.
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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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The company booked another 4.6 points of adverse reserve development during the quarter, with 85% attributed to personal auto and 20% to commercial auto.
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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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The company experienced unfavorable reserve development of 2.6 points during the quarter, with 85% attributed to auto and 20% to commercial auto.
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InsurTech carriers pivot to profitability vs growth.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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In March, there were 280,000 civil lawsuits filed in Florida industry-wide, up nearly 130% since the all-time high of May 2021.
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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 booked a $621.2mn adverse development, compared with a $190.8mn reserve charge in Q1 2022.
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Travelers posts strong results boosted by better pricing, personal lines performance, and favorable development.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Although year-over-year headline CPI has decreased a bit, CPI levels pertaining to insurance are on the rise.
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The carrier booked unfavorable prior accident year reserve development of 3.4 points, driven primarily by its personal auto products related to recently passed legislation in Florida.
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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.
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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.