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.
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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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Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.
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Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
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Personal lines insurers see a vastly different outlook in 2022 than 2021 and their reserve development reflects this.
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The updated loss and allocated loss adjustment expenses in the property segment from the hurricane is now $1bn.
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The insurer’s underlying loss ratio fell almost two points sequentially to 75.5% in November.
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While Allstate may be beyond the worst of the reserve charges, execution of initiatives needs to go smoothly for it to get back on track.
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The Canadian investment fund now owns almost 3.8 million shares of the personal lines insurer, compared to 281,773 in Q2.
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Our Trump/Biden note from yesterday discussed the rotation from growth stocks to value stocks playing out over 2022. Unfortunately, insurance technology stocks have had it the worst, with Lemonade stock down 49%, but still doing relatively better than Root (down 86%) and Hippo (down 80%).
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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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