Travelers
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According to a source familiar with the matter, policyholders will see four changes coming – some nationwide and others specific to certain states. -
At the same time, insurers are assessing the level needed to address loss cost trends.
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Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.
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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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The Inside P&C news team runs you through the earnings results for the day.
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After the $1.5bn cat loss, CFO Dan Frey said Q2 was the second largest ever cat amount the insurer has seen for a second quarter with six events over the $100mn mark.
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The insurer also added $100mn to its northeast cat treaty as it posted $1.48bn of cat losses in the second quarter.
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The insurer’s personal lines business booked over $1bn of cat losses with a $979mn impact on the homeowners' segment, up from $473mn in Q2 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 morning summary of the key stories to get you up to speed fast.
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The firm expects to raise personal auto rates further after a 4.6-point deterioration in its Q1 core CoR due to increased vehicle replacement, repair costs and higher severity.
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