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The ratings agency cited persistently strong underwriting results throughout the pandemic and amid substantial economic and capital markets volatility as being among the reasons for maintaining the outlook at stable. -
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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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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From 2020 to 2023, P&C replacement costs increased by 45% on average, whereas inflation for the overall US economy increased 15% within that same period, though the forecast expects that to change.
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The carrier booked net pre-tax unfavorable development of $154mn in Q3, primarily driven by $263mn of unfavorable development from its business insurance unit.
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An RPS report cites a drop in demand from Covid highs, along with increasing competition among carriers and near-record capacity as among the challenges currently facing transportation insurers.
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On a year-on-year basis, the all-items index for September increased 3.7% before seasonal adjustment.
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US commercial and personal auto insurer claim payouts combined were up between $96bn and $105bn for the period from 2013 to 2022.
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Competing forces of loss cost inflation and mixed rate action yield uneven trajectories for the largest commercial lines.
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Adoption of telematics is the first step, but the next step is analyzing the data and using it to make better drivers via retraining, rewards and incentives.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
