Progressive
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January cat losses continue to run higher than prior years, with no help from latest wildfires. -
Net property losses from Hurricane Milton in October reached $153.6mn.
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The company incurred $563mn of total cat losses related to the storm.
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It had planned to non-renew 47,000 DP-3 and 53,000 high-risk homeowners’ policies this year.
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The industry could weather a recession, unless loss costs and reserving pressures worsen.
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Investor skepticism visible in stock prices and short interest data over first half of 2024.
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The losses added 12.3 points to the firm's 100.4% CoR.
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Changes in investment strategy and strong results show carriers can weather financial storms.
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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.
Related
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Progressive grew net premium for personal lines by 24% last year
February 26, 2024 -
November rate filings: It’s too soon to call this race in personal lines
December 07, 2023