Progressive

While vehicle miles traveled dipped in January, likely due to the Omicron variant, the auto insurer said February’s preliminary results indicate a rebound and frequency is expected to rise.

The insurer’s net premiums written in personal lines also increased by nearly $3bn to $36.2bn for 2021.

The latest report shows even higher inflation pushing up severity, forcing carriers to take rate.

Data from Apple and Google show that Omicron has slowed the return to driving in some of the largest states by premiums.

Johnson’s departure follows the deal in which auto firm Progressive Corporation acquired the Indiana-based insurer for $338mn.

Commercial lines loss ratios may move slightly higher, while personal auto carriers see the light at the end of the loss-cost tunnel.

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The monthly CPI report shows that inflation continues to push severity higher as carriers take rate in response.

Insurance carriers tend to favor a negative outlook during their earnings calls, even when its unwarranted.

Despite numerous firms divesting their life operations in the past, companies are again nibbling at the edges.

Growth continued to slow as the company responds to adverse loss-cost trends.