Progressive
-
Progressive has hailed its rigorous approach to reserving and depth of experience in commercial auto as the secret to its success with insuring TNCs. -
The transaction adds around $547mn of gross written premiums to Progressive’s $5.6bn commercial auto book.
-
Continued capital depletion could result in additional pressure on management teams with regard to executing their original business plans.
-
Any faster-than-anticipated re-opening could have a negative impact on loss cost trends.
-
The personal carrier reported highest MoM PIF growth in 60 months in direct auto.
-
The next few years could prove to be more active in consolidation than normal for underwriters.
-
On a forward basis, frequency estimates could look high with base figures in 2020 being significantly impacted by initial lockdown measures.
-
Independent agency distribution remains incredibly robust, despite the Covid-19 pandemic and the emergence of direct-to-consumer InsurTechs.
-
Following a year of impressive results, benefits from low accident frequency appear to be fading based on the latest print.
-
Claims from winter storms have exceeded the carrier’s $80mn retention for its property XoL treaty.
-
While the direct channel has strengthened over the past year, Root has not grown auto PIF since Q1:20.
-
The insurer reported 4.2pts of unfavorable development from December based on late reported claims.
Related
-
January cat heatmap: California wildfires fuel rise in cat losses
February 21, 2025 -
Progressive pegs October vehicle losses from Milton, Helene at $206.5mn
November 15, 2024 -
Progressive remains committed to Florida: Commissioner Yaworsky
August 12, 2024 -
Where do insurance companies stand if a US recession hits?
August 07, 2024