Progressive
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Progressive’s combined ratio for the month deteriorates by 60 basis points. -
Consumer Price Index data points to short-term and long-term risks to the P&C industry.
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New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.
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Progressive has hailed its rigorous approach to reserving and depth of experience in commercial auto as the secret to its success with insuring TNCs.
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The transaction adds around $547mn of gross written premiums to Progressive’s $5.6bn commercial auto book.
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Continued capital depletion could result in additional pressure on management teams with regard to executing their original business plans.
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Any faster-than-anticipated re-opening could have a negative impact on loss cost trends.
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The personal carrier reported highest MoM PIF growth in 60 months in direct auto.
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The next few years could prove to be more active in consolidation than normal for underwriters.
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On a forward basis, frequency estimates could look high with base figures in 2020 being significantly impacted by initial lockdown measures.
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Independent agency distribution remains incredibly robust, despite the Covid-19 pandemic and the emergence of direct-to-consumer InsurTechs.
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Following a year of impressive results, benefits from low accident frequency appear to be fading based on the latest print.
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