Progressive

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The first non-renewals are scheduled for May 2024 in what is expected to be an 18-month process.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Nearly half of the cat losses incurred during the month of August were attributable to Idalia.

Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

For July, Progressive’s underlying combined ratio improved 4.7 from last month to 87.9%, driven by significant rate hikes and more selective underwriting and risk selection policies.

On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.

Inside P&C’s news team runs you through the key highlights of the week.

The carrier had renewed its catastrophe XoL private market reinsurance for its property business, effective June 1.

Personal auto loss severity rose about 12% year-over-year. The carrier also experienced a “modest” year-over-year increase in frequency of about 1%.

Progressive has now reported three consecutive months of adverse development. The Inside P&C Research team takes a closer look.