Progressive

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.

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

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

Pricing, catastrophes and rising costs are headwinds for this quarter’s insurer results, but brokers should be buoyed by continued inflation.

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

The company added that prior and current accident year increases were related to a higher ultimate severity on previously closed claims in its property damage coverages.

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

An uneven loss environment in personal lines calls for a cautious reading of reserves.

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

The company booked another 4.6 points of adverse reserve development during the quarter, with 85% attributed to personal auto and 20% to commercial auto.