Progressive

The carrier also booked unfavorable prior accident year reserve development of 3.5 points.

2022 statutory data is now available, and results show winners and losers

Rate action for personal auto insurers has been increasing in 2023 to balance rising loss cost trends

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

Management spoke with analysts after the carrier released its 10-K and the CEO’s shareholder letter.

The carrier raised rates on average of 19% across the segment in 2022, with larger increases in Florida and hail-prone states such as Colorado and Oklahoma.

The carrier also booked unfavorable prior accident year reserve development of 6.5 points, driven primarily by its personal auto products.

The firm’s playbook struggles provide valuable insights for its InsurTech competitors as they all navigate a challenging loss cost environment.

Five auto insurers receive approval to raise rates after 32-month halt by the California Department of Insurance.

The company's net cat loss ratio increased to 18% from 8.3% in November, attributed primarily to winter storms, wind and thunderstorms.

Increased interest rates and unfavorable market conditions led to reduction in capital issuance activity in the P&C insurance industry in 2022.

Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.