Progressive

Personal lines insurers see a vastly different outlook in 2022 than 2021 and their reserve development reflects this.

The updated loss and allocated loss adjustment expenses in the property segment from the hurricane is now $1bn.

The insurer’s underlying loss ratio fell almost two points sequentially to 75.5% in November.

While Allstate may be beyond the worst of the reserve charges, execution of initiatives needs to go smoothly for it to get back on track.

The Canadian investment fund now owns almost 3.8 million shares of the personal lines insurer, compared to 281,773 in Q2.

Our Trump/Biden note from yesterday discussed the rotation from growth stocks to value stocks playing out over 2022. Unfortunately, insurance technology stocks have had it the worst, with Lemonade stock down 49%, but still doing relatively better than Root (down 86%) and Hippo (down 80%).

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Progressive’s superior digital distribution and widening auto margins put it far ahead of the competition.

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

The executive added that Progressive is not open for new business in home, dwelling fire and condo coverages.

Meanwhile, Tricia Griffith said the commercial lines business experienced minimal impact from Ian, as physical damage and comprehensive cover are smaller parts of its premium.