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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
Management highlighted inflationary pressures as a key driver in loss cost trends, as the company takes rate to improve the combined ratio.
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Q1 net adverse prior year reserve development was $3.4mn, or 0.7 points on the LR, up from last year’s $1mn net reserve charge.
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The reinsurance segment swung back to underwriting profits as its CoR declined 8.5 points to 93.6% and its LR improved 11.4 points to 63%.
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Progressive’s response has been to take underwriting and non-underwriting actions and work with regulators to take more rate.
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CEO Dino Robusto said P&C earned rate in total was 9%+, up from aggregate loss cost trends of between 5.5% and 6%.
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Geico saw claims frequency increase across all coverages, while severity especially increased in property damage, collision and bodily injury coverages.
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A surge in large losses in property book during first quarter may be partly due to inflation, not expected to linger.
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In response, the carrier has completed over 50 auto filings with an average rate increase of 6.2% in recent months.
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The CEO assured analysts that the company has secured 85% of its core all-state first-even catastrophe tower.
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The broker said it planned to ramp up investment for hiring talent, as well as developing employees with improved analytical and technological tools.
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The company posted a combined ratio of 79%, driven by lower relative expenses and premium growth.
