Progressive books $138mn June reserve development following auto review
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Progressive books $138mn June reserve development following auto review

Farhin Lilywala
July 13, 2023
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Progressive disclosed another $137.8mn, or 3.1-point, reserve charge in June, compared to 4.6 points in May, primarily attributed to increases from the carrier’s actuarial review of its personal auto product.

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

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Farhin Lilywala
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