Progressive sees personal auto improvement but ongoing turmoil in commercial
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Progressive sees personal auto improvement but ongoing turmoil in commercial

Shelby Rosenberg
October 31, 2023
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Progressive’s commercial lines combined ratio deteriorated by 9.4 points in the third quarter to 99.1%, reflecting persistent pressure from rising costs to settle claims, as well as seasonality, CEO Tricia Griffith wrote in a Tuesday letter to shareholders.

Unfavorable development on prior accident years contributed 3.8 points to the calendar-year commercial auto results.

“We have raised commercial auto rates nearly 12% year-to-date through September and have additional rate planned for the balance of 2023,” the CEO wrote.

“Underwriting

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