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The shortage of affordable reinsurance cover has forced several carriers to withdraw from the market, and for those who remain, concerns about insolvency, downgrades and displaced policyholders are paramount. -
The company also plans to ramp up its media spend in 2024 after having significantly slashed advertising budgets earlier this year.
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Following reforms enacted by the state, the insurer will seek to provide new insurance coverage options to property insurance policyholders.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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Loss costs trends continue to increase in both physical damage and bodily injury coverages for nearly all of Progressive’s commercial auto products, CEO Tricia Griffith wrote in a quarterly update.
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The cuts amount to roughly 2% of the insurer’s US workforce.
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“The loss ratio has certainly been under pressure with inflation and increased cat activity, but we're confident in where it's headed and seeing a lot of opportunity out there,” Spray told analysts on Friday.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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The decision is expected to incur charges of approximately $2.2mn to $2.7mn for severance, benefits and related costs in cash expenditures during Q4 2023, the company wrote in a regulatory filing.
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In August 2022, the company announced plans to cut around 10% of its staff in a bid to improve efficiencies amid challenging market conditions for InsurTechs.
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This is the fourth national practice that The Liberty has unveiled this year, having launched workers’ comp, healthcare and human capital units in recent months.
