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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. -
Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
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With New York, Hippo products now reach nearly 89% of the US population in 38 states.
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The company cited its continued Q1 2022 underwriting losses and recent rating downgrade.
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The personal lines giant reported Q1 unfavorable non-cat prior year reserve re-estimates of approximately $160mn, driven by auto physical damage and bodily injury severity.
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The commercial lines bellwether reported positive quarterly earnings, but challenges may still be ahead.
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A string of Florida carriers have had their financial stability ratings downgraded by Demotech in recent weeks.
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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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Management remained cautious about the loss cost environment during the company’s Q1 2022 earnings call as the Ukraine-Russia conflict rages on top of domestic exposures.
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The downgrade was attributed to weather claims from Louisiana and Texas following the company’s expansion into those markets.
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The market is in for more downgrades and, in turn, Citizens will grow further.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
