Progressive
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Cat losses in July were below historical trends, but all eyes are on peak hurricane season. -
Full-stack carriers fail to outclass incumbents with no clear platform differentiation.
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The company also purchased $15mn of SCS parametric coverage.
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The research team presents the June cat heatmap.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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January cat losses continue to run higher than prior years, with no help from latest wildfires.
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Net property losses from Hurricane Milton in October reached $153.6mn.
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The company incurred $563mn of total cat losses related to the storm.
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It had planned to non-renew 47,000 DP-3 and 53,000 high-risk homeowners’ policies this year.
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The industry could weather a recession, unless loss costs and reserving pressures worsen.
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Investor skepticism visible in stock prices and short interest data over first half of 2024.
Related
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April 12, 2024 -
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