Progressive
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Progressive expects $510mn of catastrophe losses associated with Hurricane Ida, the company said on Friday. -
Ida soaks the tri-state – and has the potential to affect personal auto carriers more than comparable storms of the past.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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With predicted $20bn in losses, KBW doesn’t see meaningful change to the rate increase trajectory.
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Texas’s objection to Progressive’s recent rate filings garnered attention, calling rates “excessive” and suggesting rebates instead.
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The newcomers are finding it more difficult to disrupt the sector than they had expected.
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The company faces elevated losses as it balances rate increases vs. growth.
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Attorney television advertising targeting remote workers could have lasting impacts on personal auto trends.
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While the pandemic offered some relief to commercial auto insurers, maintaining margins will be tricky to achieve given rate moderation.
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Progressive’s June results point to worsening underlying trends for personal auto carriers.
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It may take a few more months for personal auto carriers to see the full extent of the impact.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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