Progressive
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Selective’s CEO earlier attributed Q3 adverse development to the NJ market. -
Cat losses in Q3 were light as peak hurricane season passes without incident.
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Early Q3 earnings reports point to worsening market conditions.
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The selloff may hint at headwinds for equity investors.
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The insurer booked a $950mn policyholder credit expense in September.
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Cat losses in August were below historical trends, but we are not in the clear just yet.
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Cat losses in July were below historical trends, but all eyes are on peak hurricane season.
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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.
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The losses added 12.3 points to the firm's 100.4% CoR.
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Changes in investment strategy and strong results show carriers can weather financial storms.
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The CoR for homeowners’ insurance rose to 95.4% from 75.8% in February.
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The homeowners' CoR fell over 32 points sequentially to 75.8%.
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The carrier also plans to ramp up media spend.
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Personal auto rates increased 19% during the year.
