Progressive

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.

Early Q3 earnings reports point to worsening market conditions.

The selloff may hint at headwinds for equity investors.

The insurer booked a $950mn policyholder credit expense in September.

Cat losses in August were below historical trends, but we are not in the clear just yet.

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.

The company also purchased $15mn of SCS parametric coverage.

The research team presents the June cat heatmap.

Allstate attributed the bulk of its losses to three major wind and hail events.

January cat losses continue to run higher than prior years, with no help from latest wildfires.

Net property losses from Hurricane Milton in October reached $153.6mn.

The company incurred $563mn of total cat losses related to the storm.

It had planned to non-renew 47,000 DP-3 and 53,000 high-risk homeowners’ policies this year.

The industry could weather a recession, unless loss costs and reserving pressures worsen.

A quick roundup of today’s need-to-know news.

Investor skepticism visible in stock prices and short interest data over first half of 2024.

The losses added 12.3 points to the firm's 100.4% CoR.

Changes in investment strategy and strong results show carriers can weather financial storms.

The CoR for homeowners’ insurance rose to 95.4% from 75.8% in February.

The homeowners' CoR fell over 32 points sequentially to 75.8%.

The carrier also plans to ramp up media spend.

Personal auto rates increased 19% during the year.

The homeowners’ CoR worsened 39 points sequentially to 107.9%.

The commercial auto CoR decreased to 93.7% in December, while the homeowners’ CoR improved 13.2 points to 68.9%.

The commercial auto CoR worsened 7.8 points to 108.6% for the month, while the homeowners’ CoR deteriorated 15.1 points to 82.1%.

Personal auto carriers risk falling behind in the battle between loss costs and approved rate declines, while homeowners carriers’ double-digit filings might not be enough to keep up.

Reciprocals have been cropping up more recently, with a shift toward cat-exposed lines, giving investors a quick way to tap into the hard market with an expectation of a rich multiple at exit.

The net cat loss ratio dropped to 0.4% from 1.8% in September, but the consolidated loss ratio deteriorated 2.4 points to 75.5% during the same period.

Kemper’s current results and historical trends suggest continued difficulty and remains a TBD story.

The company also plans to ramp up its media spend in 2024 after having significantly slashed advertising budgets earlier this year.

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.

Allstate’s underperformance in results and value creation may be an opportunity for activist investor Trian, but history suggests it will have its work cut out.

These figures mark an improvement from August, which was impacted by losses from Hurricane Idalia.

Insurance regulators in California and other states signed off much-needed personal lines rate hikes in September.