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Progressive is among the solely insurers to concern its outcomes on a month-to-month foundation
The next are snapshots from Progressive’s most up-to-date outcomes. Not like most different nationwide insurers, Progressive points its outcomes on a month-to-month, reasonably than a quarterly foundation.
In its month-to-month commenting, Progressive issued the next assertion on its April Outcomes:
In April, we skilled unfavorable prior accident years reserve improvement of two.6 factors. Our private auto and business auto merchandise skilled unfavorable improvement of about 85% and 20%, respectively, of the combination reserve improvement for the month, whereas our Property enterprise had favorable improvement of about 5% of the overall. Nearly all of the unfavorable improvement in private auto was attributable to improvement in Florida as extra claims are being litigated and we’re experiencing greater than anticipated severity, significantly in our private harm safety and bodily harm coverages. To a lesser extent, we’re seeing greater than anticipated will increase in incurred losses on beforehand closed auto property harm claims. In our business auto merchandise, together with our transportation community firm companies, the unfavorable improvement for the month was primarily attributable to extra claims being litigated in Florida, much like our private auto merchandise. The favorable improvement in our Property enterprise was primarily attributable to our actuarial opinions in the course of the month.
The next are picks from the month-to-month report. The total report will be discovered on the Progressive web site.
Progressive says it’ll concern its Could outcomes on June 14, 2023.
Supply: Progressive
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