* Read more about the significant catastrophe losses incurred by property insurers.īecause Progressive "heavily" reinsures its catastrophe exposure in its property business, the insurer retained "only $200 million of loss and allocated loss adjustment expenses from Hurricane Ian," according to the report. On a gross basis, prior to reinsurance, Progressive estimated property catastrophe losses and allocated loss adjustment expenses from Hurricane Ian were $1.4 billion. 1 Form 10-Q filing, Progressive retained $25 million of allocated loss adjustment expenses, net of reinsurance. In its third-quarter earnings release, Progressive cited $175 million of net property losses after reflecting the catastrophe reinsurance coverage on its property business, which writes residential property insurance for homeowners, other property owners and renters.Īccording to the company's Nov. homeowners insurers, underwrites in Florida where damage from Hurricane Ian was the most severe. Progressive, unlike most other large U.S. recorded the largest direct loss ratio, by far, totaling 236.2% for the third quarter. homeowners insurers, The Progressive Corp. homeowners insurers came in at $23.77 billion in the third quarter, rising 11.65% in the period from $21.29 billion a year earlier.ĭespite having the smallest market share among the 10 largest U.S. homeowners lines rose to 98.0% in 2022, from 90.2% in the prior year, as widespread inflationary pressures and the impact of Hurricane Ian contributed to the financial woes felt by the property and casualty insurance market.ĭ irect premiums written for the 10 largest U.S.
Progressive's direct loss ratio rose significantly during the third quarter as the impact of Hurricane Ian was felt throughout the U.S.
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