Progressive on Friday stated extreme storms principally in Texas and the Midwest triggered about $722 million in internet disaster losses to the insurer.
In its month-to-month announcement of economic outcomes on Friday, the Mayfield Village, Ohio-based insurer stated the storm losses added 12.3 loss ratio factors to a Could mixed ratio of 100.4. 12 months-to-date, the corporate’s mixed ratio is 89.7
Progressive’s property enterprise booked a Could mixed ratio of 282.8. The insurer stated it recorded a reinsurance recoverable of $95.1 million, together with losses and allotted loss adjustment bills, underneath its per prevalence reinsurance contracts, which have a retention threshold of $200 million. Progressive added that it was near reaching the annual retention thresholds underneath 2024 disaster combination extra of loss contracts as of Could 31. As soon as exceeded, Progressive stated it has reinsurance protection as much as $85 million for non-named storm property disaster losses.
Progressive stated Could internet revenue was $235.7 million. The corporate has booked about $3 billion in internet revenue for the yr as of Could 31.
Associated: Global Insured Natural Disaster Claims Again Dominated by Severe US Storms: Gallagher
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