Progressive Lowers Loss Estimate From Hurricane Ian By $400M
The Progressive Corp. said Dec. 21 that its loss and allocated loss adjustment expenses (ALAE) in the property business are estimated to be $1 billion from, prior to reinsurance, from Hurricane Ian.
The insurer said this reflects favorable development of $400 million from an estimate released at the end of September.
Progressive Loses A Bundle: Nearly $2.0B Gross Ian Losses; $760M Net
“Given that we exceeded our $200 million retention threshold under our reinsurance contracts in September 2022, this change in estimate for our Property losses and ALAE will not impact our results of operations for December, Progressive said.
As of December 20 the insurer’s estimate for our vehicle losses, including boats and recreational vehicles, is “essentially unchanged” from November when it said the total estimate of the ultimate losses was $574 million for
vehicle products.
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