Property and auto-focused insurance group, The Progressive Corporation, has reported a combined ratio of 91.4% for its property business in its May 2023 results, which includes 66.1% in Loss/LAE ratio and 25.3% in Expense ratio.
The net catastrophe loss ratio was high at 44.0% for the property business.
The main reason for the negative changes in the personal auto sector was primarily attributed to the progress in Florida, where an increasing number of claims were being taken to court, resulting in higher severity than expected.
This is particularly evident in Progressive’s coverage for personal injury protection and bodily injury.
The insurer reported net premium written of $4,321.4 million in May 2023, compared to $3,724.3 million a year earlier.
Net premium earned was $4,490.4 million in May 2023, compared to $3,763.6 million in May 2022.
The combined ratio rose 2.5 points to 99.0%, from 96.5% in May 2022.
