Progressive, the property and auto-focused insurance group, reported $206.5 million in incurred vehicle losses, including boats and recreational vehicles, on a companywide basis related to Hurricane Milton and unfavourable development from Hurricane Helene for October 2024.
Progressive explained that, given Helene and Milton struck just two weeks apart and damaged many of the same vehicles, it is reporting estimated losses for both storms in total on a companywide basis.
Within its Property segment, the company incurred $153.6 million in catastrophe losses and allocated loss adjustment expenses (ALAE) related to Hurricane Milton, while reporting favourable development on Hurricane Helene losses and ALAE of $69.4 million.
Additionally, for October, Progressive reduced its ultimate loss and ALAE estimate for Hurricane Ian by $250 million in its Property business, based on the total losses reported and the average severity of the losses paid to date.
The firm’s net loss and ALAE exposure for Hurricane Ian remain at $200 million, aligning with the reinsurance retention threshold under its per occurrence excess of loss program at the time of the event.
Last month, Progressive noted that property losses from Hurricanes Helene and Milton did not surpass its $200 million retention under its occurrence excess of loss reinsurance program
In September, the company faced $563 million in losses from Hurricane Helene. Of this, $401 million was related to vehicle losses, including boats and recreational vehicles, while $162 million was attributed to its property business, along with $23 million of ALAE.
