Property and auto-focused insurance group, The Progressive Corporation, has reported that it incurred $1.4 billion of property losses from Hurricane Ian, of which it is set to retain $200 million.
This means that $1.2 billion, or 86%, of the company’s gross loss will be absorbed by its reinsurance program.
Progressive also reported vehicle losses of $585 million from Ian, including boats and recreational vehicles.
In total, the company said it incurred $760 million of catastrophe losses for the month of September.
Progressive explained that it evaluated and reserved for Hurricane Ian based on its of reporting patterns from many past storms in addition to several assumptions specific to this storm.
However, it acknowledged that its estimates could change materially as its more than 1,500 deployed claims representatives and independent adjusters continue to take stock of claims and damages.
Progressive reported a net loss of $684.4 million for September due largely to the impact of the aforementioned losses from Ian, on a combined ratio of 116.2%.
