Property and auto-focused insurance group Progressive’s property business recognised favourable development of around $110 million in the month of August, with just over 60% relating to the May storms.
If you recall, in June, the US primary insurer announced net catastrophe losses of $722.1 million for the month of May, which resulted in a reinsurance recoverable of $95.1 million in its property segment under its per occurrence reinsurance arrangements.
Looking back at the firm’s results for July, Progressive revealed that its Property business loss estimates decreased $60.4 million, or 23.2 points, which reflected development on the May storms.
Today, in reporting their results for the month of August, Progressive has disclosed a favourable development in its loss estimates for the May storms.
“During the month, our Property business recognized favorable development of about $110 million, or 43 loss ratio points, on current year storms that occurred prior to August, with just over 60% relating to the May storms,” the firm said.
In addition, Progressive posted a $935.3 million net income in August, while the company’s net income year-to-date currently sits at $5,538.9 million.
As well as this, the property and auto-focused insurance group also posted $6,451.7 in revenues for August.
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