Ohio-based Insurer Progressive Corp. said its underwriting performance – measured as the ratio of claims paid out to premiums received – improved for the month of October compared with last year.
Progressive, which has had a patchy earnings record over the last couple of years, started reporting its monthly underwriting figures in May this year, in an effort to give investors a better picture of its business and an early warning of any surprises.
On Nov. 16, Progressive said it had a combined ratio of 92 for October, meaning it paid out 92 cents for every $1 of premiums received. That is an improvement from its ratio of 99.4 last October.
Progressive, which mostly insures cars, motorcycles, recreational vehicles and boats, said net premiums earned for October – not including premiums covering future periods – were $724.7 million, up 15 percent from $628.7 million last October.
Topics Underwriting
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