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
Was this article valuable?
Here are more articles you may enjoy.
LA County Told to Pause $4B in Abuse Payouts as DA Probes Fraud Claims 
Opportunity for Private Flood Insurers With Threat of Another NFIP Lapse 
Longtime Alabama Dentist Charged With Insurance Fraud in 2025 Office Explosion 
Berkely Says It’s No Longer Pressured to Push for Rate ‘Across the Board’ 
