Progressive makes $40m reinsurance recovery for US winter storms

Progressive makes $40m reinsurance recovery for US winter storms

The Progressive Corporation has revealed that its losses from the recent winter season storms in the United States drove a $40 million reinsurance healing for the firm, after claims surpassed its incident retention.Progressives home insurance business reported a net disaster loss ratio of 47.4%, driving a combined ratio for that segment of 143.7% for February 2021, due to the winter season storm events.
Some smaller sized disaster losses were also suffered in the personal lines and automobile sectors, however it seems the bulk was because of property insurance coverage industry direct exposure to the storms.
The winter storms drove catastrophe losses throughout Texas, Oregon and the south eastern United States Progressive stated.
The outcome was that its total losses from one of the storm occasions, presumably the Texas related occasion which was the biggest, exceeded the $80 million retention threshold on Progressives per-occurrence excess of loss reinsurance program for its home insurance organization.
As a result, a $40 million reinsurance healing was taped, as the storm drove incurred losses and loss modification expenditures (ALAE) to trigger the XoL layer.
Check out:
— US winter storm loss creep most likely to be lengthened: Aon.
— Hurricane-level winter season storm declares to drive billions of losses: Aon.
— Aon says winter storm losses to hit record level, alerts of environment result.
— Palomar expects reinsurance recoveries for winter season storm Uri.
— Winter storm at $12bn– $18bn only attritional to aggregate cat bonds: Plenum.
Munich Re expecting winter storm loss in the mid-hundreds of millions.
— Winter storms indicate greater renewal rates into 2022: ILS Capital.
Winter storm to drive record losses, reevaluation of cat budgets: AM Best.
— Winter storm losses to factor into alternative capital financier conversations: S&P.
— Winter storm Uri loss could be “well in excess” of $10bn: AIR.
— Cat claims 34% above 10-year average in 2021 on US winter season storm: Jefferies.
— Winter storm Uri an aggregate danger, but industrial loss might protect ILS: Twelve Capital.
— Winter storm exposed cat bonds phase partial rate healing.
— Winter storm Uri insured loss seen as much as $20bn: Fitch.
— Winter storm losses seen a chauffeur for mid-year reinsurance firming: KBW.
— USAA aggregate feline bonds in concentrate on winter season storm effects.
Winter storm losses in Texas drive ERCOT subrogation speculation.
— KCC raises US winter storm insurance industry loss price quote to $18bn.

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