Progressive Issues April 2023 Results

Progressive is one of the only insurers to issue its results on a monthly basis

The following are snapshots from Progressive’s most recent results. Unlike most other national insurers, Progressive issues its results on a monthly, rather than a quarterly basis.

In its monthly commenting, Progressive issued the following statement on its April Results:

In April, we experienced unfavorable prior accident years reserve development of 2.6 points. Our personal auto and commercial auto products experienced unfavorable development of about 85% and 20%, respectively, of the aggregate reserve development for the month, while our Property business had favorable development of about 5% of the total. The majority of the unfavorable development in personal auto was due to development in Florida as more claims are being litigated and we are experiencing higher than anticipated severity, particularly in our personal injury protection and bodily injury coverages. To a lesser extent, we are seeing higher than anticipated increases in incurred losses on previously closed auto property damage claims. In our commercial auto products, including our transportation network company businesses, the unfavorable development for the month was mainly due to more claims being litigated in Florida, similar to our personal auto products. The favorable development in our Property business was primarily due to our actuarial reviews during the month.

The following are selections from the monthly report. The full report can be found on the Progressive website.