MAYFIELD, Ohio – Progressive Corp. might have turned the nook on the “tough place” the corporate’s auto and residential insurance coverage companies had been in throughout the first half of the yr, CEO Tricia Griffith instructed buyers on Wednesday.
Earlier this yr, the Mayfield insurer’s loss prices had been rising. Automobile accidents continued to be extra extreme than their pre-Covid regular, pushing up prices to restore and change automobiles.
And paying claims for catastrophic climate occasions akin to Hurricane Ian meant the corporate was “going through a major uphill battle” to ship on its underwriting profitability goal, Griffith stated throughout a convention name with securities analysts.
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