The Progressive Corporation, a property and auto-focused insurance group, has released its results for January 2025, revealing it incurred about $43 million in catastrophe losses due to the California wildfires.
The company stated that 72% of these losses came from its personal property products, with the segment recording a net catastrophe loss ratio of 10.5%.
The net catastrophe loss ratio was 0.4% for its vehicle business and 0.9% overall for its personal lines business.
The companywide total net cat loss ratio, including the personal lines business and the commercial lines business, was 0.7%.
Progressive reported a combined ratio of 83.1% for its property business in January, with a Loss/LAE ratio of 53.9% and an expense ratio of 29.2%.
For its personal lines business, the total combined ratio was 83.8%, with a Loss/LAE ratio of 63.2% and an expense ratio of 20.6%.
Companywide, the total combined ratio stood at 84.1% for the month, consisting of a Loss/LAE ratio of 63.8% and an expense ratio of 20.3%.
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