The US winter storms, particularly occurring in Texas and Oregon, generated massive catastrophe losses. The Progressive Corporation recorded reinsurance recovery of $40 million in February as a result of the extreme winter weather that struck southern regions of the United States. Insurance damages left behind by the extreme and uncommon weather in the south were substantial. During February 2021, Progressive’s catastrophe losses were recorded at $87 million. This translated to a net catastrophe loss ratio of 2.7 percent of the insurer’s earned premiums, including the reinsurance recovery impact. The vast…
Read MoreProgressive Corporation records $40 million reinsurance recovery for February
