Progressive Corporation records $40 million reinsurance recovery for February

Reinsurance recovery - Winter storm - ice on home

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…

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Amlin releases new estimates for catastrophe losses

Amlin Plc, a UK and Lloyd’s insurance company, gave a presentation to analysts in order to provide its most recent estimates regarding its catastrophe losses as a result of major events this year.  At that meeting, they announced that their estimations had reached approximately $50 million in their net claims resulting from the two serious American tornadoes that occurred in April and May of this year.  They also stated that their estimations regarding the earthquake claims from the events in Japan and New Zealand “remain subject to uncertainty.” They added…

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