THUNDERSTORM LOSSES TOP HURRICANES FOR PROGRESSIVE IN 2017

US motor and home insurer Progressive saw higher losses from thunderstorms than hurricanes in 2017, chief executive Tricia Griffith said in her annual letter to shareholders. Griffith said that severe thunderstorms and hailstorms added 25.6 points to the property segment’s combined ratio during the year net of the $5m recoverable it posted under its aggregate stop-loss reinsurance agreement. Hurricane Irma contributed just 5.1 points to the segment’s combined ratio, as all losses in excess of $50m were ceded to reinsurers. Losses from hurricane Harvey were under the group’s reinsurance threshold and contributed just 1.7 points to the segment’s combined ratio.