- Property and casualty insurer The Progressive ( NYSE: PGR ) reduced its loss estimates from Hurricane Ian.
- The hurricane made multiple landfalls beginning in late September.
- PGR now estimates losses and allocated loss adjustment expenses for its property business as of December-end to be $1B, prior to giving effect to reinsurance.
- The $1B amount reflects favorable development of $400M from its previously estimated loss and allocated loss adjustment expenses of $1.4B, reported as of Sep. 30.
- The company's estimates for vehicle losses, including boats and recreational vehicles, is essentially unchanged from November.
- The company said the change in loss estimates will not impact its results of operations for December.
- Source: Press Release
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The Progressive reduces loss estimates from Hurricane Ian