Progressive announces updated loss estimates from Hurrican Ian

The Progressive Corporation reported updated incurred loss estimates related to Hurricane Ian, which made multiple landfalls beginning in late September 2022. As of December 20, 2022, our estimate, which is subject to change, for our vehicle losses, including boats and recreational vehicles, is essentially unchanged from November 2022. For our Property business, prior to giving effect to reinsurance, our loss and allocated loss adjustment expenses is estimated to be $1B, which reflects favorable development of $400M from our estimated loss and ALAE of $1.4B reported as of September 30, 2022. Given that we exceeded our $200M retention threshold under our reinsurance contracts in September 2022, this change in estimate for our Property losses and ALAE will not impact our results of operations for December.