Hurricane Ian Storm Damage, Source: FHP The Progressive insurance company incurred more than $600 million in losses from vehicle damage in Hurrica
The Progressive insurance company incurred more than $600 million in losses from vehicle damage in Hurricane Ian, according to information released Wednesday.
Progressive said a November estimate of $615 million was “essentially unchanged,” with the total including losses to boats.
In a news release, Progressive also said it estimated property losses of about $1 billion, down from an earlier estimate of $1.4 billion.
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“We continue to evaluate and reserve for this catastrophe using our knowledge and experience of reporting patterns from many past storms, in addition to actual claims reported and assumptions specific to this hurricane. As further described in our periodic reports filed with the SEC, these estimates will continue to change, and could change materially, favorably or unfavorably, as additional information develops, and additional claims are reported,” said the release.
After taking reinsurance into consideration, it is responsible for $200 million of the property-related costs — a number that did not change.
The Category 4 hurricane made landfall on Sept. 28 in Southwest Florida before crossing the state.
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