Discontinued — last reported Q1 '23
Property — Prior years
Progressive Property — Prior years remained flat by 0.0% to $42.00M in Q1 2023 compared to the prior quarter. Year-over-year, this metric grew by 362.5%, from -$16.00M to $42.00M. This decline may warrant attention — for this metric, higher values are generally preferred.
Analysis
How to read this metric
A decrease in reserves (favorable development) signals conservative prior reserving practices, while an increase (adverse development) may signal unexpected claims inflation or severity in the Property portfolio.
Detailed definition
This metric represents the development of loss reserves for the Property insurance segment related to claims incurred in...
Peer comparison
Peers in the property and casualty insurance industry report similar reserve development metrics, which are critical for assessing the accuracy of actuarial assumptions and underwriting discipline.
pgr_segment_property_prior_yearsHistorical Data
| Q2 '21 | Q2 '21 | Q3 '21 | Q3 '21 | Q4 '21 | Q4 '21 | Q1 '22 | Q1 '22 | Q1 '23 | Q1 '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Value | $12.00M | $12.00M | $11.00M | $11.00M | $5.00M | $5.00M | -$16.00M | -$16.00M | $42.00M | $42.00M |
| QoQ Change | — | +0.0% | -8.3% | +0.0% | -54.5% | +0.0% | -420.0% | +0.0% | +362.5% | +0.0% |
| YoY Change | — | — | — | — | — | — | — | — | +362.5% | +362.5% |
Similar Metrics at Other Companies
Frequently Asked Questions
- What is Progressive's property — prior years?
- Progressive (PGR) reported property — prior years of $42.00M in Q1 2023.
- How has Progressive's property — prior years changed year-over-year?
- Progressive's property — prior years increased by 362.5% year-over-year, from -$16.00M to $42.00M.
- What does property — prior years mean?
- The change in estimated costs for insurance claims that occurred in previous years within the Property segment.