Underwriting Operations — Losses (excluding catastrophe losses)
Progressive Underwriting Operations — Losses (excluding catastrophe losses) increased by 6.6% to $12.12B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 9.1%, from $11.11B to $12.12B. Over 3 years (FY 2022 to FY 2025), Underwriting Operations — Losses (excluding catastrophe losses) shows an upward trend with a 12.5% CAGR. This increase may warrant attention — for this metric, lower values are generally preferred.
Analysis
How to read this metric
A decrease relative to premiums suggests improved risk selection and pricing accuracy, while an increase may indicate deteriorating loss trends or inadequate pricing.
Detailed definition
This represents the costs incurred from standard insurance claims, excluding those arising from major, unpredictable cat...
Peer comparison
Often referred to as 'attritional losses' in the insurance industry; essential for assessing the core risk profile of the underwriting book.
pgr_segment_underwriting_operations_losses_excluding_catastrophe_lossesHistorical Data
| Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $7.96B | $7.96B | $7.96B | $7.96B | $9.59B | $9.59B | $9.59B | $9.59B | $9.15B | $9.73B | $10.12B | $11.11B | $10.67B | $11.13B | $11.38B | $12.12B |
| QoQ Change | — | +0.0% | +0.0% | +0.0% | +20.6% | +0.0% | +0.0% | +0.0% | -4.6% | +6.3% | +4.0% | +9.8% | -4.0% | +4.4% | +2.2% | +6.6% |
| YoY Change | — | — | — | — | +20.6% | +20.6% | +20.6% | +20.6% | -4.6% | +1.4% | +5.5% | +15.8% | +16.5% | +14.5% | +12.4% | +9.1% |
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Frequently Asked Questions
- What is Progressive's underwriting operations — losses (excluding catastrophe losses)?
- Progressive (PGR) reported underwriting operations — losses (excluding catastrophe losses) of $12.12B in Q4 2025.
- How has Progressive's underwriting operations — losses (excluding catastrophe losses) changed year-over-year?
- Progressive's underwriting operations — losses (excluding catastrophe losses) increased by 9.1% year-over-year, from $11.11B to $12.12B.
- What is the long-term trend for Progressive's underwriting operations — losses (excluding catastrophe losses)?
- Over 3 years (2022 to 2025), Progressive's underwriting operations — losses (excluding catastrophe losses) has grown at a 12.5% compound annual growth rate (CAGR), from $31.83B to $45.30B.
- What does underwriting operations — losses (excluding catastrophe losses) mean?
- The cost of regular insurance claims, excluding major disasters.