Progressive Insurance will begin issuing credits to Florida personal auto policyholders after determining it exceeded the state’s statutory profit limit for the 2023-2025 accident year period.
Florida law requires insurance carriers to return excess profits on a pro rata basis to policyholders when profits exceed the statutory limit. The insurer said it is issuing credits earlier than required by state law.
“Since Florida insurance reform in 2023, Progressive has experienced lower than anticipated loss costs in the state for certain types of personal auto accident claims and has experienced strong financial performance in our Florida personal auto business,” the company
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