Progressive profits too much, may have to refund Florida auto policyholders

Progressive profits too much, may have to refund Florida auto policyholders

Progressive may have to refund Florida auto policyholders because it has made more profit in the past three years than state law allows, according to a recent Progressive SEC filing.  The filing claims that since Florida’s insurance reform was enacted in early 2023, Progressive has seen lower loss costs on certain types of personal auto accident claims and favorable reserve development.  Progressive says it has lowered its personal auto rates tw…