The insurer renewed its indemnity aggregate, but added a parametric reinsurance layer to cover severe convective storms
Progressive buys parametric SCS agg reinsurance | | | Progressive added parametric SCS aggregate reinsurance for 2025  During its reinsurance renewals for 2025, US insurer Progressive added a novel parametric severe convective storm aggregate reinsurance arrangement, to provide it with responsive aggregate protection for qualifying thunderstorm, hail and tornado loss events. The parametric aggregate reinsurance covers accumulated SCS losses, including from severe thunderstorm events characterised by strong winds, heavy rain, large hail, thunder, lightning, and sometimes tornadoes, above a retention of $665 million, and offers Progressive $15 million of coverage. Read the full story. Other articles: | | | | | | Please share this with colleagues and friends if you think they would like to receive it.
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