Progressive Corp. says it sustained catastrophe losses of about $55 million in October due to Superstorm Sandy, but net income for the month increased 37 percent compared to the same month last year.
Net premiums earned were up 9 percent in October to about $1.58 billion, and net realized gains on securities increased 131 percent compared to a year ago.
Progressive says much of the $55 million in Sandy catastrophe losses—about 80 percent—come from claims in New York and New Jersey.
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