Safety in the News

• Safety Insurance Group, Inc. Announces Second Quarter 2024 Results and Declares Third Quarter 2024 Dividend PDF

  August 7, 2024

  George M. Murphy, Chairman of the Board of Directors, President and Chief Executive Officer, commented: “We are seeing the financial impact of both ongoing rate increases and growth in policy counts with net earned premium increasing by 22.1% for the second quarter of 2024 compared to 2023. However, the growth in policy counts combined with ongoing inflationary trends in the Private Passenger Automobile book of business has resulted in an increase in current year loss experience compared to second quarter of 2023.”

• Safety Insurance Group, Inc. Announces First Quarter 2024 Results and Declares Second Quarter 2024 Dividend PDF

  May 8, 2024

  George M. Murphy, Chairman of the Board of Directors, President and Chief Executive Officer, commented: “We are beginning to see the financial impact of our prior year growth with net earned premium increasing for the quarter by 23.1%. As a result, our first quarter combined ratio in 2024 improved to 101.9% compared to 118.5% in the first quarter of 2023, which was impacted by a Winter Freeze event. While severity trends in our Private Passenger Automobile book of business are showing signs of stabilization, the losses and loss adjustment expenses in 2024 are still being impacted by continued inflationary pressure. We continue to see positive trends in all revenue line items and have been approved for additional rate increases across multiple lines of business. We remain confident in our pricing and underwriting strategies.”

• Safety Insurance Group, Inc. Announces Fourth Quarter and Full Year 2023 Results PDF

  February 27, 2024

  George M. Murphy, Chairman of the Board of Directors, President and Chief Executive Officer, commented: “2023 saw Safety Insurance post record top-line growth as Direct Written Premiums increased by 20.4% as a result of a 10.2% increase in overall policy counts and a 10.9% increase in average premium per policy, blended across all lines of business. While Safety achieved positive trends in all major revenue streams, ongoing inflationary impacts contributed to an elevated loss ratio specific to our Private Passenger Automobile book of business. For the year ended December 31, 2023, Safety Insurance posted a 107.7% combined ratio, resulting from these inflationary impacts and several weather events. For the fourth quarter 2023, Safety posted a 106.5% combined ratio resulting from a December 18th wind event that added $12.0M in Loss and Loss Adjustment Expenses as well as the continued elevated Private Passenger Auto loss ratio.”

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