Oct 15 (Reuters) - Progressive Corp ( PGR ) said on

Tuesday its third-quarter profit more than doubled, driven by

strong demand for personal auto insurance policies.

Encouraged by expectations of a soft landing, individuals

and businesses are spending on insurance policies despite higher

prices. Wage growth and a relatively strong labor market have

also given confidence to customers to buy policies.

Net income of the insurer rose to $2.33 billion, or $3.97

per share, in the three months ended September 30, compared with

$1.12 billion, or $1.89 per share, a year ago.

The company had 29.3 million personal insurance policies in

force, 15% higher than last year.

Net premiums written jumped 25% to $19.46 billion, while its

combined ratio was 89%, versus 92.4% last year. A ratio below

100% means the insurer earned more in premiums than it paid out

in claims.

Progressive also said it incurred catastrophe losses of $563

million in September related to Hurricane Helena. The company

expects its vehicle business to incur catastrophe losses of

nearly $325 million in October due to Hurricane Milton.

The Mayfield Village, Ohio-based company's shares have risen

about 58.1% in 2024 as of last close, compared with a 22.9% gain

in the benchmark S&P 500 index.