Should home insurers provide refunds of excess profit?

In a recent report to stockholders, insurance giant Progressive used a word that every company would prefer to avoid: Refund.

A statement filed by the company with the U.S. Securities and Exchange Commission warned that premiums collected from its auto insurance policyholders could exceed what’s allowable by Florida law over three years, Insurance Journal first reported earlier in August.

If that turns out to be the case through 2025, the third year, Progressive might have to issue cash refunds or provide credits toward future premiums, the company said.

Refunds on insurance premiums? What a concept. Where can Florida home insurance customers sign up?

It turns out there is a law that would require property insurers to provide refunds if they make excess profits. But those profits wou