(NYSE: PGR) kicked off earnings season last week, and the results stunned investors. The blue chip insurance company announced earnings that missed both revenue and earnings per share estimates by analysts. 

After its earnings announcement on July 13, Progressive stock plummeted 13% -- its largest one-day decline in two decades. Perhaps the most surprising development was the uptick in insurance losses for the historically steady business.

Progressive, along with other insurers, has struggled with the lingering effects of inflation on the cost of repairs and replacement vehicles. Here's what investors need to know about Progressive, the broader insurance industry, and where things go from here.

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Source Fool.com