Insight and Intelligence on the London & International Insurance Markets

25 February 2018

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Progressive’s Harvey loss suggests less industry pain

Ted Bunker 20 September 2017

Progressive reported sharply lower than expected catastrophe losses related to Hurricane Harvey that led to a nearly 2.9 percent gain in its shares yesterday, in a possible indication that overall insured damage from the storm is less than forecast.

The big US auto and home insurer said it incurred about $254mn in cat losses in August, adding 12.6 percentage points to its loss ratio for the month, with over 90 percent coming from Harvey.

Morgan Stanley analysts said the Harvey...

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