Progressive's $75mn August cat bill driven by auto flood losses

US insurance giant Progressive incurred $75mn of catastrophe losses
in August driven by the Louisiana floods.The total was equivalent to 4.2 loss ratio points and compared to
only $9mn, or 0.6 loss ratio points in the same month last year.The company said that $57mn of the catastrophe losses were from its
auto businesses, predominantly in personal lines, with the rest
impacting its property insurance book.It added that the Louisiana floods accounted for
"substantially all" of its auto...