Progressive's Harvey loss suggests less industry pain

Progressive reported sharply lower than expected catastrophe losses
related to Hurricane Harvey, which led to a nearly 2.9 percent gain
in its shares yesterday, may indicate less overall insured damage
than has been forecast from the storm.
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 losses were...