Property Insurer Travelers Swings to Loss Following Storms

Travelers posted a net loss of $14 million for the quarter, down from a $551 million net income for the comparable period the year before. The insurance giant reported a near doubling in catastrophe losses to $1.5 billion, compared with $746 million for the second quarter of last year.

Source: WSJ | Published on July 20, 2023

Travelers 2Q 2023 losses

Property-casualty insurer Travelers swung to a loss for the three months through June after severe wind and hail storms in multiple states drove up claims.

Travelers posted a net loss of $14 million for the quarter, down from a $551 million net income for the comparable period the year before. The insurance giant reported a near doubling in catastrophe losses to $1.5 billion, compared with $746 million for the second quarter of last year.

Alan Schnitzer, Travelers’s chairman and chief executive officer, said the company achieved “strong underlying results and investment returns,” but these were “offset by an historic level of industry-wide catastrophe losses.”

Travelers lost 6.5 cents for every dollar in premium in the three months, the company said.