Travelers' Q2 Profits Plummet 98% Due to Catastrophe Losses
Insurer Travelers Companies Inc reported a 98% decline in quarterly profit due to severe wind and hail storms in the United States, which increased its catastrophe losses. The company's core income fell to $15 million, or $0.06 per share, compared to $625 million, or $2.57 per share, in the same period last year. The storms caused Travelers' catastrophe losses to rise to $1.48 billion from $746 million a year earlier. The U.S. Midwest and South were particularly affected by the storms, contributing to a series of weather-related events that have impacted insurers' profitability.