Severe weather claims in Q2 hit major US insurers

Chubb and Travelers reported Q2 results hurt by severe whether claims.

Chubb reported that net income in the second quarter of 2010 was $518m compared to $551m in the second quarter of 2009, hit by $193m a catastrophe losses.

It blamed “numerous storms throughout the United States, the most significant of which was the May hailstorm in Oklahoma”.

Travelers reported net income of $670m, compared to $740m, caused by a $239m pre-tax increase in catastrophe losses (increase of 4.5 points). Catastrophe losses were primarily due to several severe wind and hail storms as well as flooding.