Travelers Reports Doubled Catastrophe Losses Due to Severe Weather

Travelers, considered a bellwether for the insurance industry due to its size, said catastrophe losses doubled in its most recent quarter and the company swung to a loss as severe wind and hailstorms in a number of regions led to rising coverage claims.

The increasing frequency of extreme weather from hurricanes and wildfires to high winds and hail, are leading to disruptions in the insurance industry with some companies pulling out of states that are getting hit hard, such as Florida and California.

Catastrophe losses at Travelers jumped to $1.48 billion for the three-month period ending on June 30, up from $746 million in the same period last year.