Insurer Travelers profit falls 14% on elevated U.S. catastrophe losses
) on Wednesday reported a 14% fall in quarterly profit, as severe wind and hail storms in parts of the United States drove up catastrophe losses for the insurer.
Severe wind and hail storms in multiple states caused the insurer's catastrophe losses net of reinsurance to jump to $850 million from $512 million a year earlier. The United States accounted for 23 out of 29 natural disasters that caused a loss of 1 billion dollar each in the period, the broker said.
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