The Travelers Cos. says it expects after-tax catastrophe losses of about $1 billion from numerous weather events in April and May, coming in with the largest of four recent loss estimates for spring U.S. storms that spawned numerous deadly tornadoes.
Travelers says losses were mainly in its business and personal-insurance segments.
Cincinnati Financial Corp. says second-quarter losses from the April and May storms will be between $240 million and $290 million, net of reinsurance. April losses alone are expected to contribute between $155 million and $190 million of those losses.
State Auto Financial Corp. says it expects between $45 million and $50 million in pretax catastrophe losses from U.S. storms in May, and between $75 million and $85 million for April losses. The company says it received 9,000 claims from May storms. State Auto adds that prior to 2011, its historic five-year second-quarter average catastrophe-loss ratio was 18 percentage points, or $50 million in losses.
XL Group says April and May storms are expected to cause losses of between $50 million and $75 million, pretax and net of reinsurance and reinstatement premiums. The losses will be mostly attributable to XL's reinsurance segment
Earlier this month, AIR Worldwide said losses from storms that occurred May 20-27 could cause insured losses of between $4 billion and $7 billion.
In late May, catastrophe-modeler Risk Management Solutions said losses from the April storms will likely be in the range of $3.5 billion to $6 billion.
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