Travelers Property Casualty Corp. announced that its preliminary estimate for catastrophe losses from severe storms during the second quarter through May 21 is approximately $78.0 million, after reinsurance and tax.
This estimate includes net losses of approximately $45.0 million in Personal Lines and approximately $33.0 million in Commercial Lines. For the full prior year quarter, catastrophes losses, after reinsurance and tax, were $14.3 million all of which were attributable to Personal Lines.
Management’s estimate of full year net and operating income is being adjusted to the range of $1.65 billion to $1.75 billion from the previous range of $1.7 billion to $1.8 billion. The new estimate is based on various assumptions, which include no further net charges for prior year reserve development, no asbestos incurrals, and, for the remainder of the year, a normal level of catastrophe losses and no significant net realized investment gains or losses.
“This has been among the most active quarters for catastrophe events on record,” Douglas Elliot, Chief Operating Officer, commented. “We have had more than 150 claim specialists and three of our catastrophe vans, which serve as mobile claim headquarters, in the affected areas helping our customers get their lives and businesses back on track.”
Catastrophe losses in the quarter resulted from hail and ice storms in New York, Texas and mid-western states in April, followed, in May, by tornados and hailstorms principally in Alabama, the Carolinas, Colorado, Georgia, Kansas, Kentucky, Illinois, Indiana, Missouri, Nebraska, Ohio, Oklahoma, Tennessee, and Texas.
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