Catastrophes Unlike Anything in Past Decade Wallop U.S. Insurers
- Allstate says disasters cost $906 million in second quarter
- Travelers profit misses estimates after hail storms, tornadoes
Houses and vehicles stand in floodwaters due to Hurricane Harvey in Spring, Texas, on Aug. 28, 2017.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Wildfires, hurricanes, tornadoes, hail storms, Nor’easters and mudslides. A string of disasters has pummeled the biggest U.S. insurers over the past year, and the second quarter was no exception.
Allstate Corp. estimated its pretax catastrophe losses at $906 million for the period, the most in a year, and Travelers Cos. reported its sixth-straight quarter in which such costs rose above $300 million.