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A summer filled with catastrophe from hurricanes to tropical storms hammers Travelers Q3.

The Travelers Insurance Companies says third-quarter net income dropped 67 percent primarily on weather-related catastrophe claims that have rocked the insurance industry.

Travelers says net income dropped $672 million to $333 million in the third quarter compared to last year, which translated into net income per share of 79 cents, down $1.32 cents a share. Total revenues were down 1 percent, or $75 million, to $6.4 billion. Net premium written for the quarter rose 4 percent, or $210 million, to $5.7 billion.

Q3 resulted in an increase in cat losses of $489 million, to $606 million pre-tax.

Cat losses drove Travelers Q3 combined ratio up 13.9 points to 104.5 vs 90.6 for lat Q3.

Combine ratio consists of how much premium a insurance company takes in vs. how much they pay out.  Anything over 100 on a combined ratio means the company is losing money.

Even with the huge losses we have seen in the property and casualty industry this year Travelers Ohio rates have remained inline with the other Ohio insurance company we compete against.

Posted 5:53 PM

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