“(Reuters) – Travelers Cos Inc reported lower-than-expected quarterly profit on Thursday as the insurer’s catastrophe losses fell from a year ago but were still higher than historical norms.
Travelers executives said they believe the industry lost more than $10 billion on natural disasters in the April-June period, making it one of the worst quarters ever. Chief Executive Jay Fishman, on a call with analysts, said the company lost more in the quarter than it would normally lose in a full year not that long ago.
To deal with the losses, Travelers said it is continuing to push for higher prices where it can and also tightening up on terms and conditions — for example, refusing to insure houses with roofs of a certain age.”
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