Chubb and Travelers dive

Chubb and Travelers reported Q2 results hurt by severe whether claims.

Chubb reported that net income in the second quarter of 2010 was $518m compared to $551m in the second quarter of 2009, hit by $193m a catastrophe losses.

It blamed “numerous storms throughout the United States, the most significant of which was the May hailstorm in Oklahoma”.

Travelers reported net income of $670m, compared to $740m, caused by a $239m pre-tax increase in catastrophe losses (increase of 4.5 points). Catastrophe losses were primarily due to several severe wind and hail storms as well as flooding.