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The
company's core income fell to $526 million, or $2.20 per share,
in the third quarter ended Sept. 30, from $655 million, or $2.60
per share, a year earlier.
New York-based Travelers, often seen as a bellwether for the
insurance sector as it typically reports before its industry
peers, posted record net written premiums growth of 10% to $9.02
billion in the quarter.
Hurricanes Ian and Fiona, as well as severe storms in many U.S.
regions, pushed the insurer's pretax catastrophe losses to $512
million from $501 million last year.
Insurers are bracing for a hit of up to $57 billion from
Hurricane Ian in Florida and South Carolina, risk modeling firm
Verisk said earlier this month.
Industry experts already expect the hurricane impact to push
insurers into bankruptcy, homeowners into delinquency and make
insurance less accessible in regions such as Florida.
The insurance industry also faces hefty claims from the Ukraine
crisis and greater uncertainty brought on by higher claims costs
from inflation.
Pretax net investment income dropped 23% to $593 million,
Travelers said.
The company reported a combined ratio of 98.2%, compared with
98.6% a year earlier. A ratio below 100% means the insurer
earned more in premiums than it paid out in claims.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by
Devika Syamnath)
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