Last year marked the third-costliest year for catastrophic weather events since at least 1980.
that hit 37 states, the District of Columbia and Canada late last month—representing roughly $200 million more in costs than analysts had initially projected.
As a result, the firm expects it will post a profit of about $810 million, or $3.40 per share, when it reports quarterly earnings next Tuesday—coming in 16% below average analyst expectations. Shares of Travelers fell 5% Tuesday after the announcement—pushing the stock to its lowest level since late December, though it's still up about 15% over the past year, compared to a 13% decline for the S&P 500.
“Aside from the catastrophic weather, underlying results were exceptional," CEO Alan Schnitzer said in a statement about the losses, noting the firm was able to hike prices in order to address challenges including higher industry-wide costs.
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