Travelers Cos. Inc. reversed early losses and traded up 2% on Thursday after the insurer suffered a $1.5 billion loss in its second quarter due to catastrophe losses.

This is almost twice the $746 Million in catastrophe losses that were recorded the previous year. The wind and hail storms caused in several states were to blame.

In a press release, Chief Executive Alan Schnitzer stated that “this quarter, we reported strong underlying performance and investment returns as well as net positive prior year reserve developments, which were essentially off-set by an unprecedented level of catastrophe losses industry-wide.”

Schnitzer told analysts that PCS designated catastrophe events occurred on 88 out of 91 days during the third quarter. PCS (Property Claim Services) is the authority in insured property losses resulting from disasters in the U.S.

Daniel Frey, Chief Financial Officer, said on the conference call that the company TRV, +2.19% has had six events exceed the $100 million mark, the highest number ever in a quarter since the table was first disclosed in 2013.

According to the National Oceanic and Atmospheric Administration, there have been seven weather disasters so far in 2023. The National Oceanic and Atmospheric Administration reported that there were seven weather disasters in the U.S. in 2023.

A cold wave hit the Northeast early in February, causing trees to fall and power lines to be downed in New England. In March and April, tornadoes, severe thunderstorms, and hail ravaged the Southeast and Midwest.

Flash flooding in Pennsylvania kills at least five people after heavy rains again flood the Northeast

Travelers, based in New York, posted a quarterly net loss of 14 million dollars, or 7 cents per share. This was after a profit of $551 millions, or $2.27 per share, the previous year.

The adjusted earnings per share of the company came in at 6 cents. This is well below FactSet’s consensus estimate of $2.05.

Revenue rose from $9.136 to $10.098 billion, beating the FactSet consensus of $9.972billion.

Net premiums written rose by 14%, to $10.31 billion.

The company’s combined ratio, which is a measure for overall profitability, was 91.1% in the first quarter of this year, down from 92.8% last year. The net reserve development of the company was $60 million before tax.

Underwriting losses of $640m were incurred by the company, compared to a profit of $113m a year earlier. Net investment income increased 5% to $712 millions.

The stock is down 9% year-to-date, while Dow Jones Industrial Average , +0.58% , has increased by 6%.