The Travelers Cos. says it expects after-tax catastrophe losses of about $1 billion from numerous weather events in April and May, coming in with the largest of four recent loss estimates for spring U.S. storms that spawned numerous deadly tornadoes.

Changes in the global economy, particularly in developing nations, present significant opportunities for the insurance industry as the global middle class expands and insurance needs grow, according to Willis Group’s chairman and CEO.

Catastrophe losses in April and May could end up costing Allstate Corp. $2 billion, according to the company’s most recent estimate.

Catastrophe losses in April and May could end up costing Allstate Corp. $2 billion, according to the company’s most recent estimate.

Despite a third consecutive year of underwriting losses, Fitch Ratings says it is maintaining its stable outlook on the personal-lines insurance market based on the industry’s strong capital position and expectations that market pricing conditions will continue to trend positively.

Recent news that U.S. commercial property and casualty rates fell 4 percent in May is a “significant credit negative” for the sector, according to Moody’s, and the issue will likely continue to plague casualty lines through the medium term.

Price declines are the biggest risk factor for primary property and casualty companies, according to Standard & Poor’s, and the declines are a reason why commercial lines remains the only insurance sector with a negative outlook.

While one insurance executive says the current market cycle has been “very unique and different” because its bottom coincides with an economic downturn, another executive says the same human factors of “fear and greed” are driving insurers’ behavior.