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July 24, 2023

Hanover anticipates $262M in catastrophe losses amid national string of violent storms

Photo | Courtesy of Adobe Stock Nationwide storms have proved costly for the insurance industry.

The Hanover Insurance Group estimates second quarter catastrophe losses of $262 million following 19 major thunderstorms across multiple states.

Hail storms accounted for the majority of reported losses, particularly in Michigan, according to a Thursday press release from The Hanover.

"We experienced significant catastrophe losses in the second quarter, which according to industry estimates, is expected to be the worst second quarter for U.S. catastrophe losses since 2011, and potentially the industry's costliest quarter for hail losses in history," Hanover President & CEO John Roche said in the release.

Outside of the catastrophe losses hitting the company’s personal lines business, the company’s second-quarter results are in line with expectations, anchored by its specialty and core commercial businesses, Roche said.
The Hanover Insurance Group is the largest publicly-traded company based in Worcester with a market capitalization just under $4 billion. The company reported $5.5 billion in revenue in 2022 and employs 1,600 people in Central Massachusetts, according to the WBJ Research Department.

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