Travelers says its second-quarter profit dropped 9 percent because of a jump in claims paid to cover weather-related losses.

The big insurance company also cited weakness in the economy as it cut the upper end of its earnings forecast for the year by 10 cents.

Several severe wind and hail storms and flooding during the second quarter led to the increase in claims.

Travelers reported its net income fell to $670 million, or $1.35 per share, in the three months ended June 30. That's down from $740 million, or $1.27 per share, a year ago.

Operating income, which excludes investment losses, was $690 million, or $1.39 per share.

Analysts polled by Thomson Reuters had forecast earnings of $1.49 per share.