NEW YORK (Bloomberg) - Chubb Corp., the Warren, New Jersey-based property insurer, said second-quarter profit fell 34 percent amid industry-wide price declines and a surge in claims tied to the record number of tornadoes in the period.

Net income slipped to $469 million, or $1.27 a share, from $709 million, or $1.75, in the year-earlier period, the company said yesterday in a statement. Operating earnings of $1.40 a share missed by eight cents the average estimate of 20 analysts.