American International Group, the bailed-out insurer, will face costs of about $500 million from US storms in April and May, JPMorgan Chase said.

“High catastrophe losses are likely to pressure property-and-casualty margins in the second quarter,” said Jimmy Bhullar, an analyst at JPMorgan, in a note to investorsyesterday.

AIG had first-quarter losses of $1.7 billion on disasters including the March earthquake and tsunami in Japan.