Chubb disaster losses up to $475M in third quarter
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WARREN, N.J. (Reuters)—Property insurer Chubb Corp. on Wednesday warned it would report up to $475 million in pretax catastrophe losses in the third quarter, most of it coming from late August's Hurricane Irene.
Chubb said $300 million to $375 million of the $400 million to $475 million in total losses came from Irene, which last month caused severe flooding and wind damage from the Carolinas all the way up to Vermont.
The losses amount to a range of 90 cents to $1.07 per share after tax, Chubb added. It will report full results for the quarter on Oct. 20.
Most of the country's large property insurers are expected to report substantial disaster losses for the quarter because of Irene, although analysts typically build some hurricane losses into their third-quarter models.
