Chubb’s storm losses top $1 billionReprints
Chubb Ltd. said Wednesday that its after-tax insured losses for hurricanes Harvey and Irma will exceed $1 billion.
The insurer said its losses from Hurricane Harvey, which caused widespread flooding in Texas last month, would be approximately $520 million after tax and its losses for Hurricane Irma, which hit the Caribbean and Florida earlier this month, would be between $640 million and $760 million.
Estimates are net of reinsurance, include reinstatement premiums and include losses from both commercial and personal property/casualty insurance policies as well as reinsurance operations, a Chubb statement said.
Industry loss estimates for the recent spate of natural catastrophes are mounting but the sector is expected to be able to manage losses.
“The catastrophes we have experienced in the last five weeks, including hurricanes Harvey, Irma and Maria, and the earthquakes in Mexico, have been significant events, causing both a tragic loss of life and considerable property and infrastructure damage,” said Evan G. Greenberg, chairman and CEO.