XL estimates $250 million in fourth-quarter catastrophe lossesPosted On: Dec. 7, 2017 8:22 AM CST
XL Group Ltd. expects to report $250 million in net catastrophe losses for the fourth quarter, with most of the claims resulting from wildfires in California, the insurer and reinsurer announced Thursday.
About $200 million of the losses, which are pretax and net of reinsurance, are related to reinsurance claims from wildfires in California during October, XL said in a statement.
XL is one of several large insurers and reinsurers that have pre-announced catastrophe losses for the fourth quarter. Late last month, Chubb Ltd. said it expects to report $320 million in pretax catastrophe losses for the fourth quarter, of which $280 million relates to California wildfire claims. During its third-quarter results call in early November, American International Group Inc. said its early estimate for California wildfire losses is $500 million.
On Wednesday, the California Department of Insurance said that insured losses for the October wildfires in the state have topped $9.4 billion.