Chubb expects Hurricane Maria-related insurance losses of $200 millionReprints
(Reuters) — Property/casualty insurer Chubb Ltd. on Monday estimated that its maximum net insurance and net reinsurance losses related to Hurricane Maria would be about $200 million after taxes for the third quarter of 2017.
The world's largest listed property/casualty insurer said it estimated that all other natural catastrophe net insured losses in the quarter, other than those announced for hurricanes Harvey and Irma, would about $86 million after tax.
Chubb also estimated after-tax losses of up to $1.28 billion from hurricanes Harvey and Irma. It expects insured losses of about $520 million from Harvey and $640 million to $760 million from Irma after tax.
Losses from Hurricane Maria and other recent natural catastrophes, including hurricanes Irma and Harvey and the Mexico City earthquakes, have led other global insurers and reinsurers to issue profit warnings as well.
Below are their statements in the wake of the catastrophes:
Allstate Corp., the second-largest U.S. homeowners insurer based on premiums collected, estimated pretax catastrophe losses of $593 million, net of reinsurance recoveries, for August.
Lloyd's of London insurer Beazley said losses from hurricanes Harvey, Irma and Maria and a series of earthquakes in Mexico would reduce its 2017 earnings by about $150 million.
German reinsurer Hannover Re S.E. said it could miss its 2017 profit target because of claims from the natural disasters, its first such warning since the 2008 financial crisis.
HCI Group's principal operating subsidiary, Homeowners Choice Property & Casualty Insurance, a provider of home insurance in Florida, issued a preliminary estimate indicating its losses related to Hurricane Irma would be $100 million to $300 million.
Lloyd's of London underwriter Hiscox Ltd. estimated it would face net claims totaling about $225 million from Harvey and Irma.
LLOYD'S OF LONDON
Lloyd's of London expects net losses of $4.5 billion from hurricanes Harvey and Irma, which analysts said would eat into the insurer's capital and hit its profitability. Lloyd's 80-plus syndicates have already paid out more than $160 million in claims from Harvey and more than $240 million from Irma.
Maiden Holdings Ltd. said it expected a net impact from Harvey on its third-quarter results of $6 million to $18 million and $2 million to $13 million from Irma.
Spain's Mapfre S.A. said the size and frequency of hurricanes in the Caribbean and earthquake in Mexico would imply a net cost of between €150 million to €200 million million ($177.2 million to $236.3 million) on its attributable result for the year.
Germany's Munich Reinsurance Co. warned it could miss its profit target this year, the first major reinsurer to flag a hit to earnings from damage caused by hurricanes Harvey and Irma.
Specialty insurer RLI Corp. said it expects third-quarter pretax losses of $30 million to $40 million from Harvey and Irma, net of reinsurance.
British motor and home insurer RSA Insurance Group P.L.C. said its U.K. business would see catastrophe losses from the U.S., Caribbean and Mexico, impacting September results in the marine and international portfolios.
French reinsurer Scor S.E. said hurricanes Harvey and Irma are expected to represent an earnings event rather than a capital event in the third quarter.
German insurer Talanx A.G. warned it may miss its profit target for 2017 as its reinsurer Hannover Re S.E. is being hit by major claims from a series of hurricanes and an earthquake in Mexico.