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Chubb posts $380 million in first-quarter catastrophe losses

Chubb posts $380 million in first-quarter catastrophe losses

Chubb Ltd. saw $380 million in first-quarter 2018 catastrophe losses, the insurer said Wednesday.

The preliminary estimates for first-quarter losses are $305 million after tax and include losses from the California mudslides in January, which are estimated at $125 million pretax, Chubb said in a statement.

Losses from winter storms that struck the East Coast on Jan. 3 and March 1 are estimated at $115 million and $80 million pretax, respectively, according to the statement.

Other first-quarter losses due to natural catastrophes are estimated at $60 million pretax, according to the statement.

The loss estimates are net of reinsurance, include reinstatement premiums and comprise losses generated from the insurer’s commercial and personal property/casualty insurance businesses, as well as its reinsurance operations, Chubb said in the statement.

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