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(Reuters) — Property and casualty insurer Chubb Ltd. estimated natural catastrophe losses for the second quarter to be about 54% higher than the first quarter, indicating another quarter of high losses due to natural disasters for insurers.
Multiple weather events in the United States, which included hail storms in Texas, earthquakes in Japan and Ecuador, floods in Europe and wildfires in Fort McMurray in Alberta, Canada, were among the natural catastrophes covered in the company's loss estimate.
The Zurich-based insurer said on Tuesday it expects pre-tax losses to total $390 million in the second quarter, exceeding its original projection of $280 million. The losses include $320 million due to catastrophes in North America.
Losses due to catastrophes are estimated to be $315 million after tax, compared with $204 million reported in the first quarter.
In the first quarter, insurers such as Allstate Insurance Co., Travelers Cos. Inc. and Progressive Corp. reported sharp increases in catastrophe losses due to storms in Texas that toppled power lines and damaged structures.
Travelers, which is considered a bellwether for the insurance industry, is expected to report its second-quarter earnings next week.
Bermuda-based Validus Holdings Ltd. said on Monday it expected losses due to events such as the wildfires in Canada to result in losses of $60 million in the second quarter.
Thanks to climate change and expanding development, the risk of flooding in the U.S. has increased over the course of the last century and is expected to continue to do so in the years ahead. In the latest installation of Business Insurance's six-part series on natural disaster preparedness Assistant Managing Editor Aranya Tomseth takes a look at some of the key lessons learned from the recent flooding disaster in South Carolina.