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Chubb’s storm losses top $1 billion

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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.

http://www.businessinsurance.com/article/20170926/NEWS06/912316090/Morgan-Stanley-Fitch-Scor-assess-hurricanes-losses-Maria-Harvey-Irma

“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.