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Chubb estimates fourth-quarter cat losses of $320 million

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Chubb Ltd. expects to report $320 million in pretax catastrophe losses for the fourth quarter, the insurer announced late Wednesday.

Most of the losses stems from wildfires in California, which Chubb estimates will result in $280 million in pretax losses, a Chubb statement said.

The estimates are net of reinsurance and include losses from its commercial insurance, personal lines and reinsurance operations.

The fourth-quarter catastrophe losses cap a year of significant losses for Chubb and most other commercial property insurers operating in the United States. In the third-quarter, which included losses from devastating hurricanes in the United States and Caribbean, Chubb reported pretax catastrophe losses of $1.89 billion and an overall net loss of $70 million for the quarter.