California wildfires char Chubb's profit

Posted On: Jan. 31, 2018 4:56 AM CST

The California wildfires caused Swiss insurer Chubb Ltd.'s profit to fall more than 5% year over year to $1.5 billion in the fourth quarter of 2017, The Royal Gazette reported. The insurer recorded pre-tax catastrophe losses of $477 million from the two wildfires in California. Net premiums for the property/casualty unit totaled $6.5 billion.