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.
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.