Chubb estimates Q3 cat losses at $450M

Chubb Ltd. on Wednesday estimated third-quarter catastrophe losses will cost the insurer some $450 million pre-tax, or $372 million after tax. 

More than 20 weather events contributed to the total, including Hurricane Florence in the U.S., a rain and hailstorm in Colorado, typhoons Mangkhut and Jebi in Asia, and wildfires in California, Chubb said in a statement.

The estimates are net of reinsurance, include reinstatement premiums and consist of losses generated from the company's commercial and personal property/casualty insurance businesses and reinsurance operations, the statement said.

In contrast, last year’s third quarter saw pre-tax catastrophe losses, net of reinsurance and including reinstatement premiums, of $1.89 billion, with after-tax catastrophe losses at $1.53 billion in the quarter.

That total included $650 million, $891 million and $220 million from hurricanes Harvey, Irma and Maria, respectively, according to Chubb’s 2017 third-quarter earnings statement, as well as $25 million from the earthquakes in Mexico and $107 million from other catastrophe losses.