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Chubb Ltd. expects to report $225 million in fourth-quarter pretax losses related to California wildfires, the insurer said on Monday.
The insurer also said it expects its losses from Hurricane Michael, the Category 4 storm that slammed into Florida in October, will be at the upper end of its previously disclosed range of $150 million to $250 million before taxes.
After taxes, the fires, which have ravaged large areas of California, will cost the insurer $195 million during the quarter, Chubb said in a statement.
Last month, catastrophe modeling firm Risk Management Solutions Inc. said total combined insured losses from the Camp fire in Northern California and the Woolsey fire in Southern California could hit $13 billion.
(Reuters) — Shares of utility PG&E Corp. fell 18% Wednesday after the company warned of liquidity concerns if its equipment was found responsible for starting the Camp wildfire currently raging in California.