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Chubb Ltd. said late Friday it expects to report $585 million in pre-tax catastrophe losses for the fourth quarter of 2018, up from $447 million in the same period in 2017.
The 2018 fourth-quarter estimate includes previously reported estimates of $475 million for Hurricane Michael and California wildfires and $75 million related to other weather losses, including storms in Australia and Typhoon Trami in Japan, the insurer said in a statement.
About $35 million of the total reflects loss developments related to catastrophes earlier in 2018. The estimates are net of reinsurance and reinstatement premiums, Chubb said. The insurer plans to announce its fourth-quarter results on Feb. 5.
Earlier this month, Munich Reinsurance Co. said total insured catastrophe losses for insurers during all of 2018 will likely reach $80 billion.
Property/casualty insurers face a “difficult fourth quarter,” reflecting the impact of several natural catastrophes on underwriters, according to an analysis released Friday by Sandler O’Neill & Partners LP.