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Chubb Ltd. estimates net catastrophe losses of $430 million for 2019’s fourth quarter, or $353 million pretax, which is lower than the total reported for the comparable period in 2018.
The insurer said in its statement Tuesday the losses are primarily attributable to severe weather-related events around the globe, including the Texas tornadoes, California wildfires, Japan’s Typhoon Hagibis and civil unrest in Hong Kong and Chile.
Estimates are net of reinsurance, include reinstatement premiums and comprise losses generated from the company’s commercial and personal property and casualty insurance business as well as its global reinsurance operations, said the statement.
In January 2019, it reported $585 million in pre-tax catastrophe losses for the 2018’s fourth quarter, up from $447 million for the same period in 2017.
Global insured losses from catastrophes in 2019 are estimated to be $56 billion, down sharply from $93 billion in 2018 and well below the annual average of $75 billion over the previous 10 years, Swiss Re Ltd. said in a year-end report Thursday.