Chubb $380M Q1 Cat Loss Estimate Includes California Wildfires, East Coast Storms

Chubb $380M Q1 Cat Loss Estimate Includes California Wildfires, East Coast Storms

04 April 2018

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USA – Chubb Limited released preliminary net loss estimates for the first quarter of 2018 attributable to natural catastrophes, including the California mudslides, of $380 million pre-tax, or $305 million after tax.

Losses from the California mudslides are estimated at $125 million pre-tax. The company also reported that net losses in the first quarter from the northeast winter storms that struck the East Coast on January 3 and March 1 are estimated at $115 million and $80 million pre-tax, respectively. All other net losses from natural catastrophes to date globally in the first quarter are estimated at $60 million pre-tax.

These estimates are net of reinsurance, include reinstatement premiums and comprise losses generated from the company’s commercial and personal property/casualty insurance businesses as well as its reinsurance operations.

In the first quarter of 2017, Chubb reported total pre-tax catastrophe losses pre-tax were $206 million and after-tax $164 million.

For the fourth quarter of 2017, pre-tax catastrophe losses were $447 million, including $320 million for the northern California wildfires and other catastrophe losses, $157 million for the southern California wildfires and $30 million of favorable adjustments related to catastrophe loss events in the third quarter.

Catastrophe losses for the full year in 2017 were $2.2 billion after-tax.

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