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

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.

Related:

  • California Mudslide Claims Top $421M

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