Chubb Announces Catastrophe Loss Estimates
Chubb announced net catastrophe loss estimates for the fourth quarter of 2019 of $430 million pre-tax, or $353 million after tax.
“The losses are primarily attributable to severe weather-related events around the globe including tornadoes in Texas, wildfires in California, and Typhoon Hagibis in Japan, as well as civil unrest in Hong Kong and Chile,” the company noted.
“These estimates are net of reinsurance, include reinstatement premiums and comprise losses generated from the company’s commercial and personal property and casualty insurance businesses as well as its reinsurance operations globally.
“In addition, for North America Agricultural Insurance, the company estimates for the fourth quarter an underwriting loss of $23 million pre-tax, or $18 million after tax, primarily attributable to crop yield shortfalls resulting from poor growing conditions.
“In the third quarter of 2019, the company recognized a charge related to preventive planting claims due to the impact of wet weather conditions. For Agriculture, the combined ratios for the fourth quarter and full-year 2019 are expected to be 105.4% and 95.1%, respectively.”
