Chubb confirms lower catastrophe loss estimates for Q4 2019

Chubb confirms lower catastrophe loss estimates for Q4 2019 | Insurance Business

Chubb confirms lower catastrophe loss estimates for Q4 2019

The world’s largest publicly traded property and casualty insurer has released its net catastrophe loss estimates for the fourth quarter of 2019.

Chubb Limited said the numbers stand at US$430 million (around SG$580 million) pre-tax and US$353 million (around SG$475 million) after tax. Net of reinsurance, the estimates include reinstatement premiums and comprise losses generated from Chubb’s commercial and personal P&C insurance businesses as well as its global reinsurance operations.

According to the insurance giant, the losses are primarily attributable to severe weather-related events such as the California wildfires, tornadoes in Texas, and Typhoon Hagibis in Japan. The mix also includes losses from Hong Kong and Chile’s civil unrest.

The latest figures are lower compared to those for the same period in the previous year. In Q4 2018, Chubb’s net catastrophe loss estimates were approximately US$585 million pre-tax and US$505 million after tax.