Chubb looks at loss estimates following hurricanes

Two major hurricanes struck the US – and they have also hit the finances of one top insurer

Chubb looks at loss estimates following hurricanes

Insurance News

By Lyle Adriano

Chubb Limited has published its preliminary loss estimates for the third quarter of 2017, noting that it took quite the hit from both Hurricanes Harvey and Irma.

Insured losses for Hurricane Harvey are estimated at about US$650 million (SGD$886 million), before tax (or US$520 million after tax), the company said. Meanwhile, losses for Hurricane Irma were between US$800 million and US$950 million (SGD$1.29 billion), pre-tax (or US$640 million to US$760 million after tax).

The company explained that the estimates are net of reinsurance, which includes “reinstatement premiums and comprise losses generated from [Chubb’s] commercial and personal property and casualty insurance businesses as well as its reinsurance operations.”

“The catastrophes we have experienced in the last five weeks, including Hurricanes Harvey, Irma and Maria, and the earthquakes in Mexico, have been significant events, causing both a tragic loss of life and considerable property and infrastructure damage,” said Chubb chairman and CEO Evan G. Greenberg in a statement.

“Our thoughts are with everyone affected by these disasters, including our customers, business partners and employees. Our first job at Chubb is to support them in their time of need and we are bringing to bear all of the resources of our organization to do that,” Greenberg added.

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