Global insurance and reinsurance firm Chubb has revealed its preliminary estimates for net losses attributable to natural catastrophes in the third quarter of 2018, which totalled $450 million pre-tax, or $372 million after tax.
Chubb said that the losses are attributable to more than 20 separate global weather events, including Hurricane Florence in the U.S, a rain and hailstorm in Colorado, Typhoons Mangkhut and Jebi in Asia, and wildfires in California.
The figure is considerably higher than Cubb’s estimated natural catastrophe losses of $211 million ($173 million after tax) for Q2 2018 and $380 million ($305 million after tax) for Q1 2018.
The company specified that its 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.
Chubb is the world’s largest publicly traded property and casualty re/insurance company and has operations in 54 countries and territories.
It provides commercial and personal property and casualty insurance, as well as personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients in these regions.
