Chubb Ltd., already reeling from more than $1 billion in anticipated losses from two other recent hurricanes, now predicts another $200 million third-quarter hit from Hurricane Maria.
The insurer and reinsurer disclosed it is expecting $200 million in after-tax net insurance and reinsurance losses from Maria, which devastated Puerto Rico and much of the Caribbean. The number amounts to $220 million pre-tax.
Broken down, that comes to $152 million pre-tax, or $135 million after-tax, involving the company’s commercial and personal property/casualty insurance businesses, net of reinsurance. The total number also includes another $53 million for Chubb’s reinsurance business both pre-tax and after-tax, and another $15 million in reinstatement premiums.
Chubb added that it has approximately $25 million in pre-tax losses from the two Mexico earthquakes in September.
All of this is adding up in a major way for Chubb. Just last week Chubb disclosed more than $1 billion in estimated third-quarter losses stemming from Hurricanes Harvey and Irma.
Aside from the earthquakes and hurricanes, Chubb said it will deal with approximately $107 million in pre-tax natural catastrophe net insured losses for the third quarter, or $86 million after-tax.
Full third-quarter earnings come out on Oct. 26, after the market closes.
Source: Chubb



Allianz Built an AI Agent to Train Claims Professionals in Virtual Reality
Chubb CEO Greenberg on Personal Insurance Affordability and Data Centers
Insurance Groundhogs Warming Up to Market Changes
20,000 AI Users at Travelers Prep for Innovation 2.0; Claims Call Centers Cut 










