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