Chubb Ltd. said that the latest round of California wildfires caused an estimated $225 million in pre-tax losses that will ding its 2018 fourth-quarter results.
Those losses hit $195 million after tax, Chubb said.
Chubb emphasized that the estimate does not include losses from Hurricane Michael or other weather events that have struck globally so far in the quarter.
The insurer said that estimated losses from Hurricane Michael are now at the high end of the previously disclosed pre-tax estimate of $150 million to $250 million.
All of the estimates are net of reinsurance, including reinstatement premiums, and comprise losses generated from the company’s commercial and personal property/casualty insurance business and also its reinsurance operations.
November’s Camp and Woolsey wildfires in Canada caused an estimated $9 billion to $13 billion in insured losses, according to an estimate from catastrophe modeler RMS.
Source: Chubb