Chubb disclosed an estimated $585 million in net catastrophe pretax losses for the 2018 fourth quarter, stemming mostly from storms and wildfires.
After tax, those catastrophe losses totaled $505 million, Chubb said.
Out of the pretax catastrophe tally total, $475 million covered loss estimates from the California wildfires and Hurricane Michael. Another $75 million covered global Q4 weather events such as storms in Australia and Typhoon Trami in Japan. The rest – $35 million in net catastrophe pretax losses – came from additional loss development involving natural catastrophes in the first three quarters of 2018.
Chubb explained that its loss estimates are net of reinsurance, including reinstatement premiums. They comprise losses from its commercial and personal property/casualty insurance business as well as its reinsurance operations.
Chubb is scheduled to present its 2018 fourth-quarter/year-end earnings on Feb. 5, 2019, after the market close.
Source: Chubb