Chubb said that severe weather events in Texas, California and Japan helped produce an estimated $430 million in pre-tax catastrophe losses for the 2019 fourth quarter.
That number breaks down to $353 million after taxes, stemming mostly from severe weather-related events around the globe including tornadoes in Texas, wildfires in California and Typhoon Hagibis in Japan, Chubb said. The insurer noted that civil unrest in Hong Kong and Chile also contributed to the catastrophe loss numbers.
These estimates are net of reinsurance, include reinstatement premiums, and encompass losses enerated from the company’s commercial and personal property and casualty insurance businesses as well as its reinsurance operations globally, according to the insurer.
In addition, for North America agricultural insurance, the company estimates for the fourth quarter an underwriting loss of $23 million pre-tax, or $18 million after tax. That number stems mostly from crop yield shortfalls resulting from poor growing conditions, Chubb said. In the third quarter of 2019, the company recognized a charge related to preventive planting claims due to the impact of wet weather conditions. For agriculture, the combined ratios for the fourth quarter and full-year 2019 are expected to be 105.4 and 95.1, respectively.
Chubb plans to issue its 2019 fourth-quarter earnings on Feb. 4, 2020 after the markets close. Its Q4 earnings conference call is planned for Feb. 5.