Chubb estimates Q3 cat losses at $450m

Chubb has estimated preliminary net natural catastrophe losses for the third quarter of the year to be $450m after tax. Loss estimates for the period are comprised of 20 weather events, including hurricane Florence, typhoons Mangkhut and Jebi, wildfires in California and rainstorms and hail in Colorado. Florence is estimated to have caused a maximum of roughly $5bn in insured losses by AIR and RMS, while insured losses for typhoon Mangkhut in China, Hong Kong, and Macau were estimated at a max of $2bn by AIR, with the Philippines, where the storm made landfall excluded from the modelled losses. The firm suffered $1.89bn in pre-tax catastrophe losses for the third quarter of last year, following the impacts of Hurricanes Harvey, Irma, and Maria, as well as a trio of quakes in Mexico and several other catastrophes. Overall economic losses from the Carr wildfire, the largest recorded in California state history, were estimated to be roughly $1.5bn.

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