Chubb Limited reported a preliminary loss estimate for the fourth quarter from natural catastrophes, including the California wildfires, of approximately $320 million pre-tax, or $249 million after tax.
Chubb said its insured losses for the California wildfires are currently estimated at approximately $280 million pre-tax, or $215 million after tax.
The company also reported that all other natural catastrophe net insured losses to date in the fourth quarter are estimated at approximately $40 million pre-tax, or $34 million after tax.
These estimates are net of reinsurance, include reinstatement premiums and comprise losses generated from the company’s commercial and personal property and casualty insurance businesses as well as its reinsurance operations.
Chubb, which insures many high net worth properties, was among a group of insurers that sent out fire protection teams during the wildfires to try and prevent properties from being destroyed.
“We went to about 250 homes and we took active measures to protect more than half of them,” Fran O’Brien, division president of North America personal risk services for Chubb, told Insurance Journal.
The October California wildfires are expected to be the costliest wildfires in U.S. history. The latest insured loss estimate from Aon Benfield is $8 billion; AIR Worldwide has projected even higher losses of up to $10.5 billion. Overall economic losses are considerably greater. The wildfires took at least 43 lives and destroyed nearly 9,000 structures.
Was this article valuable?
Here are more articles you may enjoy.