Chubb Limited released its estimates Tuesday in a press release, revealing that natural catastrophe losses in the second quarter of this year cost it $390 million before tax, or $315 million after tax.
Of the pre-tax total $320 million is from natural catastrophes in North America alone. The remaining $70 million is from events outside of North America.
Chubb’s estimates were for net of reinsurance, which includes reinstatement premiums.
“The company is providing this estimate in light of the elevated number of natural catastrophes experienced by the industry globally in the quarter, totaling more than 25 events with estimated insured losses ranging from US$15 billion to over US$20 billion,” the insurer said.
Aside from a number of weather events in the United States, Chubb’s estimates also accounted for losses related to the earthquakes in Japan and Ecuador, the Fort McMurray wildfires and the European floods, among other natural disasters.
In the release, Chubb chief financial officer Phillip V. Bancroft noted that the estimate exceeded the company’s original internal projection of $280 million before tax.
“The company expects this special disclosure will further investors’ understanding of the new Chubb and contribute to the accuracy of the investment community’s financial models,” Bancroft said.
Related stories:
Morning Briefing: "Insurance is broken" claims start-up CEO
Global insurer Chubb has ratings removed from review
