27 October 2017Insurance

$1.9bn nat cat hit drives Chubb into Q3 loss

Property/casualty insurer Chubb said on Oct. 26 that it reported a net loss for the third quarter of $70 million after recording pre-tax catastrophe losses, net of reinsurance and including reinstatement premiums, of $1.89 billion in the quarter.

The nat cat losses included $650 million from hurricane Harvey, $891 million from hurricane Irma, and $220 million from hurricane Maria. Earthquakes in Mexico contributed with $25 million to the total, and other catastrophe losses were recorded at $107 million. After-tax total catastrophe losses were $1.52 billion in the quarter.

The property/casualty combined ratio deteriorated to 110.8 percent in the third quarter compared to 86.0 percent in the same period of 2016.

Net premiums written were up 4.3 percent year on year in the third quarter at $7.90 billion.

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