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4 December 2018Insurance

Chubb expects $225m hit from California wildfires

Chubb expects an impact of approximately $225 million pre-tax, or $195 million after tax from the California wildfires in the fourth quarter of 2018.

Total insured losses from the Camp and Woolsey wildfires in California for property and casualty (P&C) re/insurers are expected at $10-$15 billion, according to Moody’s.

The wildfires destroyed over 20,000 residential and commercial structures, and additionally damaged almost 1,000 structures.

Chubb noted that the wildfire estimates do not include losses from hurricane Michael or other weather events occurring globally in the quarter. The company believes its estimated losses from hurricane Michael are currently at the upper end of the range of $150 million to $250 million pre-tax that was previously disclosed.

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More on this story

Insurance
21 January 2019   Property/casualty insurer Chubb has estimated its global net catastrophe losses of approximately $585 million pre-tax, or $505 million after tax, in the fourth quarter of 2018.
Insurance
4 December 2018   Chubb believes that it can achieve more than $350 million in savings by year-end 2022 and $500 million by year-end 2023 through the use of robotics and artificial intelligence (AI) as it eliminates low-value activities, according to a December 2018 investor presentation.
Insurance
27 November 2018   The Camp and Woolsey wildfires in California are expected to cause economic losses between $15 billion and $19 billion, according to data provider CoreLogic.