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.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Fitch moves US P&C outlook to stable after rebound
Lloyd’s Lab starts search for second insurtech cohort
Merced P&C downgraded to ‘F’ after California wildfire hit
Alaska insured earthquake losses limited
Barbican taps property treaty underwriter from CNA
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze