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Chubb sees higher catastrophe losses due to storms, wildfires

Published 2016-07-12, 06:17 p/m
© Reuters. Chubb sees higher catastrophe losses due to storms, wildfires
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July 12 (Reuters) - Property and casualty insurer Chubb (NYSE:CB) Ltd
CB.N estimated natural catastrophe losses for the second
quarter to be about 54 percent higher than the first quarter,
indicating another quarter of high losses due to natural
disasters for insurers.
Multiple weather events in the United States, which included
hail storms in Texas, earthquakes in Japan and Ecuador, floods
in Europe and wildfires in Fort McMurray in Canada were among
the natural catastrophes covered in the company's loss estimate.

The Zurich-based insurer said on Tuesday it expects pre-tax
losses to total $390 million in the second quarter, exceeding
its original projection of $280 million. The losses include $320
million due to catastrophes in North America.
Losses due to catastrophes are estimated to be $315 million
after tax, compared with $204 million reported in the first
quarter.
In the first quarter, insurers such as Allstate, Travelers
Cos Inc TRV.N and Progressive Corp (NYSE:PGR) PGR.N reported sharp
increases in catastrophe losses due to storms in Texas that
toppled power lines and damaged structures.
Travelers, which is considered a bellwether for the
insurance industry, is expected to report its second-quarter
earnings next week.
Bermuda-based Validus Holdings Ltd VR.N said on Monday it
expected losses due to events such as the wildfires in Canada to
result in losses of $60 million in the second quarter.

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