Chubb estimates wildfire losses of $225m

  • Counting costs: Chubb has issued it estimated net loss from the California wildfires (Photograph by Noah Berger/AP)

Chubb Limited has announced preliminary net loss estimates in the fourth quarter of 2018 attributable to the California wildfires of approximately $225 million pre-tax, or $195 million after tax.

It said the 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.

The estimates are net of reinsurance, include reinstatement premiums and comprise losses generated from the company’s commercial and personal property and casualty insurance businesses as well as its reinsurance operations.