Chubb Ltd. (CB) Tuesday said it expects after-tax catastrophic losses to drop by about 26% from the year-ago fourth quarter.
Chubb estimates pre-tax catastrophe loss for the fourth quarter of $430 million, or $353 million after tax. The losses are primarily attributable to severe weather-related events around the globe including tornadoes in Texas, wildfires in California, and Typhoon Hagibis in Japan, as well as civil unrest in Hong Kong and Chile.
Last year, the insurer reported $585 million pre-tax, or $506 million after tax, losses in the fourth quarter caused by California wildfires and Hurricane Michael, along with storms in Australia and Typhoon Trami in Japan.
In addition, for North America Agricultural Insurance, the company estimates for the fourth quarter an underwriting loss of $23 million pre-tax, or $18 million after tax, primarily attributable to crop yield shortfalls resulting from poor growing conditions.