Chubb records Q1 preliminary nat cat loss of US$380 million | Canadian Insurance

Chubb records Q1 preliminary nat cat loss of US$380 million

California mudslides, east coast storms make up the largest losses

Chubb recorded a net catastrophe loss estimate of US$380 million pre-tax (US$305 million after tax) in Q1 of 2018, attributable to a number of weather events in North America.

Losses from the costliest natural catastrophe—the California mudslides—are estimated at US$125 million before tax. Following closely behind is a storm that struck the east coast on January 3, with estimated losses of US$115 million pre-tax. A third storm that struck the same region on March 1 rang in at an estimated US$80 million before tax.

Related: Costly nat cats lead to first market loss for Lloyd’s in six years

The insurer says all other net losses from global nat cats are estimated at US$60 million pre tax.

The loss estimates are net of reinsurance and include reinstatement premiums. They are also comprised of losses generated from the company’s personal and commercial lines property and casualty insurance and reinsurance operations.

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