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Chubb estimates after-tax losses of up to $1.28 billion from Harvey, Irma
September 27, 2017 / 8:52 PM / 2 months ago

Chubb estimates after-tax losses of up to $1.28 billion from Harvey, Irma

(Reuters) - U.S. property and casualty insurer Chubb Ltd (CB.N) on Wednesday estimated after-tax losses of up to $1.28 billion from hurricanes Harvey and Irma.

An upside down boat resting on a house is pictured following Hurricane Irma in Big Pine Key, Florida, U.S., September 25, 2017. REUTERS/Carlo Allegri

The company said it expects insured losses of about $520 million from Harvey and $640 million to $760 million from Irma after tax.

“The catastrophes we have experienced in the last five weeks, including hurricanes Harvey, Irma and Maria, and the earthquakes in Mexico, have been significant events, causing both a tragic loss of life and considerable property and infrastructure damage,” CEO Evan Greenberg said in a statement.

Rival Allstate Corp (ALL.N) last week estimated pre-tax catastrophe losses of $593 million, net of reinsurance recoveries, for August.

Reporting by Roopal Verma in Bengaluru; Editing by Maju Samuel

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