Chubb Limited (NYSE: CB) just announced preliminary loss estimates in the third quarter of 2017 attributable to Hurricanes Harvey and Irma, which impacted Texas, Florida, other southeastern states and the Caribbean.
Insured losses for Hurricane Harvey are currently estimated at approximately $650 million pre-tax, or $520 million after tax.
Losses for Hurricane Irma are currently estimated to range from $800 million to $950 million pre-tax, or $640 million to $760 million after tax. These 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.
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,” said Evan G. Greenberg, Chairman and Chief Executive Officer. “Our thoughts are with everyone affected by these disasters, including our customers, business partners and employees. Our first job at Chubb is to support them in their time of need and we are bringing to bear all of the resources of our organization to do that.