$1.9bn nat cat hit drives Chubb into Q3 loss

Property/casualty insurer Chubb said on Oct. 26 that it reported a net loss for the third quarter of $70 million after recording pre-tax catastrophe losses, net of reinsurance and including reinstatement premiums, of $1.89 billion in the quarter.

The nat cat losses included $650 million from hurricane Harvey, $891 million from hurricane Irma, and $220 million from hurricane Maria. Earthquakes in Mexico contributed with $25 million to the total, and other catastrophe losses were recorded at $107 million. After-tax total catastrophe losses were $1.52 billion in the quarter.

The property/casualty combined ratio deteriorated to 110.8 percent in the third quarter compared to 86.0 percent in the same period of 2016.

Net premiums written were up 4.3 percent year on year in the third quarter at $7.90 billion.

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Other stories from Friday's newsletter

EC initiates investigation proceedings against Willis, other brokers

Validus reports combined ratio of 201% for Q3, loss of $250m

Beazley taps XL Catlin and Zurich execs for specialist lines

California wildfire insured losses at up to $3bn

Aon profit falls YOY in Q3

QBE appoints interim CEO for Australian and New Zealand operations

Lloyd’s gives ‘in principle’ approval to Barbican sponsored Toa Re SPA

RGA reports ‘exceptionally good’ Q3: CEO Anna Manning

Talanx large losses exceed 2017 budget after 9 months, expects Q3 loss

JLT takes part in aviation insurance investigation

Markel estimates California wildfire losses at up to $80m

Nexus acquires specialist broker Credit Risk Solutions

XL Group appoints executive to board of directors

Don't miss our insurtech email newsletter - sign up today