Chubb expects $225m hit from California wildfires
Chubb expects an impact of approximately $225 million pre-tax, or $195 million after tax from the California wildfires in the fourth quarter of 2018.
Total insured losses from the Camp and Woolsey wildfires in California for property and casualty (P&C) re/insurers are expected at $10-$15 billion, according to Moody’s.
The wildfires destroyed over 20,000 residential and commercial structures, and additionally damaged almost 1,000 structures.
Chubb noted that the wildfire estimates do not include losses from hurricane Michael or other weather events occurring globally in the quarter. The company believes its estimated losses from hurricane Michael are currently at the upper end of the range of $150 million to $250 million pre-tax that was previously disclosed.
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