ZURICH, Dec. 3, 2018 /PRNewswire/ -- Chubb
Limited (NYSE: CB) today announced preliminary net loss estimates
in the fourth quarter of 2018 attributable to the California wildfires of approximately
$225 million pre-tax, or $195 million after tax. These 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.
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.
About Chubb
Chubb is the world's largest publicly
traded property and casualty insurance company. With operations in
54 countries and territories, Chubb provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. As an underwriting company, we assess,
assume and manage risk with insight and discipline. We service and
pay our claims fairly and promptly. The company is also defined by
its extensive product and service offerings, broad distribution
capabilities, exceptional financial strength and local operations
globally. Parent company Chubb Limited is listed on the New York
Stock Exchange (NYSE: CB) and is a component of the S&P 500
index. Chubb maintains executive offices in Zurich, New
York, London and other
locations, and employs approximately 31,000 people worldwide.
Additional information can be found at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking
Statements:
Forward-looking statements made in this press release related
to losses reflect Chubb Limited's current preliminary views with
respect to future events, and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such statements involve risks and uncertainties, which may cause
actual results and accounting determinations to differ from those
set forth in these statements. The forward-looking statements could
be affected by the number of insureds and ceding companies impacted
by the relevant catastrophes, the amount and timing of losses
actually incurred and reported by insureds, the preliminary nature
of reports and estimates of loss to date, impact on the company's
reinsurers, the amount and timing of reinsurance recoverables
actually received, coverage and regulatory issues, and other
factors identified in the company's filings with the Securities and
Exchange Commission, among other things. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. The company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Chubb Limited