Published: Sun, October 01, 2017
Economy | By Melissa Porter

Chubb unveils preliminary loss estimates following hurricanes

Chubb unveils preliminary loss estimates following hurricanes

The company's initial estimate of the aggregate net cost of hurricanes Harvey, Irma and Maria, and the Mexico natural disaster is between $175 million and $275 million.

"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.

The company sees its losses due to the recent catastrophe events falling in a range from USA $175 million to United States $275 million.

Further details will be provided in Beazley's third-quarter trading update in November. September 29, 2017: The US, UK and Canadian governments are advising all of their nationals to avoid travel to 11 Caribbean islands in the post Hurricanes Irma and Maria era.

The estimates are net of reinsurance and include reinstatement. That's 3.4 million USA citizens (don't forget Puerto Rico is a commonwealth of the U.S.) that have to rely on radio and mail to find out if loved ones are safe, where they can get food and what their next steps are.

However, in light of the conditions in areas hit by Hurricanes Harvey, Irma and Maria, the SEC is granting limited relief from the independence requirements, allowing accountants to help reconstruct their audit clients' accounting records that were lost or destroyed by the hurricanes.

Modelling firm RMS estimates total insured losses from Harvey and Irma of up to $80 billion and $15-30 billion of losses from Hurricane Maria.

TALANX German insurer Talanx warned it may miss its profit target for 2017 as its reinsurer Hannover Re is being hit by major claims from a series of hurricanes and an natural disaster in Mexico.

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