Chubb made a net catastrophe loss of approximately $430 million pre-tax, or $353 million after tax, in Q4, according to the re/insurer’s own estimates.
The losses are primarily attributable to severe weather-related events around the globe including tornadoes in Texas, wildfires in California, and Typhoon Hagibis in Japan, and civil unrest in Hong Kong and Chile, Chubb said.
These estimates are net of reinsurance and include reinstatement premiums. They comprise losses generated from the company's commercial and personal property and casualty insurance businesses, as well as its reinsurance operations globally.
Meanwhile, Chubb has estimated that its North American agricultural insurance business generated a Q4 underwriting loss of $23 million pre-tax, or $18 million after tax. This loss was primarily attributable to crop yield shortfalls resulting from poor growing conditions, Chubb said.
In Q3 2019 Chubb recognised a charge related to preventive planting claims due to the impact of wet weather conditions. For agriculture, the combined ratios for Q4 and the full-year 2019 are expected to be 105.4 percent and 95.1 percent, respectively.