ZURICH, Sept. 27, 2017 /PRNewswire/ -- Chubb Limited (NYSE: CB) announced today preliminary loss estimates in the third quarter of 2017 attributable to Hurricanes Harvey and Irma, which impacted Texas, Florida, other southeastern states and the Caribbean.
Insured losses for Hurricane Harvey are currently estimated at approximately $650 million pre-tax, or $520 million after tax. Losses for Hurricane Irma are currently estimated to range from $800 million to $950 million pre-tax, or $640 million to $760 million after tax. 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.
"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," said Evan G. Greenberg, Chairman and Chief Executive Officer. "Our thoughts are with everyone affected by these disasters, including our customers, business partners and employees. Our first job at Chubb is to support them in their time of need and we are bringing to bear all of the resources of our organization to do that."
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, 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, such as those related to preliminary loss estimates for hurricanes and company performance, reflect Chubb Limited's current 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 to differ materially from those set forth in these statements. The forward-looking statements, due in particular to the size and complexity of the storms and related losses, 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.
SOURCE Chubb Limited