(Bloomberg) – Chubb Ltd. said losses from Hurricanes Harvey and Irma could total as much as $1.3 billion after taxes.
Harvey, which hit Texas in August and caused flooding in Houston, will cost the insurer about $520 million, the company said Wednesday in a statement.
Claims expenses from Irma, the storm that slammed southern Florida earlier this month, could be $640 million to $760 million. Those figures dwarf the $107 million in after-tax catastrophe losses the insurer took during the third quarter of 2016.
|Driving up costs for insurers
Storms that have pounded Caribbean islands and the coastal U.S. this year are driving up costs for insurers. Allstate Corp. reported that it would face $385 million in after-tax costs from storms in August. Travelers Cos. said Sept. 11 that it would suspend share buybacks while it assessed damages from the storms. That insurer expects about $245 million to $490 million in after-tax costs from Harvey.
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