USAA, Liberty Mutual, Chubb Hurricane Milton losses revealed
Despite large losses, some insurers doubled-down on their commitment to Florida's insurance market.
USAA, Chubb and Liberty Mutual are facing combined losses of around $868 million this quarter from Hurricane Milton, according to recently released data. This follows even loftier combined losses of nearly $2 billion from Hurricane Helene.
On November 1, Chubb announced their estimated net losses from the October storm were $250 million to $300 million pre-tax and $208 million to $250 million after-tax. A release from the insurer notes that these losses were generated across the company’s personal and commercial property and casualty business as well as its reinsurance operations. Chubb reported losses around $250 million from Hurricane Helene.
The Tampa Bay Business Journal reports that Liberty Mutual losses from Milton are estimated to be up to $350 million. The insurer reported losses from Hurricane Helene to be around $550 million.
USAA, which has large amounts of exposure in the southeastern U.S., saw the largest losses of this group for Hurricane Helene, with insured losses of around $1.15 billion, with more than 80,000 claims filed. Though less impactful to their insureds than Helene, USAA still reports an estimated $218 million in losses from Hurricane Milton.
Despite these large losses, USAA reportedly held a closed-door meeting with Florida Governor Ron DeSantis and Florida Insurance Regulation Commissioner Michael Yaworsky in October in which the insurer doubled-down on its commitment to Florida’s insurance market.
Progressive and State Farm are among other major insurance companies who have also reaffirmed their dedication to the state’s struggling market after many large carriers retreated from Florida’s market around 2022.