Global insurer Chubb, which recently reported increases in net income and core operating income for the third quarter of 2024, has now published its estimated losses from Hurricane Milton.
To be part of the firm’s financial results for the fourth quarter, the losses are estimated to reach somewhere between $250 million and $300 million before tax and between $208 million and $250 million after tax, net of reinsurance and including reinstatement premiums.
“These estimates include losses generated from the company’s commercial and personal property and casualty insurance businesses as well as its reinsurance operations,” Chubb noted.
Read more: Chubb releases quarterly earnings report
According to an estimate from risk modeling firm Karen Clark & Company, damage from Hurricane Milton is likely to cost insurers nearly $36 billion.
As reported by Bloomberg, the approximation includes privately insured losses from damage caused by wind, storm surges, and inland flooding to vehicles and properties (residential, commercial, and industrial), as well as business interruption.
Adding the impact of Hurricane Helene, the combined industry-wide losses are expected to be around $55 billion – a figure said to be far from the total economic losses, which include uninsured damage.
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