MW Chubb puts a price tag on its share of L.A. wildfire woes
By Clara Haverstic
Costs would dwarf similar charges in recent quarters
Insurer Chubb Ltd. has estimated its costs related to the Los Angeles wildfires to be around $1.5 billion before taxes, to be incurred in the company's first quarter.
Chubb $(CB)$ Chief Executive Evan Greenberg said Tuesday that Chubb employees have been on the ground trying to help policyholders as the tragedy is still unfolding.
"From a financial perspective, our current estimate of the cost of supporting our customers and helping them recover and rebuild from this catastrophe is $1.5 billion net pre-tax, and is a first-quarter 2025 event," Greenberg said.
That would dwarf losses incurred in recent quarters.
Chubb called for pre-tax catastrophe losses for the fourth quarter of $607 million, including $309 million from Hurricane Milton, which made landfall in Florida as an intense hurricane in October, compared with $300 million last year.
This is a developing story, and it will be updated.
-Clara Haverstic
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(END) Dow Jones Newswires
January 28, 2025 16:37 ET (21:37 GMT)
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