Chubb and Travelers point to higher US rates
Despite reporting cat-affected earnings well down on the prior-year period, Chubb and Travelers both reported encouraging rate rises on their US commercial insurance books of business last week.
Chubb reported third quarter net profits that almost halved from $572mn last year to $298mn, as its bottom line was hammered by $420mn of pre-tax catastrophe losses.
The impact pushed its combined ratio out from 86.2 percent in Q3 2010 to 102.6 percent.
However, net written premiums (NWP) were up 5 percent...
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