Chubb estimates Irene losses of up to $375mn
New York-listed US insurance giant Chubb has become the latest carrier to disclose its estimated losses from Hurricane Irene, revealing that its net costs are likely to be in the $300mn-$375mn range.
Even at the upper bound this falls comfortably inside the retention of Chubb's main excess of loss cat programme, reinforcing the impression that the August storm will be predominantly an insurance event that does not affect reinsurers.
Chubb said that its total third-quarter cat losses were expected to...
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