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Chubb expects global net pretax cat losses of $430M in Q4'19

Chubb Ltd. disclosed net catastrophe loss estimates of $430 million pretax, or $353 million after tax, for the fourth quarter of 2019.

The losses are attributable to severe weather-related events around the globe, including tornadoes in Texas, wildfires in California, and Typhoon Hagibis in Japan, as well as civil unrest in Hong Kong and Chile.

The estimates are net of reinsurance, include reinstatement premiums and comprise losses generated from the company's commercial and personal property and casualty insurance businesses, as well as its reinsurance operations globally.

For North America agricultural insurance, Chubb projects an underwriting loss of $23 million pretax, or $18 million after tax, primarily attributable to crop yield shortfalls resulting from poor growing conditions. For agriculture, the combined ratios for the fourth quarter and full year 2019 are estimated to be 105.4% and 95.1%, respectively.