Both Chubb and Allstate recently announced estimated catastrophe losses for the second quarter of 2001, predicting a heavy hit from Tropical Storm Allison. The Chubb Corporation (NYSE: CB) reports an estimated US$80 million in pre-tax cat losses, equaling US$0.29 per share after tax, most of which the company attributes to Allison. This compares with second quarter 2000, when cat losses were just US$24.3 million.The company also expects to report second quarter operating earnings of US$0.75 to US$0.80 per share, as compared with US$1.00 per share for the same period last year. These results will be officially announced near the end of July.The Allstate Corporation (NYSE: ALL) was similarly affected by flood damage as a result of Allison, as well as other severe spring storms south of the border. The company expects pre-tax cat losses in the range of US$536 million for the quarter, or about US$0.48 per share after tax, with about US$446 million a result of the spring storms. However, when compared with 2000, the results show an improvement year-over-year. For the first half of 2001, cat losses are expected to total US$618 million, or US$0.55 per share, compared with US$749 million for the first half of 2000, or US$0.64 per share
Insurers handling record amounts of claims this summer
Insurers have handled double the amount of claims this summer compared to last year, according to the Insurance Bureau of Canada. Approximately 228,000 insurance claims have been filed following this summer’s four major catastrophes: flooding in Toronto and southern Ontario, the Jasper wildfire, the Calgary hailstorm, and flooding in Quebec. All occurred in the span […]
By Alyssa DiSabatino | September 9, 2024
2 min read
