Chubb reports an “unusually high” level of cat losses in 2010 Q2

The Chubb Corporation [NYSE: CB]’s results in 2010 Q2 reflected a big catastrophe hit of $193 million, a huge jump from the $43 million in losses in 2009 Q2. “The $193 million reflects the impact of numerous storms throughout the United States, the most significant of which was the May hailstorm in Oklahoma,” Chubb reported in a press release.Overall, Chubb reported a 2010 Q2 profit of $518 million, compared to $551 million in 2009 Q2.Chubb’s 2010 Q2 combined loss and expense ratio was 90.4% in 2010, compared to 85.9% in 2009. Excluding catastrophes, the combined ratio for the second quarter was 83.5% in 2010 and 84.4% in 2009.”Because of the unusually high level of catastrophe losses in the first six months of 2010,” said John D. Finnegan, chairman, president and CEO of The Chubb Corporation. “We have increased our catastrophe assumption for our full-year guidance from 3 points to 7 points.”