Friday, August 14, 2020

Chubb estimates $1.4 billion in global second-quarter losses due to coronavirus pandemic

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Chubb estimates $1.4 billion in global second-quarter losses due to coronavirus pandemic: Chubb is one of the largest insurance companies in the United Kingdom and the Federal Republic of Ireland. In the past, we talked about how they introduced cyberbullying insurance for high net worth individuals.

Related: 5 steps to successful insurance claims

Today, Chubb is in the news again after they revealed the global net catastrophic losses for the second quarter of 2020 estimated at $ 1.4 billion due to the effect of the coronavirus pandemic.

The global property / casualty insurer estimated $ 1.8 billion in catastrophe losses before tax for the second quarter, or $ 1.5 billion after tax. Of that number, nearly $ 1.4 billion in pre-tax catastrophe loss comes from the coronavirus pandemic, or $ 1.15 billion after tax. Losses from severe weather events in the United States and civil unrest in the United States make the difference, Chubb said.

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The second quarter 2020 global catastrophe loss was released by Chubb on July 6 after markets closed.

In his comments on first-quarter 2020 earnings, Chubb President and CEO Evan Greenberg opined that coronavirus losses could be a problem for some time and that the degree of impact on revenue is not yet known.

According to this insurance company, its estimate of pre-tax catastrophe losses includes short-term losses of $ 605 million generated mainly by property-related entertainment and business interruption products and accident and health (A&H) products, without exclude travel insurance products.

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Chubb President and CEO also stated that they have experienced losses of $ 553 million related to liability insurance products, including professional liability (directors and officers, labor practices, professional liability, etc.) and workers compensation and others liability related products.

The estimate also includes $ 107 million from insurance credit exposures that include collateral, political risk and commercial credit.

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Substantially all losses from liability and credit-related insurance products are classified as incurred but not reported reserves (IBNR), Chubb said. The loss estimate also includes an IBNR provision of $ 100 million to account for the additional uncertainty in the estimates around the company’s property, accident and credit-related exposures, given this unprecedented event.

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Approximately 71 percent of the COVID-19 estimate relates to the company’s North American general insurance business insurance segment and 28 percent covers the overseas general insurance segment.

How Chubb’s insurance lost billions of dollars as a result of this COVID-19 pandemic is really something that underwriters of other insurance companies should pay attention to.

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