In reporting its first-quarter results late yesterday, global insurance and reinsurance giant Chubb revealed a $700 million pre-tax hit from catastrophe events, $657 million of which came from US storms.
While Chubb’s P&C combined ratio was up slightly at 91.8%, it’s testament to the re/insurers scale that this is still well within the bounds of underwriting profitability, despite such a large hit from the severe weather and winter storms in the United States during the quarter.
