Chubb's storm losses top $1 billion

  • Chubb's storm losses top $1 billion

Chubb's storm losses top $1 billion

US property and casualty insurer Chubb Ltd on estimated after-tax losses of up to $1.28 billion from hurricanes Harvey and Irma and Allstate Corp estimated pre-tax catastrophe losses of $593 million, net of reinsurance recoveries, for August.

The Securities and Exchange Commission (SEC) announced that it is providing regulatory relief to publicly traded companies, investment companies, accountants, transfer agents, advisers and others affected by Hurricane Harvey, Hurricane Irma, and Hurricane Maria.

It is among a number of insurers that are preparing for rising costs on the back of natural disasters on the other side of the Atlantic.

Beazley said early indications pointed to an aggregate net cost from the hurricanes and earthquakes of between $175-$275 million.

Like Harvey, Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Irma The IRS announced that 401 (k) s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Irma and members of their families.

Chances of tropical system developing south of Florida increase
Tropical system could bring blustery, rainy weather to South Florida

However, in light of the conditions in areas hit by Hurricanes Harvey, Irma and Maria, the SEC is granting limited relief from the independence requirements, allowing accountants to help reconstruct their audit clients' accounting records that were lost or destroyed by the hurricanes.

The hurricanes will cost Southwest Airlines $100 million in revenue.

Lloyd's half-year results, which do not take into account the recent storms, showed pre-tax profit down from £1.46billion to £1.22billion as it faced pressure from low interest rates and excess capital.

Beware of Fake Charity Scams Relating to Hurricanes Harvey and Irma Fake charity scams proliferate after disasters like Hurricane Harvey and Hurricane Irma.