Chubb recorded an 11.7% increase in P/C underwriting income with a combined ratio of 87.7 as part of third quarter net income of about $2.2 billion, up 13.8%
CEO Evan G. Greenberg said the Whitehouse Station, New Jersey-based insurer is “having a record earnings year.” Net income for 2024 as of the end of September was up nearly 17% to a record of about $6.7 billion.
Results for the third quarter included pretax catastrophe losses of $765 million, including $250 million from Hurricane Helene. Pretax favorable prior year development was $244 million in Q3 compared to $200 million a year ago during the same period.
Consolidated net premiums written were about $13.8 billion, up 5.5% compared to Q3 2023. Global P/C net premiums excluding agriculture were up 7.6%. P/C net premiums were 5.4% over Q3 2023.
Greenberg in a statement said premiums in North America were up 7.8%, with 10% growth in high net worth personal insurance and a 7.2% increase in commercial. He said commercial P/C aggregate pricing in North America “improved over prior quarter and pricing is ahead of loss-cost inflation.”
North America commercial P/C turned in a Q3 combined ratio of 85.5% with net premiums written up 7.2% to $5.5 billion. The insurer’s personal insurance business in North America logged a Q3 combined ratio of 81.3鈥攏ine points better than the year prior.
Topics Profit Loss Chubb
Was this article valuable?
Here are more articles you may enjoy.
How Trump’s Second Administration Affects Business: Musk, Tariffs and More 
Florida’s Citizens Suspends Binding on Policies as Another Storm Churns in the Gulf 
St. Pete to Spend Millions on Stadium After Reducing Insurance Coverage This Year 
Progressive to End Offering Dwelling Fire Insurance 
