Chubb posts Record P/C Underwriting income for fourth and 2024

By Chad Hemenway

Chubb achieved record properties/accident -under -wrap revenue of around 1.6 billion US dollars and 3.8%in the last quarter of 2024.

The net income of the fourth quarter decreased by 22% to around $ 2.6 billion compared to the same period in the previous year

Chubb said that the decline in net profit in the fourth quarter was due to more than 1 billion US dollars from the entry into force of a tax law in Bermuda last year.

The loss of disaster in the fourth quarter was 607 million US dollars compared to $ 300 million a previous year. Hurricane Milton alone caused disaster losses of $ 309 million, said Chubb. The global P/C growth of the net premiums was 6.7% for the fourth quarter of 2024.

CEO Evan G. Greenberg In a statement, the California forest fires recognized as a “terrible tragedy” and added that the insurer was on site, “tried to help our policyholders lost ownership of their houses and shops have driven goods and their property and their own property lives severely disturbed. “

He said that the initial estimate of ChubB's loss of disaster from the fires, which are to be recorded in the first quarter of 2025, is about 1.5 billion dollars.

P/C underwriting income for all 2024 was also a record according to Chubb. Underwriting income rose by 7.1% of around 5.9 billion US dollars compared to the previous year, and the insurer recorded a combined ratio for the year of 86.6.

According to Chubb, the net income for 2024 was also a record of around 9.3 billion US dollars and an increase of 2.7%. The loss of input tax disasters was around 1.8 billion US dollars at around 2.4 billion US dollars for 2023.

Chubb ended in 2024 with global P/C network premiums of 9.6%.

“The general market conditions are very cheap and we see a really good growth chance for over 80% of our global P/C business, trading and consumers as well as our life business.” – Evan G. Greenberg, CEO, Chubb

Greenberg said in a statement that Chubbs were “the best in the history of our company” for the whole year. He added: “The general market conditions are very cheap and we see a really good growth chance for over 80% of our global P/C business, trade and consumer as well as our life business.”

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Loss of profit underwriting real estate victims Chubb