Chubb Estimates $500-$600 Million in Losses from Terrorist Attacks

Warren, N.J.-based Chubb Corp. announced that it anticipated losses from the terrorist attacks of September would amount to between $500 and $600 million pre-tax, net of reinsurance.

The figures, which include the estimated exposures by all of Chubb’s operating divisions, are significantly larger than original figures for property losses alone. They also more than double the estimates reportedly made yesterday by a senior Chubb Executive who indicated that his company saw losses in the $200-$300 million range. (See IJ Website Sept. 20).