Chubb’s $1.5 Billion in Catastrophe Losses Driven by Virus (1)

Chubb Ltd. said second-quarter after-tax catastrophe losses probably totaled $1.51 billion, mostly as a result of the Covid-19 pandemic.

Virus-related costs were about $1.16 billion, the Zurich-based insurer said Monday in a statement. The rest of the losses stem from natural disasters and civil unrest. Chubb also booked a charge tied to a review of old coverage for molestation claims.

Insurers across the U.S. have been working to figure out just how costly the global pandemic will be, with Chubb Chief Executive Officer Evan Greenberg saying in April that it would likely be the largest event in the industry’s ...