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Liberty, Chubb count cost of California fires

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Chubb and Liberty Mutual have flagged expected catastrophe losses from the recent wildfires in California.

The losses are likely to have a $US195 million ($264.7 million) after-tax impact on Chubb in the fourth quarter. Pre-tax losses are estimated at about $US225 million ($305.5 million), including reinsurance.

Estimated losses from Hurricane Michael are likely to be at the upper end of a $US150-$US250 million ($203.6-$339.4 million) range previously disclosed, the insurer says.

Liberty Mutual estimates insured losses of about $US300 million ($407 million) from the wildfires and about $US230 million ($312 million) from Hurricane Michael.

The wildfires last month were the most destructive in Californian history, with the Camp fire alone estimated to bring insured losses of $US7.5-$US10 billion ($10.2-$13.6 billion), according to risk modeller RMS.