CNA Financial estimates net cat losses of $143m in Q3’24

Chicago-domiciled insurer, CNA Financial Corporation expects to report pretax net catastrophe losses of $143 million for Q3 2024 in its results.

Approximately 75% of the catastrophe losses are associated with four larger events, including $55 million from Hurricane Helene, noted the insurer.

The remaining approximately $35 million of losses is spread across several additional events occurring during the quarter.

These catastrophe losses include $127 million in the commercial segment and $16 million in the international segment.

CNA reported that the combined ratio impact of this third-quarter catastrophe result aligns with its third-quarter average over the last five years.

Additionally, pretax net catastrophe losses related to Hurricane Milton are currently being estimated between approximately $25 million to $55 million, and are anticipated to be reflected in the fourth quarter 2024 results.

Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation commented: “We are all saddened by the devastation and destruction from Hurricanes Helene and Milton as well as other catastrophic events during the third quarter.

“Our thoughts are with those that lost loved ones, homes, and businesses and everyone suffering and working to recover.”

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