Chubb, which is so large on the Atlantic coast has very little Gulf share.
From the Wall Street journal's Deal Journal:
Estimates of what Hurricane Isaac will cost the insurance industry are starting to roll in, and early returns show the price tag will be a relatively modest one compared to past storms that have struck the Gulf Coast.
Disaster-modeling company Eqecat told Dow Jones Newswires this morning that property-casualty companies will be on the hook for between $500 million to $1.5 billion in onshore claims costs. Rod Fox, CEO of reinsurance broker TigerRisk Partners, estimated the finally tally with be between $1 billion and $2 billion.
The bulk of the cost will be borne by primary insurers like Allstate Corp ALL -0.56%. and Travelers Cos. instead of the companies those insurers turn to for backup protection, reinsurers like Swiss Re AG SREN.VX -0.17% or Munich Re MUV2.XE -0.81%. Some smaller regional insurers may reach claims levels that allow their reinsurance protection to kick in, Mr. Fox said, but generally speaking, losses for reinsurers will be “minimal.”...MORE