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CNA FINANCIAL ANNOUNCES THIRD QUARTER 2024 CATASTROPHE AND FOURTH QUARTER 2024 HURRICANE MILTON ESTIMATES

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CNA Financial (NYSE: CNA) has announced its estimated pretax net catastrophe losses for the third quarter of 2024, totaling $143 million. The losses are primarily attributed to four major events, with Hurricane Helene accounting for $55 million. The breakdown of losses includes $127 million in the Commercial segment and $16 million in the International segment. Additionally, CNA anticipates fourth quarter 2024 pretax net catastrophe losses related to Hurricane Milton, estimated between $25 million to $55 million. The company's CEO, Dino E. Robusto, expressed sympathy for those affected by the recent catastrophic events. CNA will release its full third quarter 2024 results on November 4, 2024.

CNA Financial (NYSE: CNA) ha annunciato le sue perdite nette catastorali stimate ante imposte per il terzo trimestre del 2024, totalizzando 143 milioni di dollari. Le perdite sono principalmente attribuite a quattro eventi principali, con l'uragano Helene che rappresenta 55 milioni di dollari. La suddivisione delle perdite include 127 milioni di dollari nel segmento Commerciale e 16 milioni di dollari nel segmento Internazionale. Inoltre, CNA prevede perdite nette catastorali ante imposte per il quarto trimestre del 2024 legate a l'uragano Milton, stimate tra 25 e 55 milioni di dollari. Il CEO dell'azienda, Dino E. Robusto, ha espresso vicinanza a coloro che sono stati colpiti dagli eventi catastrofici recenti. CNA presenterà i risultati completi del terzo trimestre 2024 il 4 novembre 2024.

CNA Financial (NYSE: CNA) ha anunciado sus pérdidas netas por catástrofe estimadas antes de impuestos para el tercer trimestre de 2024, totalizando 143 millones de dólares. Las pérdidas se atribuyen principalmente a cuatro eventos importantes, siendo el huracán Helene responsable de 55 millones de dólares. La desglose de las pérdidas incluye 127 millones de dólares en el segmento Comercial y 16 millones de dólares en el segmento Internacional. Además, CNA anticipa pérdidas netas por catástrofe antes de impuestos para el cuarto trimestre de 2024 relacionadas con el huracán Milton, que se estiman entre 25 y 55 millones de dólares. El CEO de la empresa, Dino E. Robusto, expresó su solidaridad con los afectados por los recientes eventos catastróficos. CNA publicará sus resultados completos del tercer trimestre de 2024 el 4 de noviembre de 2024.

CNA Financial (NYSE: CNA)는 2024년 3분기의 세전 순 재해 손실 추정치를 발표하였으며, 총액은 1억 4,300만 달러에 이릅니다. 손실은 주로 네 가지 주요 사건에 기인하며, 헬렌 허리케인5,500만 달러를 차지하고 있습니다. 손실의 분할 내역은 상업 부문에서 1억 2,700만 달러와 국제 부문에서 1,600만 달러로 포함됩니다. 또한, CNA는 2024년 4분기 세전 순 재해 손실에 대해 밀튼 허리케인과 관련하여 2,500만 달러에서 5,500만 달러 사이로 추정하고 있습니다. 회사의 CEO인 디노 E. 로부스토는 최근의 재해로 영향을 받은 사람들에게 동정을 표했습니다. CNA는 2024년 11월 4일에 3분기 전체 결과를 발표할 예정입니다.

CNA Financial (NYSE: CNA) a annoncé ses pertes nettes de catastrophe estimées avant impôts pour le troisième trimestre de 2024, totalisant 143 millions de dollars. Les pertes proviennent principalement de quatre événements majeurs, l'ouragan Helene représentant 55 millions de dollars. La répartition des pertes comprend 127 millions de dollars dans le segment Commercial et 16 millions de dollars dans le segment International. De plus, CNA anticipe des pertes nettes de catastrophe avant impôts pour le quatrième trimestre 2024 liées à l'ouragan Milton, estimées entre 25 millions et 55 millions de dollars. Le PDG de l'entreprise, Dino E. Robusto, a exprimé sa sympathie envers les personnes touchées par les récents événements catastrophiques. CNA publiera ses résultats complets du troisième trimestre 2024 le 4 novembre 2024.

CNA Financial (NYSE: CNA) hat ihre geschätzten Steuerpflichtigen Nettokosten durch Katastrophen für das dritte Quartal 2024 bekannt gegeben, die insgesamt 143 Millionen Dollar betragen. Die Verluste sind hauptsächlich auf vier größere Ereignisse zurückzuführen, wobei Hurrikan Helene 55 Millionen Dollar ausmacht. Die Verlustaufteilung umfasst 127 Millionen Dollar im gewerblichen Bereich und 16 Millionen Dollar im internationalen Bereich. Darüber hinaus erwartet CNA im vierten Quartal 2024 Steuerpflichtige Nettokosten durch Katastrophen, die mit Hurrikan Milton in Verbindung stehen, die auf zwischen 25 Millionen und 55 Millionen Dollar geschätzt werden. Der CEO des Unternehmens, Dino E. Robusto, äußerte Mitgefühl mit den von den kürzlich eingetretenen Katastrophen betroffenen Personen. CNA wird ihre vollständigen Ergebnisse für das dritte Quartal 2024 am 4. November 2024 veröffentlichen.

Positive
  • The combined ratio impact of Q3 catastrophe losses is in line with CNA's five-year average for the third quarter
Negative
  • Q3 2024 pretax net catastrophe losses of $143 million
  • Hurricane Helene caused $55 million in losses
  • Commercial segment experienced $127 million in catastrophe losses
  • International segment had $16 million in catastrophe losses
  • Additional Q4 2024 pretax net catastrophe losses of $25-55 million expected from Hurricane Milton

Insights

The announcement of $143 million in pretax net catastrophe losses for Q3 2024 is significant for CNA Financial. This figure, while substantial, is in line with the company's five-year average for Q3 catastrophe losses, suggesting a degree of predictability in their risk exposure. The breakdown of losses - $127 million in Commercial and $16 million in International segments - provides insight into the company's risk distribution.

The additional estimated $25 million to $55 million in Q4 2024 losses from Hurricane Milton indicates ongoing challenges. However, the company's ability to provide these estimates demonstrates strong risk assessment capabilities. The combined impact on the company's financials could be significant, potentially affecting profitability and reserves.

Investors should note that while these losses are substantial, they are part of the normal course of business for insurance companies. The key will be how CNA manages these losses in relation to their premiums and overall financial strategy. The upcoming Q3 results release on November 4 will be important for understanding the full impact on the company's financial health.

CNA's catastrophe loss report provides valuable insights into the company's risk exposure and management. The 75% concentration of losses in four larger events, including $55 million from Hurricane Helene, suggests a vulnerability to major weather events. However, this concentration also indicates that the company's risk is not overly dispersed, which can be beneficial for targeted risk management strategies.

The company's ability to provide specific loss estimates, including a range for the upcoming Q4 impact of Hurricane Milton, demonstrates strong actuarial capabilities and transparency. This level of detail is appreciated by investors and analysts as it allows for more accurate forecasting.

It's worth noting that catastrophe losses are an expected part of the insurance business model. The fact that these losses are in line with CNA's five-year average suggests consistent underwriting practices. However, the increasing frequency and severity of weather-related events due to climate change could pose long-term challenges for insurers like CNA, potentially leading to higher premiums or reduced coverage in high-risk areas.

CHICAGO, Oct. 21, 2024 /PRNewswire/ -- CNA Financial Corporation (NYSE: CNA) today announced that it expects to report pretax net catastrophe losses in the third quarter 2024 of $143 million. Approximately 75% of the catastrophe losses are associated with four larger events, including $55 million from Hurricane Helene. The remaining approximately $35 million of losses is spread across a number of additional events occurring during the quarter. Catastrophe losses are comprised of $127 million in the Commercial segment and $16 million in the International segment. The combined ratio impact of this third quarter catastrophe result is in line with CNA's third quarter average over the last five years.

Additionally, pretax net catastrophe losses related to Hurricane Milton, currently estimated between approximately $25 million to $55 million, 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."

CNA will report its third quarter 2024 results before the market opens on Monday, November 4, 2024.

About the Company

CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe. For more information, please visit CNA at www.cna.com

Contacts

Media:


Analysts:

Kelly Messina | Vice President, Marketing


Ralitza K. Todorova | Vice President, Investor Relations & Rating Agencies

872-817-0350


312-822-3834

For additional information, please refer to CNA's most recent 10-K on file with the Securities and Exchange Commission, as well as the financial supplement, available at www.cna.com

Forward-Looking Statements

This press release includes statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as "believes," "expects," "intends," "anticipates," "estimates" and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA's filings with the Securities and Exchange Commission, available at www.cna.com

Any forward-looking statements made in this press release are made by CNA as of the date of this press release. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in this press release, even if CNA's expectations or any related events, conditions or circumstances change.

Any descriptions of coverage under CNA policies or programs in this press release are provided for convenience only and are not to be relied upon with respect to questions of coverage, exclusions or limitations. With regard to all such matters, the terms and provisions of relevant insurance policies are primary and controlling. In addition, please note that all coverages may not be available in all states.

"CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities. Copyright © 2024 CNA. All rights reserved.

CNA logo. (PRNewsFoto/CNA Financial Corporation) (PRNewsfoto/CNA)

 

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SOURCE CNA Financial

FAQ

What are CNA Financial's (CNA) estimated catastrophe losses for Q3 2024?

CNA Financial estimates pretax net catastrophe losses of $143 million for the third quarter of 2024.

How much did Hurricane Helene impact CNA Financial's (CNA) Q3 2024 results?

Hurricane Helene accounted for $55 million of CNA Financial's catastrophe losses in the third quarter of 2024.

What are CNA Financial's (CNA) expected losses from Hurricane Milton in Q4 2024?

CNA Financial anticipates pretax net catastrophe losses between $25 million to $55 million from Hurricane Milton in the fourth quarter of 2024.

When will CNA Financial (CNA) report its Q3 2024 results?

CNA Financial will report its third quarter 2024 results before the market opens on Monday, November 4, 2024.

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Insurance - Property & Casualty
Fire, Marine & Casualty Insurance
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United States of America
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