By Micah Maidenberg

Chubb Ltd. said it expects $1.81 billion in net catastrophe losses pre-tax globally for the second quarter, with the bulk of the losses--$1.37 billion--tied to the Covid-19 pandemic.

"The Covid-19 losses represent the company's best estimate of ultimate insurance losses resulting directly from the pandemic and consequent economic crises," the property and casualty insurer said Monday.

Losses tied to the pandemic include $605 million pre-tax generated in large part by entertainment and commercial property-related business interruption and accident and health products, according to Chubb.

Another $553 million in pre-tax coronavirus-related losses are connected to liability insurance, including professional liability and workers' compensation products, it said.

Natural catastrophe losses, pre-tax, are expected to total $312 million for the quarter, and are mostly due to severe weather in the U.S. Another $130 million in losses are related to "civil unrest-related losses" in the country, Chubb said.

Chubb said that it will reduce it net-written premiums in the second quarter by $184 million, a decision it said was tied to economic contraction. 



  Write to Micah Maidenberg at micah.maidenberg@wsj.com