AXIS Estimate Q3 Losses Of $150M – $175M
Bermuda-based AXIS Capital Holdings Limited announced a preliminary pre-tax loss estimate for Hurricane Dorian, Japanese typhoons and other weather-related events in the range of $150 million to $175 million, net of estimated recoveries from reinsurance and retrocessional covers, and including the impact of estimated reinstatement premiums.
“The estimate includes full limit losses from aggregate excess of loss reinsurance treaties that were also impacted by other 2019 catastrophe and weather-related events. The Company’s loss estimate is consistent with industry insured losses of approximately $6 billion for Hurricane Dorian and $8 billion for third quarter Japanese typhoons,” the company said.
“The Company’s loss estimate is based on its ground-up assessment of losses from individual contracts and treaties exposed to the affected regions, including preliminary information from clients, brokers and loss adjusters. Industry insured loss estimates, market share analyses and catastrophe modeling analyses were also taken into account where appropriate.
“Due to the nature of these events, including the complexity of loss assessment, factors contributing to the losses and the preliminary nature of the information available to prepare this estimate, the actual net ultimate amount of losses for these events may differ materially from this current estimate.
