Weather-related losses impact Axis’ earnings

  • Insurance losses: wildfires in Australia are among weather-related events said to have impacted Axis Capital’s fourth quarter results, which will be released this month (Photograph by Siobhan Threlfall/AP)

    Insurance losses: wildfires in Australia are among weather-related events said to have impacted Axis Capital’s fourth quarter results, which will be released this month (Photograph by Siobhan Threlfall/AP)


Ahead of its fourth-quarter earnings report, Axis Capital Holdings Ltd has said its results will be impacted by a pre-tax loss of $140 million for catastrophes and other weather-related events.

The Bermudian-based insurer and reinsurer said those losses are net of estimated reinsurance recoveries and reinstatement premiums.

Included in the number is a pre-tax loss of $93 million attributed to Typhoon Hagibis in Japan. Other weather-related events include the Australian wildfires and weather events in the US.

Axis expects to release its fourth-quarter financial results after the close of the markets on January 29, with a conference call scheduled for the following morning.

The company said it anticipates reporting modest operating income. Its results also include a pre-tax underwriting loss for its reinsurance agriculture business of approximately $29 million, primarily related to poor weather conditions that impacted its US and India books of business.

It also has $14 million of net favourable prior year reserve development, partially offset by loss development attributable to 2017’s Hurricane Irma.

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Published Jan 22, 2020 at 2:55 pm (Updated Jan 23, 2020 at 12:06 am)

Weather-related losses impact Axis’ earnings

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