Axis sees NZ and Australia losses at up to $315m
Axis Capital Holdings Ltd has estimated losses of $275 million to $315 million from the New Zealand earthquake and catastrophes in Australia.
The insurer expects the New Zealand earthquake losses to be between $185 million and $215 million and the Australian event losses from $90 million to $100 million.
The company has assumed a total loss to the vast majority of its reinsurance treaties exposed to the New Zealand earthquake, including a significant treaty exposed to a government-owned provider of residential earthquake coverage.
Losses from both events are expected to mainly impact Axis' reinsurance segment.
The net impact from the New Zealand earthquake to the company's insurance segment is not expected to exceed $20 million due to reinsurance coverage limiting net retentions in the segment and the net impact of the loss events in Australia are not expected to be material to this segment.
Axis has started its estimates for the earthquake and tsunami in Japan. The company said it was too early to issue an estimate, but based on its modelling of earthquake events in Japan, it does not expect the share of industry losses from its reinsurance segment to exceed 1.3 percent of total industry loss and the net impact to the company's insurance segment is not expected to exceed $25 million due to reinsurance coverage limiting net retentions in the segment.