AXIS Q3 cat losses are about $250 million
Axis Capital Holdings Limited has announced a third quarter net loss estimate for catastrophes and other weather-related events of approximately $250 million, pre-tax, or $219 million, after-tax.
The Bermuda-based re/insurer said the pre-tax net loss estimate includes $175 million for Hurricane Ida, consistent with industry insured losses of approximately $35 billion, and $55 million for July European floods, consistent with industry insured losses of approximately $13 billion.
In addition, Axis said, the pre-tax net loss estimate includes $20 million for other catastrophe and weather-related events.
The company also noted continuing improvements in its current accident year combined ratio excluding catastrophe and weather-related losses, consistent with progress observed in the first half of 2021.
Axis said its net 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 modelling analyses were also taken into account, where appropriate, the company said.
It added that 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 loss for these events may ultimately differ materially from this current estimate.
Axis Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $5.4 billion at June 30, and locations in Bermuda, the United States, Europe, Singapore and Canada.