Axis estimates up to $175m of storm losses
Axis Capital Holdings Ltd is expecting third-quarter losses related to weather events of up to $175 million.
The Bermudian re/insurer said the estimate for events including Hurricane Dorian and Japanese typhoons was in the range of $150 million to $175 million, net of estimated reinsurance recoveries and reinstatement premiums.
Axis said 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.
Axis said its loss estimate is consistent with industry insured losses of approximately $6 billion for Dorian and $8 billion for third-quarter Japanese typhoons.
Due to the nature of these events and the complexity of loss assessment, Axis said the ultimate losses for these events may differ materially from the current estimate.
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