AXIS Capital has reported a preliminary pre-tax net loss estimate for the California wildfires in the range of $35 million to $45 million – the current estimated industry insured losses for the event are between $4 billion and $8 billion.
The AXIS loss estimate is primarily based on assessment of losses from individual contracts and treaties exposed in the affected regions, including preliminary information from clients, brokers and loss adjusters.
Where appropriate, industry insured loss estimates, market share analyses and catastrophe modeling analyses were also taken into account.
Due to the preliminary nature of the information available to prepare these estimates, AXIS warned the actual net ultimate amount of losses for this event may be materially differ from its current estimate.
