Reinsurance News

AXIS estimates Q3 cat losses at up to $255mn

14th October 2020 - Author: Matt Sheehan

Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has estimated that it will incur catastrophe losses of between $225 million and $255 million during the third quarter of 2020.

axis-capital-logoThis figure is pre-tax, with the loss range decreasing to $190 million to $220 million after accounting for tax.

Losses primarily relate to Hurricanes Laura and Sally, the Midwest derecho, wildfires across the West Coast of the United States, the Beirut explosion and regional weather events in the United States.

AXIS also confirmed that the losses were attributable to both its insurance and reinsurance segments.

The company also reaffirmed no change to its net loss estimate associated with first party coverages established for the COVID-19 pandemic in the first quarter of 2020.

AXIS Capital reported accelerating improvements in pricing across most insurance lines of business over Q3.

In addition, it noted improving trends in current accident year loss ratios excluding catastrophe and weather-related losses for its insurance and reinsurance businesses consistent with H1.

Over the first half of 2020, AXIS registered a pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, of $143 million.

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