Reinsurance News

AXIS pegs Hurricane Ian loss at $160m

21st October 2022 - Author: Luke Gallin

Bermuda-based re/insurer AXIS Capital has announced pre-tax catastrophe and weather-related losses of $212 million for the third quarter of 2022, of which $160 million relates to Hurricane Ian.

axis-capital-logoAXIS says that its net loss estimate for Ian is consistent with industry insured losses of roughly $60 billion, excluding the National Flood Insurance Program.

The firm’s insurance segment’s results include $100 million for Hurricane Ian and $13 million for other weather-related events.

At the same time, the reinsurance segment includes $60 million for Ian and $23 million for June European convective storms, and $16 million for other weather-related events.

The carrier notes that the net loss estimate for June European convective storms is consistent with industry insured losses of approximately $7 billion, up from the previous $3 billion at the end of June 2022.

AmericanAg - Global Reinsurance Solutions

Other weather-related events primarily relate to regional weather events in the U.S., and typhoons in Asia.

For the third quarter of 2022, AXIS expects to report a small operating income.

Print Friendly, PDF & Email

Recent Reinsurance News