Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, estimates net losses from catastrophes and other weather-related events in the range of $105 million to $115 million, pre-tax, for the first-quarter of 2021.
Between $80 million and $90 million of the pre-tax net loss estimate relates to Winter Storms Uri and Viola, principally related to the state of Texas.
AXIS states that the above range for the Uri and Viola loss is consistent with industry insured losses of between $13 billion to $14 billion.
The $105 million – $115 million, pre-tax ($95mn to $105mn after-tax) loss range is net, so after the company takes into account its reinsurance arrangements.
In Q4 2020, AXIS fell to a net loss of $5 million and an operating loss of $16 million, as pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, totalled $198 million.
Additionally, the re/insurer booked $360 million of losses related to the COVID-19 pandemic in 2020, but today reaffirmed no changes to its net loss estimate established for the pandemic.
The firm has also noted continuing improvements in its current accident year loss ratios excluding cats and weather-related losses for both its insurance and reinsurance segments in line with progress seen in 2020.