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Tornadoes, hailstorms and flooding contribute to AXIS’s preliminary loss estimate


July 22, 2013   by Canadian Underwriter


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Bermuda-based AXIS Capital Holdings Limited reports that the company’s preliminary estimate of 2013 Q2 pre-tax losses related to natural catastrophes and weather is $140 million.

The number is net of estimated recoveries from reinsurance and including estimated reinstatement premiums, noted a statement last week from AXIS Capital, a global provider of specialty lines insurance and treaty reinsurance.

Axis Capital reports about $50 million in pre-tax net losses due to flooding

Within the insurance segment, pre-tax net losses of $90 million primarily arose from tornadoes and hailstorms in the United States and flooding in Argentina and Canada; within the reinsurance segment, pre-tax net losses of $50 million primarily arose from flooding in Europe and Canada.

The loss estimate is primarily based on its ground-up assessment of losses from individual contracts and treaties exposed to the affected regions, including preliminary information from clients, brokers and loss adjusters. Where appropriate, industry insured loss estimates, market share analyses and catastrophe modelling analyses were also considered.


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