AXIS Capital estimates Q3 catastrophe losses of up to $255m

AXIS Capital Holdings has made a preliminary net loss estimate for its re/insurance segments in the range of $225 million to $255 million for Q3 catastrophes and other events.

This net loss estimate relates to Hurricanes Laura and Sally, the Midwest derecho, wildfires across the US West Coast, the Beirut explosion and regional weather events in the US.

AXIS Capital reaffirmed there was no change to its net loss estimate associated with first party coverages established for the COVID-19 pandemic in Q1 2020.

AXIS Capital reported accelerating improvements in pricing across most insurance lines, and improving trends in current accident year loss ratios excluding catastrophe and weather-related losses for its re/insurance businesses, consistent with progress observed in the first half of 2020.