19 July 2016News

Axis Capital unveils initial Q2 cat loss figures

AXIS Capital has reported its preliminary estimate of second quarter 2016 catastrophe and weather-related pre-tax losses of $104 million.

This figure is the net of estimated recoveries from reinsurance and the impact of estimated reinstatement premiums.

It was reported that $71 million is from major natural disasters and $33 million is from weather events.

AXIS was impacted by 20 events worldwide with rough industry insured losses in excess of $19 billion, including approximately $11 billion from major natural disasters and $8 billion from weather-related events, the report said.

The catastrophes include the Fort McMurray wildfires, the Japanese and Ecuadorian earthquakes and the European floods. There were also a number of weather events in the US, including Texas hailstorms.

The report claimed that the insurance and reinsurance parts of the company contributed to these pre-tax net losses. On the insurance side, pre-tax net losses of $41 million originally started from US weather events.

On the reinsurance side, pre-tax net losses of $63 million primarily arose from major natural catastrophes.

The loss estimate the company calculated has originally come from 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.

Industry insured loss estimates, market share analyses and catastrophe modeling analyses were also taken into account.