AXIS estimates Q3 cat losses at $250m

Catastrophes and other weather-related events will cost AXIS Capital $250 million in the third quarter, the specialty lines re/insurer said on Thursday. Its pre-tax net loss estimate includes $175m for Hurricane Ida, consistent with industry insured losses of approximately $35 billion; and $55m for July European floods, consistent with industry losses of $13 billion. Other catastrophes and weather-related events account for a further $20m.

The business also noted improvements in its current accident year combined ratio, excluding catastrophe and weather-related losses, consistent with progress observed in the first half of 2021.

The loss estimates follow those of  RenaissanceRe (which said cat losses would amount to $725m) and  Arch Capital Group ($330-345m), and Everest Re, which said on Thursday that its net catastrophes losses across insurance and reinsurance for the period were $635 million: $415m from Hurricane Ida and $220m from European floods.

“The widespread impact of natural catastrophes in the third quarter has affected communities around the world,” said Juan C. Andrade, president and CEO of Everest Re Group. “Our thoughts are with all of those affected, and we stand ready to help our customers and communities as they rebuild, recover and emerge even stronger.”