AXIS pegs up to $175m cat losses from Dorian, Japanese typhoons in third quarter 2019

Bermuda-based AXIS Capital Holdings has unveiled a preliminary pre-tax loss estimate for Hurricane Dorian, Japanese typhoons and other weather-related events in the range of $150 million to $175 million, net of reinsurance and retrocessional recoveries.

AXIS said it is 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 that were impacted by catastrophe and weather-related events in the third quarter of 2019.

The re/insurer, however, noted that due to the nature of these events, including the complexity of loss assessment, factors contributing to the losses and the preliminary nature of the information available to prepare this estimate, the actual net ultimate amount of losses for these events may differ materially from this current estimate.

The company's loss estimate is said to be consistent with industry insured losses of approximately $6 billion for Hurricane Dorian and $8 billion for third quarter Japanese typhoons.