XL Group and Aspen release cat loss estimates for Q2 2016

XL Group and Aspen Insurance Holdings have both issued estimates for their natural catastrophe losses in the second quarter of 2016.

The earthquakes in Japan, wildfires in Canada, flooding in Europe and hailstorms in the US contributed to aggregated natural catastrophe losses in excess of $16 billion.

XL Group’s preliminary net loss estimate attributed to catastrophe events in the second quarter of 2016 is approximately $240 million.

XL Group’s estimate is before tax and net of reinsurance and reinstatement premiums, and is split between approximately $100 million in the Insurance segment and $140 million in the reinsurance segment.

Aspen Insurance Holdings has also made an initial estimate of losses, at approximately $65 million in pre-tax losses, net of reinsurance and reinstatement premiums, related to natural catastrophes in the second quarter of 2016.

Aspen has said the estimated natural catastrophe losses are attributed approximately 75 percent to the reinsurance segment and approximately 25 percent to the insurance segment.

For both companies the preliminary loss estimates are based on their review of the individual treaties and policies expected to be impacted, along with information from clients and brokers. Actual losses may differ from the preliminary estimates.