AXIS Capital estimated Hagibis losses $90m - $110m
Re/insurer AXIS Capital Holdings Limited (AXIS Capital) has announced a preliminary pre-tax loss estimate for Japanese Typhoon Hagibis in the range of $90 million to $110 million, net of estimated recoveries from reinsurance and retrocessional covers, and including the impact of estimated reinstatement premiums. The company's loss estimate is consistent with industry insured losses of approximately $11 billion and its expected market share of less than 1 percent for this catastrophe event.
The company’s loss estimate 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. Industry insured loss estimates, market share analyses and catastrophe modelling analyses were also taken into account where appropriate.
Axis added that due to the nature of this event, including the complexity of loss assessment and factors contributing to the losses, and the preliminary nature of the information available to prepare this estimate, the actual net ultimate loss for this event may differ materially from this current estimate. The additional complexity caused by the multiple catastrophic events that have occurred in Japan in recent months, together with the expectation of a relatively high proportion of flood related losses attributable to Typhoon Hagibis, are also likely to lead to increased uncertainty surrounding the estimated net ultimate loss for this event.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
US P/C reinsurers’ net premiums and combined ratio improved on 2018
BSHI grows in Australia, France and Spain with key appointments
The Hartford Expands internet of things capabilities
Global insurers highlight low interest rates as their top portfolio risk concern
Fidelis new recruit will help build terror and political violence business
HCI Group Insurtech subsidiary surpasses $50 million in premiums
Former Swiss Re and AIG executive joins HCXI advisory board
The Carlyle Group and T&D Holdings to acquire majority interest in Fortitude Re
Markel appoints managing director, global casualty underwriting and claims
ICE InsureTech joins Willis Towers Watson’s Global Radar Live Collaboration Programme
