AXIS Capital estimates Q2 cat and weather losses

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

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

Of $104 million, $71 million is from major natural disasters and $33 million is from weather events.

The company was affected by 20 events worldwide with estimated industry insured losses in excess if $19 billion, as well as approximately $11 billion from major natural catastrophes and $8 billion from weather events.

Severe natural catastrophes include the Fort McMurray wildfires, the Japanese and Ecuadorian earthquakes and the European floods. Weather events include multiple US events, including Texas hailstorms.

The insurance and reinsurance sections of the company participated to these pre-tax net losses.

Within the insurance segment, pre-tax net losses of $41 million at first arose from US weather events.

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

The loss estimate is based on the company’s ground-up analysis of losses from individual contracts and treaties exposed to the affected regions, including primary 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.