AXIS estimates losses from Hurricane Michael could reach $120m

AXIS Capital Holdings has said its preliminary pre-tax loss estimate for Hurricane Michael will be in the range of $100 million to $120 million, net of estimated recoveries from reinsurance and retrocessional covers and including the impact of estimated reinstatement premiums.

Its loss estimate is consistent with industry insured losses of approximately $10 billion, it stressed.

It noted that its 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 modeling analyses were also taken into account where appropriate.

It also noted that due to the nature of this event, 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 this event may be materially different from this current estimate.

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