Axis publishes loss development triangle data for 2002 to 2018

AXIS Capital Holdings has published  loss development triangle data for 2002 to year end 2018.

The data tracks how claims, both known and unknown, change over time and includes accident year summary exhibits, on a gross, ceded and net basis, as well as written and earned premiums, among other financial information.

The Bermuda-based re/insurer said large loss events tend to extend the loss development profiles for property classes in years where events occur, relative to years with comparatively benign catastrophe activity.

The report identified adjustments to its ‘loss triangles’ from specific catastrophes, with the most recent being the Atlantic hurricanes of 2018, namely Hurricanes Florence and Michael, Typhoons Jebi and Trami, and the Californian Wildfires and aggregate treaty losses in the same year.

Looking further back, the document highlighted the Atlantic hurricanes of 2017, Harvey, Irma and Maria, and the Mexican earthquakes, as well as the Californian wildfires and aggregate treaty losses that year. It also pointed to the Japanese earthquake and tsunami and SuperStorm Sandy in 2012, the 2011 February New Zealand earthquake, the 2010 earthquakes in Chile and New Zealand, the 2008 Atlantic hurricanes Ike and Gustav, the 2005 Atlantic hurricanes Katrina, Rita and Wilma, and the 2004 Atlantic hurricanes Charley, Frances, Ivan, and Jeanne.

“While not exhaustive, we consider that these events may lead to altering of development profiles for their respective accident years,” the document said.

Year end 2018 figures for the company’s insurance showed total Net Reserves of $3.75 billion, with an IBNR of $2.5 billion, with IBNR accounting for 67.2 percent of total net reserves.

Figures for reinsurance for the same period showed a total net reserve of $5.3 billion, with an IBNR of $3 billion, meaning IBNR accounted for 56.3 percent of total net reserves.