Axis Capital Holdings Ltd. said Thursday after markets closed that it would post a third-quarter pre-tax loss for disasters and other weather-related events of about $ 250 million.
Pembroke, Bermuda-based Axis said that estimated net loss before tax includes $ 175 million for Hurricane Ida, in line with the industry's insured losses of about $ 35 billion and $ 55 million for European floods in July, in line with the industry's insured losses of about $ 13 billion.
The net loss before tax estimate also includes $ 20 million for other disasters and weather-related events.
The insurance company and the reinsurance company said that they saw continued improvements in the current accident year's combined situation excluding disaster and weather-related losses.
The net loss estimate is based on its assessment of losses from individual contracts and treaties exposed for the affected regions, including preliminary information from clients, brokers and loss adjustment rs. Industry-insured loss calculations, analyzes of market shares and analyzes of disaster models were also taken into account.
Axis said that due to the nature of the events and the complexity of the loss assessment, "the actual net loss for these events may ultimately differ materially from the current estimate."
In its third quarter 2020 2020 statement, Axis stated that estimated pre-tax disasters and weather-related losses, net after reinsurance and reinstatement premiums, amounted to $ 1
Earlier Thursday, Everest Re Group Ltd. estimated. that net pre-tax losses from Hurricane Ida and European floods will amount to $ 635 million.
On Monday, Arch Capital Group Ltd. the estimated pre-tax disaster losses of $ 330 million to $ 345 million for the third quarter.