Axis Capital Holdings Ltd. said Tuesday that its preliminary fourth-quarter net loss estimate for COVID-19 is $ 125 million, before tax. the $ 235 million estimate recognized in the first quarter.
It stated that the estimate of $ 125 million was established after a comprehensive review of potential exposures to the pandemic in all business areas, both short and long tail, which considered new customer information, global protection orders that entered into force in the fourth quarter and the results of court decisions, including the UK's Supreme Court decision.
The company stated that its claims reserves provide ultimate COVID-19 related losses across all business areas that occurred on December 31
Axis said separately that other disasters and weather-related losses range from $ 70 million to $ 80 million, before taxes, including Hurricanes Zeta and Delta, and regional weather events in the United States.
The company's results will be discussed during a conference call on 28 January.
More insurance and risk management news about the coronavirus crisis here .