AXIS Capital releases preliminary estimate of losses for 2Q 2016

Firm encountered around US$104m in losses, with almost 70% coming from major natural catastrophes

Insurance News

By Gabriel Olano

AXIS Capital Holdings Ltd has announced its preliminary estimate of catastrophe and weather-related pre-tax losses for the second quarter of 2016. This amounts to US$104m, with US$71m from major natural catastrophes and US$33m from weather events.
The firm was involved in 20 events globally, with estimated industry losses exceeding US$19bn, divided into approximately US$11bn from major natural catastrophes and US$8bn from weather events.
Major natural catastrophes include the Fort McMurray, Canada wildfires, earthquakes in Japan and Ecuador, and floods in Europe. Weather events include multiple US events, including Texas hailstorms.
The figures come from both insurance and reinsurance segments of AXIS Capital. With US$41m coming from the insurance segment, while US$63m was from the reinsurance side.
The loss estimate is based on the company’s ground-up assessment of losses from individual contracts and treaties exposed to the affected regions. It also includes preliminary information from clients, brokers and loss adjusters.

Related stories:
Global natural catastrophe losses go up in first half of 2016, according to Munich Re
Aon Benfield releases enhanced ELEMENTS modelling platform
Insurers can handle flooding in Sri Lanka, but risks are mounting

Keep up with the latest news and events

Join our mailing list, it’s free!