AXA RE, the active reinsurer of France’s AXA Group, said the impact from Hurricane Katrina will probably result in total net losses of approximately $200 million before tax. “This estimate is net of reinsurance recoveries and reinstatement premiums and is based upon information available to date, including an insurance market loss from Hurricane Katrina in the range of $40 to $60 billion, said the announcement. “The losses fall principally on AXA RE’s Property and Marine portfolios, both Treaty and Facultative.”
AXA RE noted: “Hurricane Katrina is first and foremost a human tragedy, and AXA RE expresses its sympathy to those affected by this catastrophe. The devastation caused by the storm includes unprecedented damage to property in Louisiana, Mississippi and Alabama.”
“By most estimates, Hurricane Katrina is the single largest insured loss in history. The storm and its effects are expected to lead to a contraction of reinsurance capacity and should result in a corresponding increase in pricing levels across the globe,” stated CEO Hans Peter Gerhardt.
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