AXIS Capital Holdings Ltd. announced a preliminary pre-tax loss estimate for Hurricane Michael in the range of $100 million to $120 million, which will affect its fourth quarter financial results.
The loss estimate figure is net of estimated recoveries from reinsurance and retrocessional covers and includes the impact of estimated reinstatement premiums, said Bermuda-based AXIS, noting that its loss estimate is consistent with industry insured losses of approximately $10 billion.
The company’s loss estimate is based on its ground-up assessment of losses from individual contracts and treaties exposed to the affected regions, including preliminary information from clients, brokers and loss adjusters.
Due to the nature of this event, including the complexity of loss assessment, factors contributing to the losses and the preliminary nature of the information available to prepare this estimate, the actual net ultimate amount of losses for this event may be materially different from this current estimate.
Source: AXIS Capital
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