AXIS Capital Holdings Ltd. announced a preliminary pre-tax loss estimate for Japanese Typhoon Hagibis in the range of $90 million to $110 million, net of estimated recoveries from reinsurance and retrocessional covers, and including the impact of estimated reinstatement premiums.
The loss estimate is consistent with industry insured losses of approximately $11 billion and its expected market share of less than 1% for this catastrophe event, said the company.
AXIS said its 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 and factors contributing to the losses, and the preliminary nature of the information available to prepare this estimate, the actual net ultimate loss for this event may differ materially from this current estimate, said AXIS.
The additional complexity caused by the multiple catastrophic events that have occurred in Japan in recent months, together with the expectation of a relatively high proportion of flood related losses attributable to Typhoon Hagibis, are also likely to lead to increased uncertainty surrounding the estimated net ultimate loss for this event, the company continued.
Source: AXIS Capital
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